(MENAFN- Karim Geadah) - GCC's Financial Wealth is expected to reach USD 3.5 Trillion by 2027
- Miami ranks as the fifth most important property market in the world
GCC - 6 May 2024: Dolce&Gabbana, the world’s leading luxury fashion brand, unveiled 888 Brickell Dolce&Gabbana Miami, its first real estate project in the United States, in collaboration with developer JDS Development Group. The project, set to be the tallest building in the city at 1,049 feet (319.74 meters) features 259 custom residences and a 5-star hotel, all custom designed by Dolce&Gabbana. 888 Brickell will be a place to savor the splendor of luxury, and to experience the authentic Dolce&Gabbana lifestyle in one of the most vibrant cities in the world.
Dolce&Gabbana further showcased its commitment to the GCC with the launch of its flagship store in Riyadh, KSA, as another milestone in its Middle East expansion plans. The brand has seen continuously increasing interest from the region, which can be mainly attributed to both an increase in the financial wealth sector, as well as residents’ appetite towards the luxury market.
With the GCC’s financial wealth expected to reach USD 3.5 trillion by 2027 at a Compound Annual Growth Rate (CAGR) of 4.7% as per a new report by global management consulting firm Boston Consulting Group (BCG) and 27% of this wealth coming from Ultra High Net Worth Individuals (UHNW) in 2022, residents will likely start aiming for secondary investment opportunities outside the region to diversify their asset portfolio.
Miami is currently one of the world’s top destinations for investment driven by its significant business growth and its enviable leisure lifestyle making it the fifth most important property market globally in respect of annual transaction volumes over US$10 million, only trailing London, New York, Los Angeles and Hong Kong.
With most GCC residents already owning properties in their home countries, Miami is a prime destination for them as a secondary property investment, particularly when it comes to investing in the branded residence segment of the market. Leading real estate firm Savills announced that in 2022, North America and the Middle East possessed the greatest number of HNWIs who were looking to purchase a branded residence product with North America sitting at 53%, followed by the Middle East at 34% respectively.
Overall the number of UHNWIs globally rose 4.2% to 626,619, from 601,300 last year (2023), led by North America at 7.2% followed by the Middle East at 6.2%, according to the ‘Wealth Report’ published this year by leading real estate consultancy and agency Knight Frank. This further emphasizes the growing wealth trend for the region, especially from countries such as the UAE, KSA and Qatar which are leading this growth.
Alfonso Dolce, CEO at Dolce&Gabbana says: “We are proud to keep the value of Italian Fatto a Mano as the defining ethos within all our projects: after the launch of our Casa Collection, it was natural to think of a residential project developed in accordance with the very best in Italian hospitality. We are happy to be able to present our first residential project in Miami, a city that has always welcomed us with enthusiasm, a global destination with an unparalleled culture and lifestyle: we can't wait to pave the way for our interior design experience at 888 Brickell.”
Michael Stern, Founder and CEO at JDS Development Group says: “At a time when Miami is enjoying an incredible renaissance, we are proud to launch a global first collaboration at 888 Brickell with Dolce&Gabbana. For us, Dolce&Gabbana is the perfect partner to realize this new chapter and future vision for our iconic tower. The global fashion house’s pursuit of quality and detail in design — together with their ability to create a beautiful world of authentic lifestyle filled with incredible hospitality — ensures we are absolutely embarking on a successful, creative journey for our future residents and visitors from all over the world with a strong focus on the GCC as one of our top regions to welcome buyers and guests from.”
Renowned for their unwavering dedication to craftsmanship and their relentless commitment to sourcing luxurious and well-considered materials, Dolce&Gabbana elevates the design of 888 Brickell Dolce&Gabbana Miami to an unmatched level. Each of the 259 residences, encompassing a range from 1-4 bedrooms, is meticulously curated by Domenico Dolce and Stefano Gabbana. From bespoke hardware and rare wood and stone species to impeccably tailored furniture and hand-crafted millwork, Dolce&Gabbana brings its signature glamour and grace to every square inch of the residences.
The new luxury development will provide a variety of private resident amenities as well, including a 44’ lap pool, poolside lounge, theater, creative workspace & meeting suites, a billiards & game room, a children’s playroom and much more, adding both a business and entertainment aspect to all its residents.
Every home is a complete turnkey offering, thoughtfully designed to effortlessly transition from a private residence to separate, individual private suites. Exuding sophistication and refinement, the residences at 888 are fully appointed, ensuring a seamless experience.
Dolce&Gabbana and JDS Development conceived, designed, and programmed every inch of the 115,000 square feet of amenities throughout the property. The idea is to just show up, and everything is taken care of. From the moment you wake up to the moment you go to sleep, every whim and desire is anticipated.
Home to a premier hotel with world-class hospitality, 888 is an unprecedented hybrid of lifestyle-driven hospitality and elevated residential development. Spread over eight floors, 888 features a robust suite of amenities focused on entertaining, sports, leisure, wellness and fitness, and dining.
-Ends-
Notes to Editors:
TOWER
A striking new addition to the Magic City skyline, 888 Brickell Dolce&Gabbana Miami will be the tallest building in Miami, establishing a new standard in the architectural landscape. The façade, designed in collaboration with architects Studio Sofield, features an elegant and restrained combination of ivory travertine and matte black steel beams that give the building an expressly vertical appearance, setting it far apart from its neighbors.
Towards street level, the building dons a gold beaded “necklace” that brings a warm luster and brilliant shine to the property. Inspired by quintessential modernist skyscrapers and Milanese mid-century design and fashion, 888 Brickell, Dolce&Gabbana conveys a striking and bold architecture in Miami.
• Standing tall at 90 stories, 1,049 feet (319.74 meters) a record height for Miami • 259 Residences custom designed by Dolce&Gabbana
• Extraordinary views of the Atlantic Ocean, Biscayne Bay, Downtown, and Miami Beach • An architectural tour-de-force of Ivory Travertine
• Stone-Cladded Exterior and Glossy Black Façade
TEAM
Designer: Dolce&Gabbana
Architect: Studio Sofield
Developer: JDS Development Group
LOCATION
888 Brickell Avenue, Miami, Florida, USA
ARRIVAL & LOBBY
• Porte Cochere arrival below a gold beaded decorative screen and custom pendants • Signature Restaurant curated by Dolce&Gabbana
• Private Residential Lobby
• Double-Height Grand Lobby with two bars
THE 888 POOL
• 4,000 SF pool deck
• Grand Pool Bar with Poolside Service
• Pool Deck Restaurant
• Private Cabanas
EVENT SPACE
• Grand Event Space with Outdoor Terrace
• Demo Kitchen & Private Dining
• Event/Theatre Space
• Pool Tables
• Wine Cellar
FOOD & BEVERAGE CURATED BY DOLCE&GABBANA
• Signature Restaurant on Ground Floor
• Pool Club Restaurant & Bar for all-day dining
• Demo Kitchen
RESIDENTIAL AMENITIES
• 44’ Lap Pool
• Lounge Spaces
• Meeting rooms & Office Suites
• Screening Room
FITNESS & RECOVERY
• Double-Height Indoor Padel Court
• Fitness Center
• Golf Simulator
• Yoga & Pilates
• Cold & Hot Plunge Pools
• Recovery Spa, Juice Bar, IV Therapy, Bespoke Massages, and more
• Barber Shop
MIAMI
It comes as no surprise that Miami's real estate market continues to be a top choice for residential investments, with a 25% year-over-year increase in foreign buyer residential purchases in 2022*, and notably 61% of foreign buyers purchase a property only two times or less after visiting.*
*According to 2022 Miami Association of REALTORS® and the National Association of REALTORS®
SALES
Sales will be managed by OFFICIAL
ABOUT:
Dolce&Gabbana
Established in 1985, Dolce&Gabbana is an international leader in the fashion and luxury goods sector. The founders, Domenico Dolce and Stefano Gabbana, have always been the creative and stylistic source of all the brand’s activities as well as the drivers behind the development strategies.
The Group creates, produces and distributes high-end clothing, leather goods, footwear, accessories, jewelry and watches. The brand is present in the prêt-à-porter segment with Men’s, Women’s and Children’s Collections.
Since 2012, the brand has developed the Alta Moda project which further expanded into Alta Sartoria, Alta Gioielleria and Alta Orologeria Collections. In 2021, Dolce&Gabbana launched Dolce&Gabbana Casa, a homeware line dedicated to furniture and furnishing complements.
The following year, the company announced the creation of Dolce&Gabbana Beauty with direct control of the manufacture, sales and distribution of its fragrance and make-up products.
The Eyewear category is entrusted to EssilorLuxottica, a licensee partner.
Dolce&Gabbana currently has various collaborations in the Food & Beverage and Lifestyle sectors, thanks to virtuous synergies with Italian partners of primary importance that share the vocation for excellence and the promotion of Made in Italy in their respective fields with the brand.
JDS DEVELOPMENT GROUP
Known for best-in-class engineering and record-breaking architecture the world over, JDS Development Group brings their breadth of experience to Miami, where it is headquartered. Composed of a team of innovators and builders led by Michael Stern, JDS is no stranger to large scale urban development and constantly pushes the boundaries of engineering and design, disrupting the skyline as often as they break ground. Having recently sold-out Monad Terrace at record prices, their mixed-use condominium building located on Miami’s South Beach, the team has set their sights on Brickell, spearheading the renaissance of development taking place over the next few years. 888 marks another supertall residential tower for JDS, after the iconic 111 West 57th Street on Central Park in New York and the skyline-resetting Brooklyn Tower. 888 will be their first entry into the hospitality sector, a natural step forward as their collaborative endeavors expand into new territory with like-minded partners.
STUDIO SOFIELD
The 30 years of Studio Sofield as a design leader, with experience in residential, hospitality, development and retail, is highlighted by an illustrious group of fashion patrons including buildings and interior environments worldwide for Tom Ford, Gucci, Yves Saint Laurent, Salvatore Ferragamo, Harry Winston, and Bottega Veneta. Studio Sofield is sought after for their magical and subtle instincts for the heart of the place, capturing the moment in time with soul, style and substance. Distinguished as an interdisciplinary firm noted for the clarity, intelligence, and wit of its projects, William Sofield and Emma O’Neill lead with their background and training in classical architecture to create the sublime and the enduring in built environments. In every project, beautiful and functional solutions emerge from an artistic concept that is balanced by an unfailing sensitivity to needs, patterns and tastes of those who will inhabit the space. The work speaks to dedicated, creative relationships and transformative collaborations with artisans and artists. Most recently Studio Sofield has completed comprehensive building designs making significant contributions to the unique culture and structure of New York City, with Beckford House and Tower, 111 West 57th Street and 135 East 79th Street.
MENAFN06052024007446016065ID1108176396
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.