With New Apartments, Douglas Elliman Pursues Miami’s ‘New Yorkification”

Douglas Elliman this week announced it is pursuing the “New Yorkification” of Miami, launching a new leasing arm in South Florida to help it stay competitive with the abundance of new inventory.

Many of its projects are gearing up to launch within the next year, Jay Phillip Parker, President of Douglas Elliman Development Marketing, Florida, tells GlobeSt.com.

Parker describes a “New York-style apartment” as a high-quality multifamily product, which, he said, until recently, has been mostly non-existent in the South Florida market.

“In essence, the luxury scale apartment complex in South Florida has historically been served by the shadow rental products in condominiums,” Parker said.

“This revolution will afford people looking for rental-various options with professional-grade management and more transparent rental terms and conditions.”

Miami Ripe for Multifamily Housing

Parker said Miami is an ideal area for this housing because it has been a conduit of new business opportunities, massive domestic migration, a historic retirement destination coupled with the high-quality lifestyle, enhance cultural, culinary, and quality health care.

It is estimated that approximately 43,000 New Yorkers changed their driver’s licenses to Florida in the past year, he said.

“How many live in Miami is unclear, but I think it is fair to say the vast majority live in Southeast Florida,” Parker said.

“All of the above has resulted in a massive transformation of Miami’s market, which has been supported by immigration of high-end employees, and related housing demands.”

Currently, Douglas Elliman is one of the largest residential brokerages in Miami with the largest development marketing platform in the region, the company said.

“While there is still low resale inventory in Miami, there are also many new developments either in the early stages of sales, nearing completion of sales, or pending a launch in the next quarter or so,” Parker said.

“There is also a great deal of variety in terms of price, size, location, and target buyers,” he added. “Accordingly, we remain optimistic that the demand will stay in pace with supply.”

Welcome to Clara Bay Harbor

One such property is Clara Bay Harbor, a three-building development that will be completed in three phases. The first phase at 10281 West Bay Harbor Drive is expected to complete in Q4 2023. Construction is on track to begin later this fall.

Clara Homes’ founder and CEO, James Curnin, said that community could serve affluent renters who are interested in the South Florida lifestyle.

“We’re expecting to see a range of people who either want to make Miami their primary residence or who desire a luxurious, fully serviced home during the winter months,” Curnin said. “The development will appeal to those who value a sense of community and convenient services.

Each of the three buildings will be staffed with a concierge and doorman to personally enhance the resident experience, and the location is safe and walkable to Miami’s best shopping and dining locations and beaches.

“We also thought about multigenerational living and created spacious residences for families looking for flexibility,” Curnin said. “We imagine they might be interested one day in buying, but first want to get a feel of the area, or maybe they just prefer the ease and convenience of renting over owning. Our renters rent by choice and don’t want to sacrifice on quality.”