New Art Model Entices Condo Buyers
by Sep Niakan | October 09, 2013
In the competitive world of luxury condominiums, developers often look for innovative ways to court prospective buyers. One South Florida developer has found a most unique way to attract buyers to his condo association in South Florida. Eduardo Costantini, the Argentinian developer for Oceana Bal Harbour, is offering buyers shared ownership of two conceptual art pieces designed by New York-based artist Jeff Koons. The artist has become known for creating works of arts inspired by everyday items.
Entitled "Ballerina" and "Pluto and Proserpina", the two massive sculptures are said to have a value of more than $14 million. Crafted of live plants and chromium, "Pluto and Proserpina" reaches a height of eleven feet and is inspired by a classic work of Roman mythology. Plans are underway for the sculpture to be positioned at the end of a breezeway near the condo's reflecting pool. At the opposite end of the breezeway will be the sculpture entitled "Ballerina."
Construction on the Bal Harbour condominium will begin later in the year and is expected to be completed by 2016. Until construction is complete, at least one of the statues will be loaned to the Whitney Museum in New York.
Mr. Costantini, also an avid art collector, has indicated that the inclusion of the artwork in his latest development project is befitting of Miami's transformation into a cosmopolitan, international city. Units in Bal Harbour are anticipated to begin selling at $3 million each. Each unit sold in the building will include the price of the sculptures along with insurance and maintenance fees for the works. Bal Harbour will include 250 units when it is completed. Once the building is complete and all units have sold, the project as a whole is anticipated to have a worth that will exceed $1 billion.
While somewhat unique, this is not actually the first time that artwork has been included in the development of a condo project. Icon Brickell in Miami also features a series of sculptures by a renowned artist. The artwork is owned collectively by the residents of the building.
|Ballerina by Jeff Koons|
by Sep Niakan | November 29, 2016
This is a story of how one Miami condo dweller (that's me, Sep Niakan) gave up his car at the end of his lease and gained freedom (and $$) in its place. If you have been thinking of getting rid of your car or know someone who is, read...
by Sep Niakan | November 24, 2016
Lending, specifically FHA lending, is inching forward in favor of Miami Condos. Before President Trump pulls out any game-changers, I thought it would be the right time to reflect on a Bill passed into law by President Obama this August. The...
by Sep Niakan | November 22, 2016
It’s been almost a year since BrickellHouse’s robotic parking garage blunder, and I’ve been thinking about what this means for the automated parking business in Miami condos. In brief, Boomerang Systems (the robotic garage...
by Sep Niakan | October 31, 2016
From a humble 9-to-5 district to after-dark playground for the it-crowd, Downtown Miami has had quite a turnaround in the past decade or so. According to the latest Miami Downtown Development Authority report, there are now 88,540 residents in...