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Baccarat Residences Miami: Related Group And GTIS Partners Secure Construction Loan

Just when you thought the luxury condo frenzy in Miami couldn't get any more deliriously over-the-top, developers Related Group and GTIS Partners have secured a whiplash-inducing $328 million construction loan to build what can only be described as an ultra-blinged boutique condo act - the Baccarat Residences Miami.

That's right, the legendary French crystal makers renowned for outfitting palatial spaces with their trademark sparkle are bringing their talents to the mean streets of Brickell. Because when you're shelling out millions for a swanky Miami view, why settle for ordinary floor-to-ceiling windows when you could be peering through crystal-clear, Baccarat-approved glass?

"From breaking ground last October, to now closing this loan, our vision for a skyline-defining property is quickly becoming a reality," said Jon Paul Perez, President of Related Group in the article. "We'd like to thank our lender, Bank OZK, and our various partners for sharing our optimism on the long-term potential of the South Florida market and our commitment to creating an iconic property the entire city can be proud of."

Set to soar a dizzying 848 feet over Brickell with its crystal-inspired flourishes, the 75-story residential tower designed by Arquitectonica seems determined to make every other luxury development in the area look peasantly by comparison.

Upon completion in 2028 (if all goes according to plan, that is), the blindingly blingful edifice will feature 355 lavishly-appointed residences including eight "exclusive" penthouses, which we can only assume come with free sunglasses and a limitless supply of glass cleaners and polishing rags.

But the real star attraction, at least according to the developers gambling $328 million in construction financing, are the 75,000 square feet of resort-caliber amenities that put the "posh" in opulence. Renderings tease a lavish pool scene, private marina, and something called "La Mer Spa Facilities" which likely involves gently exfoliating while submerged in a giant crystal bathtub. Just don't drop the soap!

Early investor interest seems promising too - over 95% of the delicately-crafted residences have reportedly sold since the blinged-out venture launched in late 2021. Whether the units were marketed with a complimentary crystal chandelier is unclear.

"Brickell is an exceptional neighborhood that only continues to get stronger and more attractive," said Robert Vahradian, Partner and Head of US investments for GTIS Partners in the original article. "With the entrance of marquee companies, like Citadel; and continued expansion of the area's retail and cultural offerings and, of course, best-in-class residential product, Brickell continues to exhibit immense potential."

In the ultra-luxurious world of Miami development, the motto seems to be "go big or go home to your reasonably-sized $2 million condo." Only time will tell if this brilliant gambit to infuse some French pizzazz and crystal brilliance into the Brickell skyline pays off. But one thing's for certain - the sunglasses business in downtown Miami is about to get muy caliente.



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