Welcome to the first column by veteran real estate reporter Alexei Barrionuevo, whose analyses on housing trends, real estate deals, and major business moves will appear weekly, right here on Curbed.
Almost two decades ago, developers worried that height restrictions would limit the possibilities for high-end condos in Miami Beach. After Donald Trump tried to build a 100-story hotel-casino with residences in what is now the South of Fifth neighborhood, residents revolted, and the city imposed height restrictions in the late 1990s. While the sky may literally not be the limit for condos here, prices for luxury offerings don't seem to lack helium. The building limitations have breathed life into a different kind of Miami Beach condo movement: Call it the Boutique Boom.
Modestly-sized projects like Norman Foster's Faena House, Ian Schrager's Edition, and One Ocean are breaking sales records and waging war with starchitects, art installations, and obscene amenities. The next addition to this ultra elite club? A new 18-story South Beach condo building designed by Jean Nouvel and developed by the Manhattan-based JDS Development Group.