Luxury Housing & Food

The Lempert Report
April 20, 2023

Let's head down to Miami where there are some interesting things going on as it relates to these new apartment buildings and condos that are being built. We have one being built by Diesel Jeans, Missoni, Porsche, Bentley. They're building these residential towers, but now there's a new group that's getting involved in it and it's a restaurant group, Carbone, Sadelle’s Parm, Dirty French, and Contessa. They're all part of the Major Food Group, that company. And they're now entering the luxury real estate market with a residential tower. Does it make sense for a restaurant to be in the residential business? 

Sally: Well, if you are a foodie, it could make sense for, for you or if you're someone that doesn't like to go out much or leave, leave home very often. what's what's really cool about this, if you have 4.5 million, because that's where these units are gonna start. Well, there's 50 units in this building. Some of them are entire floors. However, the Major Food Group's vision for this is that they're going to have all of these different restaurant options and bars. They have private chefs, they have culinary classes, ways for people that love food to get involved, in making food and enjoying great food and getting to know chefs. So if that is something on the luxury end that you really love, this could be a great place. What would be really awesome is to see markets and retailers incorporated in these buildings. And as we know, when we experienced the pandemic and the shutdown wouldn't it have been nice if you lived somewhere where you had all of these options in your building? 

Phil: Yeah. But you know, part of the fun of eating out is going out versus just being in your own building, taking an elevator down and whatever. I think it's kind of boring, especially if I'm gonna fork over four and a half million dollars for an apartment. I, hopefully, have enough money to go out to eat and not just there. Or maybe you get a discount, I don't know, spend four and a half million, then they'll probably give you a 5% discount on the menu. I don't know.