DAMAC wins $120mn bid to acquire land in Miami, to launch CAVALLI

The Dubai-based developer plans to build an ultra-luxurious, CAVALLI branded condominium project

UAE-based DAMAC Properties has announced that it has won the $120mn bid to acquire land in the upscale Miami neighbourhood of Surfside. The Dubai-based developer plans to build an ultra-luxurious, CAVALLI branded condominium project.

The property, on Collins Avenue, offers residents 200 feet of direct beach frontage and access to South Beach and Bal Harbour. The land, comprising 1.8 acres, was sold to DAMAC for $120mn through the court process.

Commenting on the purchase, DAMAC chairman and founder, Hussain Sajwani, said: “We have long been eyeing development opportunities in Miami. We see the city, which is known for being a luxury and fashion centre, as a natural fit for our Company, which has an established reputation for its branded luxury offerings.”

Surfside, in recent years, has become a hotspot for ultra-luxury condominium developments, including the Four Seasons Private Residences, the Fendi Chateau Residences, and the Arte Surfside buildings.

The town also has a collection of high-end hotels, including the Four Seasons, the St. Regis Bal Harbour, and The Ritz-Carlton Bal Harbour, and its primary shopping area, the Bal Harbour Shops, is known throughout Miami as a luxury shopping destination.

DAMAC Properties, known for its luxury real estate offerings both regionally and globally, is rapidly expanding its global footprint such as its flagship project in Europe — DAMAC Towers Nine Elms in the prestigious Zone 1 district of London with Versace interiors.

The Surfside project will be DAMAC’s first in the United States

“Our global expansion into the United States marks a major milestone and demonstrates that DAMAC is a force to be reckoned with. This is an exciting time, and we have a lot in store,” Sajwani said.

“We are rapidly growing, not only in our real estate endeavours but in various sectors such as fashion, hospitality and even emerging industries such as the Metaverse, NFTs, and data centers. This enables us to stay ahead of the curve,” he concluded.