Luxe Miami project goals to increase Lincoln Road to the ocean | Real Estate Market Insights

Lincoln Road was as soon as Miami Beach’s most iconic avenue. But this “Fifth Avenue of the South” — constructed by Carl Fisher and redesigned in the Nineteen Fifties by Miami’s most influential architect, Morris Lapidus — had seen better days. For a long time, empty storefronts and tchotchke retailers that served vacationers, not locals, blighted the pedestrian mall. Now, a Lincoln Road redevelopment plan, drawing $4 billion in new investments, is underway, aiming to create an engaging, walkable neighborhood resulting in some of the most expensive new rental towers in the metropolis. 

“Lincoln Road was really the epicenter of Miami Beach,” says Pietro Belmonte, half of the team at Douglas Elliman that is advertising and marketing a $125 million penthouse, in addition to 29 other covetable condos at the forthcoming Ritz-Carlton Residences. “Morris Lapidus’ dream was to have Lincoln Road start from the bay and meet the ocean. That was never quite realized.” Currently, Lincoln Road crosses Collins Avenue and ends in an anticlimactic cul-de-sac just shy of the seashore exterior the Ritz-Carlton, South Beach resort (adjoining to the residences, which have yet to interrupt ground). 

A penthouse at the forthcoming Ritz-Carlton Residences is asking $125 million. Courtesy of Ritz-Carlton

Now, the developer of the Ritz, Sobe Sky Development, is altering that. A $12 million private-public beachwalk project that includes a Lapidus-inspired “gateway” will lengthen Lincoln Road to the ocean for the first time and embody public artworks. Farther up the highway, the metropolis has new landscaping, out of doors seating, sidewalks and an amphitheater in the works. New aspect avenue workplace buildings are rising, including a project from Black Lion’s colourful Robert Rivani with a speakeasy, eating places and an outpost of LA’s Monarch athletic club. Playboy has signed a 10-year lease for the penthouse at Rivani’s remixed Michigan Avenue building, with plans for a members-only club. One block north, the iconic Delano resort is also scheduled to reopen early next yr.  

In 2024, a penthouse asking $120 million offered at the Shore Club — a Robert A.M. Stern Architects redevelopment of a historic Art Deco building less than two blocks north of Lincoln. It can have an Auberge Resorts Collection resort and just 49 properties. The 18-story tower is almost offered out, however 4 turnkey residences stay at Cromwell House — an authentic Art Deco construction on the property. Prices at these four- to five-bedroom condos (starting from 3,318 to 4,241 sq. ft) start at $9 million, and Douglas Elliman is dealing with sales. 

Cromwell House is an element of the at the Shore Club — a redevelopment of a historic Art Deco building close to Lincoln. Courtesy of The Boundary

The Shore Club is offering good comps for the 15-story, 30-unit Ritz, the place costs start at $4.25 million. Rising behind the previous Sagamore Hotel close to the nook of Lincoln and Collins, its $125 million, 14,638-square-foot penthouse — a mixture of two models — can have 13 bedrooms and 15 full bogs and two swimming pools: one for dawn, the other for sundown. “We are bringing the people who are bringing the shops and chefs,” says Belmonte of the billionaire consumers he and Douglas Elliman team chief Fredrik Eklund are focusing on. “We have José Andrés [at the Ritz-Carlton hotel]. Auberge and Delano are about to announce very important chefs. Lincoln Road has had its ups and its downs, but it’s going to be a very important strip.”

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