Black Salmon, the Boschetti Group, and Constellation Group have partnered with Sam Nazarian to develop a new branded condominium tower in Miami’s Edgewater neighborhood. The project, named HQ Residences Miami, will be managed and branded by Nazarian’s HQ Hotels & Residences by sbe. The announcement was made at The Real Deal’s Miami Forum.
The 35-story building is planned for 422 Northeast 29th Street and will include 229 units. Grammy-winning artist Marc Anthony is among Nazarian’s partners in the project. Sales and marketing will be handled by Mauricio Umansky and Santiago Arana’s firm, The Agency.
Nazarian said the development aims to address a gap in the local market between less expensive short-term rental-friendly condos and higher-priced units that start at $3 million or more. “There’s a lot of luxury residential projects today. One thing we saw was there was a lack of personality and connectivity and collaboration in these towers,” he told The Real Deal.
Camilo Lopez, managing partner and co-CEO of Black Salmon, explained that over ten brands were considered before choosing HQ for this venture. He noted that nearly 65 projects are currently planned for Greater Downtown Miami, most of which cater to short-term rentals. In contrast, HQ Residences will function as a traditional condo building with starting prices at $850,000 and an average price of $1.5 million.
Lopez added that the target buyers include Millennials, Gen Zers, as well as Latino/Hispanic clients. Units will range from one to three bedrooms (721 to 2,074 square feet), including eight penthouses. “One of the biggest challenges in Miami is the entry level [price] is becoming extremely high,” Lopez said. “This opportunity to design this product in this price point makes sense.”
This marks the first residential tower under the HQ brand launched last year by Nazarian. Marc Anthony will participate both in this project and future branded residential developments with HQ Hotels & Residences by sbe. “[Marc] is somebody who is the face of Miami,” Nazarian said. “Having him be a validator for the largest buyers of residential, the Hispanic and Latino market, it’s very exciting for me to partner with Marc and bring him into his first residential project in South Florida.”
Construction may begin as soon as September next year with completion expected about 30 months later according to Lopez; presales are set to start at approximately $1,400 per square foot while construction costs are projected between $1,100–$1,200 per square foot.
The top two floors—spanning almost 16,000 square feet—will offer wellness amenities such as yoga rooms designed by Kane Sarhan (Founder of The Well), hammam baths, saunas, plunge pools plus entertainment options like Sofia Vergara’s Toma Gourmet restaurant; Jack’s NYC Coffee; and Marc’s speakeasy curated by Anthony himself.
Arquitectonica has been selected as architect with Enzo Enea handling landscape architecture; interiors will be designed by DesignAgency along with Craft.
Nazarian previously collaborated on several South Florida branded condo projects including SLS Lux and Hyde Midtown but now plans further expansions under HQ branding together with Black Salmon.
