THE REAL DEAL. Brokers, developers rally to capture Formula 1 buyers during first Miami Grand PrixMay 9, 2022
Developer Gil Dezer said he sold a $6M unit at the race
For Miami real estate players, the Formula One Miami Grand Prix turned into a rally to court wealthy jet-setters and sell properties.
At a Bentley Residences event headlined by retired F1 champion Emerson Fittipaldi last week, a buyer signed a $15 million contract for a combined unit at the planned oceanfront tower in Sunny Isles Beach. And at the race on Sunday, developer Gil Dezer secured another buyer for a $6.3 million condo at the car-branded project.
Aside from the excitement of the race, some are comparing the economic impact of the F1 Grand Prix to Art Basel Miami Beach, as it’s resulting in more business for brokerages and developers who sponsored events and hosted parties. Billionaire developer and Related Companies Chairman Stephen Ross hosted the race at his Hard Rock Stadium complex in Miami Gardens after securing a 10-year deal with the F1 organization last year.