Ugo Colombo Sounds Off on Changing Landscape

MIAMI—Ugo Colombo is a legend in Miami and beyond. His name is synonymous with luxury design and his slow and steady wins the race approach has given lenders confidence in his developments.

GlobeSt.com caught up with Colombo to discuss how he's elevated his brand, how his older projects compete with newer properties, and his impressions of the changing buyer landscape in part two of this exclusive interview. You can still read part one: Ugo Colombo Make Waves This Condo Cycle.

GlobeSt.com: Your name is synonymous with high quality design and construction that withstands the test of time. How have you accomplished this?

Colombo: We don't develop for the moment. We always strive to build something that will last and be as relevant 20 or 30 years from now as it is today.

This means being patient and timing the market while keeping in mind that our developments appeal to a certain breed of buyer who is willing to spend a little more or wait a little longer than they might when buying elsewhere. This approach took hold in the  nineties with Santa Maria and Bristol Tower on Brickell, and continued through The EPIC in downtown, Porto Vita in Aventura, and Grovenor House in Coconut Grove. Brickell Flatiron and The Collection Residences will continue the tradition.

GlobeSt.com: To what extent have CMC Group projects been able to retain their value and remain competitive with newer developments?

Colombo: We're proud that our past developments have some of the highest resale values in the market, in many cases higher than comparable product at buildings that are newer. For example, Santa Maria is nearly 20 years old and remains one of the most sought-after buildings in all of South Florida.

Units there are selling for an average of $857 per square foot, far more than most units in the Brickell area. Residences at Grovenor House in Coconut Grove are likewise trading for $815 per square foot. We've seen the same trend at EPIC residences, where units routinely sell at a price point higher than other residences built around the same time. All of this speaks to our firm's emphasis on quality and timing over quantity and speed.

GlobeSt.com: Having navigated several development cycles, what is your impression of the changing buyer landscape that Miami is now experiencing?

Colombo: There is a lot of talk in the market about the disappearance of Latin American buyers, but the top tier buyers from our mainstay feeder markets to the south are still bullish on Miami. Latin America is like a big game of musical chairs; when one country booms, another one slows down.

It's been that way for decades and I don't see it changing anytime soon. Miami has evolved into a global destination, and our marketing reflects that.  Our Brickell Flatiron buyers are coming from Latin America, Mexico, China and domestic markets like New York and the northeast.