RELATED, ROVR AND BH GROUP BEGIN VERTICAL CONSTRUCTION ON SOLD OUT DISTRICT 225 CONDOMINIUM
Real estate industry leaders Related Group, ROVR Development and BH Group have officially broken ground on the sold-out District 225. Located at 225 North Miami Avenue in Downtown Miami, the 343-unit property is a new luxury condominium tower offering residents the ability to host their condos on Airbnb for any stay length (subject to applicable laws and restrictions). Completion is slated for 2024.
Real estate industry leaders Related Group, ROVR Development and BH Group have officially broken ground on the sold-out District 225. Located at 225 North Miami Avenue in Downtown Miami, the 343-unit property is a new luxury condominium tower offering residents the ability to host their condos on Airbnb for any stay length (subject to applicable laws and restrictions). Completion is slated for 2024.
“District 225 is a project of many firsts. Now, with financing in hand, we’re happy to share that the development is also the first of Related’s next-generation Miami-Dade condos to begin vertical construction,” said Jon Paul Perez, Related Group president. “We couldn’t be more pleased with the reception District 225 saw from buyers and the industry. Not only did the project sell out in record time, but it also gave birth to an all-new type of restriction-free development that’s already had many other projects follow in its footsteps.”
Responding to a sustained demand for flexible ownership and living options, District 225 delivers ready-to-rent, fully furnished residences purposely designed, built and licensed to be shared. The project proved to be a success in the Miami market with all units sold within two months of its sales launch. Unique from past condos in the development team’s respective portfolios, District 225 attracted predominantly domestic buyers, including young professionals and remote workers in the new work-from-home era.
“Downtown Miami is going through a rebirth,” says Oscar Rodriguez, founding partner of ROVR Development. “We’re excited to have identified and secured a site that is so central to this neighborhood’s transformation. District 225 is a catalyst for flexible living, offering luxury condominiums at attainable prices in one of the city’s most promising destinations, surrounded by parks, public transportation, entertainment and more.”
District 225 joins downtown Miami as the neighborhood’s burgeoning market experiences a resurgence of new residential high-rises. The increased demand for residential units in the area is a testament to its growth as a cosmopolitan destination that caters to a live, work, play lifestyle. Just a few blocks away, The Related Group also announced The Crosby, another short-term-rental ready development located within the Miami Worldcenter mixed-use development
WeWork Bought Out Of 146,000 SF Lease At 830 Brickell By OKO Group And Cain International
WeWork has been bought out of their lease to occupy 146,000 square feet covering 10-floors at 830 Brickell by developers OKO Group and Cain International. WeWork was one of the first to sign a major lease at the Class A office tower in 2019 which was set to become their largest location Florida. Rents at 830 Brickell are now in excess of $125 PSF representing a 42% rise year-over-year.
WeWork has been bought out of their lease to occupy 146,000 square feet covering 10-floors at 830 Brickell by developers OKO Group and Cain International. WeWork was one of the first to sign a major lease at the Class A office tower in 2019 which was set to become their largest location Florida. Rents at 830 Brickell are now in excess of $125 PSF representing a 42% rise year-over-year. Construction on the tower is nearing completion.
Despite the WeWork opt-out 830 Brickell has signed leases with other top-tier office users at 830 Brickell, including Microsoft, international law firm Sidley Austin LLP, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap, and others.
The news comes as the Miami office market continues to boast one of the lowest vacancy rates with absorption faring better than other competing markets across the U.S, according to the Miami Downtown Development Authority’s 2021 Office Market Report. In fact, Downtown Miami was the only major urban office market in the country to achieve net-positive absorption in 2021.
830 Brickell was designed by renowned architecture firm Adrian Smith + Gordon Gill, with interiors by Italian architecture and design company Iosa Ghini Associati.
The tower’s amenities will include a rooftop bar/lounge and restaurant – with menus developed alongside a three-Michelin-starred chef and showcasing expansive views of the City and Biscayne Bay, a world-class health and wellness center, conferencing facilities, an outdoor terrace, cafeìs and street-level retail. Multiple transit options are nearby, including Metrorail and Metromover, the Brightline, walking paths, cycling lanes and bay access points. Additionally, some of Miami’s top residential and lifestyle-driven neighborhoods are situated just minutes away, such as Miami’s Design District, Wynwood, Edgewater and Miami Beach.
Gazit Horizons And Atlantic Pacific Reveal New Renderings Of Corwil Architects-Designed Brickell Gateway
Gazit Horizons and Atlantic Pacific have revealed new renderings for Brickell Gateway, a proposed 61-story tower set to rise 747’. Located at 90 SW 8th Street on a ½ acre hard corner development site, the current Corwil Architects-designed proposal includes 504 multifamily units, 18,287 SF of retail and 348 parking spaces.
Gazit Horizons and Atlantic Pacific have revealed new renderings for Brickell Gateway, a proposed 61-story tower set to rise 747’. Located at 90 SW 8th Street on a ½ acre hard corner development site, the current Corwil Architects-designed proposal includes 504 multifamily units, 18,287 SF of retail and 348 parking spaces. In March the developers requested a final approval for the project from Miami-Dade County planners. As it located in a rapid transit zone, developers requested the final review by county planners as opposed to City of Miami planners. Gazit Horizons acquired the land in July 2017 for $29.5 million and recently demolished the existing 3-story building earlier this year.
Major Food Group And JDS Development Part Ways at MAJOR, Rebranded As 888 Miami
Major Food Group (MFG) and JDS Development Group (JDS) have revealed the first images of MAJOR, the highly anticipated 90-story residential and hospitality tower, located at 888 Brickell Avenue. MAJOR will feature 259 custom residences conceived as fully hybrid layouts. Each Major Residence is designed to enable the seamless conversions into Major rooms and suites for guests.
Major Food Group (MFG) and JDS Development Group (JDS) have parted ways at MAJOR, a proposed supertall residential tower at 888 Brickell Avenue. The project has been rebranded as 888 Miami by JDS Development and Studio Sofield. The tower is still described as a ground-up hybrid hotel and luxury condominium residences. The project was to be Major Food Group’s first entry into residential real estate. JDS Development Group is led by Chief Executive and Founder Michael Stern, the powerhouse developer and builder responsible for some of the most dynamic new skyscrapers in New York City and Miami.
888 Miami will rise 1,049 feet tall and rise 888 will feature 259 custom residences conceived as fully hybrid layouts. Each residence is designed to enable the seamless conversions into rooms and suites for guests. The tower, designed by William Sofield, features an elegant and restrained façade of ivory travertine and high-gloss steel columns to express enduring weight and substance while giving a defined graphic, vertical appearance, setting it far apart from its glass and stucco neighbors. The notable crown is wrapped with a filigree of gold spheres and punctuated by extraordinary sculptures in the manner of Italian Futurism on each corner.
Each of the furnished residences in the condo-hotel, ranging from 1-to 4 bedrooms, is designed with custom furniture by Studio Sofield. The plans enable Major residences to seamlessly transform into rooms and suites for guests. Conceived as fully hybrid layouts, each residence utilizes a “lockout” function, which allows for simple conversions between a private residence, suite, and/or guest room. 888 Miami will feature 115,000 square feet of amenities spread over eight floors focused on entertaining, sports, leisure, wellness and fitness.
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International Law Firm Sidley Austin LLP Signs 60,000 SF Lease At Miami's 830 Brickell Office Tower
Sidley Austin LLP, an international law firm with almost $3 billion in revenue and 20 offices worldwide, has signed a lease at 830 Brickell, the new Class-A+ office tower nearing completion in Miami’s Brickell Financial District. Sidley signed a three-floor, 60,000 square-foot lease at the 55-story tower, marking the largest new-to-market office lease signed in the city’s urban core this year.
Sidley Austin LLP, an international law firm with almost $3 billion in revenue and 20 offices worldwide, has signed a lease at 830 Brickell, the new Class-A+ office tower nearing completion in Miami’s Brickell Financial District. Sidley signed a three-floor, 60,000 square-foot lease at the 55-story tower, marking the largest new-to-market office lease signed in the city’s urban core this year. The building, developed in partnership by OKO Group and Cain International, is the first stand-alone Class A+ office tower to be built in Miami’s Brickell Financial District in over a decade and is nearly 70 percent leased ahead of its late-2022 completion.
Sidley will join additional top-tier office users at 830 Brickell, including Microsoft, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap, WeWork, and others.
“We are excited to be at the center of this new growth of the Miami business community as we open our 21st office in such a vibrant, international market,” said Yvette Ostolaza, Sidley’s Chair of the Management Committee. “As a Miami native, I know this community well and am excited about the talented lawyers who we have already recruited to serve our M&A, private equity, financial services, tech, cybersecurity and privacy, healthcare, real estate, entertainment, sports, and media, SEC regulatory and enforcement, and global finance clients. We are excited about our new office space.”
“At nearly seventy percent leased, 830 Brickell continues to serve as a magnate for professional service, tech and financial firms growing their presence in Miami,” said Vlad Doronin, Chairman and CEO of OKO Group, and Jonathan Goldstein, CEO of Cain International. “Brickell has acted as a bellwether in the South Florida office market, and we anticipate increased demand in 830 as Miami grows into a global hub for talent, lifestyle and innovation.”
The news comes as the Miami office market continues to boast one of the lowest vacancy rates with absorption faring better than other competing markets across the U.S, according to the Miami Downtown Development Authority’s 2021 Office Market Report. In fact, Downtown Miami was the only major urban office market in the country to achieve net-positive absorption in 2021.
830 Brickell’s ownership was represented by Cushman & Wakefield’s Brian Gale, Ryan Holtzman and Andrew Trench. Sidley was represented by Jeff Gordon and Barbara Black of JLL.
“830 Brickell continues to attract tenants at the top of the food chain and across diversified industries – like financial services, tech, insurance, banking and now, top-tier law firms,” said Brian Gale, Vice Chairman of Cushman & Wakefield. “The surge in new-to-market activity we’ve been experiencing over the last couple years is by far the most we’ve seen in Miami, with over 500,000 square feet of active tenants currently looking for space in the market. The cities that have generated the most activity for South Florida’s office market have come from New York, Chicago, and San Francisco.”
830 Brickell was designed by renowned architecture firm Adrian Smith + Gordon Gill, with interiors by Italian architecture and design company Iosa Ghini Associati.
The tower’s amenities will include a rooftop bar/lounge and restaurant – with menus developed alongside a three-Michelin-starred chef and showcasing expansive views of the City and Biscayne Bay, a world-class health and wellness center, conferencing facilities, an outdoor terrace, cafeìs and street-level retail. Multiple transit options are nearby, including Metrorail and Metromover, the Brightline, walking paths, cycling lanes and bay access points. Additionally, some of Miami’s top residential and lifestyle-driven neighborhoods are situated just minutes away, such as Miami’s Design District, Wynwood, Edgewater and Miami Beach.
Sabal Development Sells Waterfront Miami Beach Spec Home For $16 Million On Hibiscus Island
Sabal Development, an award-winning Miami-based builder and developer who specializes in luxury custom homes, has sold a newly constructed 5,243-square-foot waterfront spec home on a 0.24-acre lot located at 79 N Hibiscus Drive, Miami Beach, FL 33139 for $16 million. Located within the exclusive Hibiscus Island, this stunning waterfront home was built in 2022 and overlooks the pristine Biscayne Bay.
Sabal Development, an award-winning Miami-based builder and developer who specializes in luxury custom homes, has sold a newly constructed 5,243-square-foot waterfront spec home on a 0.24-acre lot located at 79 N Hibiscus Drive, Miami Beach, FL 33139 for $16 million.
“We are pleased to sell this impressive waterfront property in Miami Beach’s exclusive Hibiscus Island for $16 million,” said Pascal Nicolai, CEO and Founder of Sabal Development. “Miami continues to be a hot real estate market, and we take pride in creating homes that offer modern, luxury living.
Located within the exclusive Hibiscus Island, this stunning waterfront home was built in 2022 and overlooks the pristine Biscayne Bay. Built by Sabal Luxury Builder with interior design by TOGU Design, the home includes five bedrooms, five full bathrooms and one powder room. The home’s impressive elements include an open dining area with a spacious chef’s kitchen, a full suite of Miele appliances, solid oak wood furnishings, Cotto d'Este tile throughout and Toto and Kohler fixtures in each bathroom.
Lourdes Alatriste of Douglas Elliman represented the seller, Pascal Nicolai, founder and CEO of Sabal Development and Sabal Luxury Builder. Marko Gojanovic and Reid Heidenry of ONE Sotheby’s International Realty represented the buyer, Alejandro Montealgre.
The Perigon Reveals Sophisticated Interiors by Tara Bernerd In Miami Beach
The Perigon, the first residential project on Miami Beach designed by award-winning architecture firm OMA as well as the only new pre-construction, ultra-luxury condominium currently offered on the city’s iconic beach, has revealed its elegant interiors by Tara Bernerd, the London-based designer internationally renowned for her work on luxurious hotels and private yachts.
The Perigon, the first residential project on Miami Beach designed by award-winning architecture firm OMA as well as the only new pre-construction, ultra-luxury condominium currently offered on the city’s iconic beach – has revealed its elegant interiors by Tara Bernerd, the inimitable London-based designer internationally renowned for her work on luxurious hotels and private yachts. Inspired by the tower’s tranquil, dual waterfront location between the Atlantic Ocean and the Intracoastal waterway, the interiors evoke the sophistication of a European riviera and the essence of a five-star resort, further establishing The Perigon as Miami Beach’s premier destination for oceanfront living.
Located at 5333 Collins Avenue, and developed by a joint venture between Mast Capital and an affiliate of Starwood Capital Group, The Perigon’s highly anticipated interior preview includes a first look at the arrival experience and lobby; the private spa, sauna, and treatment room; and the elegant residential interiors and finishes. Drawing from the surrounding natural coastal environment and the color palette of Miami Beach, Bernerd imagined a residential aesthetic that emphasizes panoramic ocean views, abundant natural light, private outdoor space, and expansive floor plans of The Perigon’s 74 two-to four-bedroom residences and 8 resident owned guest suites.
“Combining Tara’s extraordinary talent with the genius of OMA’s architecture and Gustafson Porter+Bowman’s landscaping has differentiated The Perigon in the market,” said Camilo Miguel, Jr., CEO of Mast Capital. “The Perigon captures attention to detail in a way that is unmatched for the area, and there is no better representation of that than in the rich amenity spaces. Through her timeless aesthetic and European sensibility Tara has created a true sanctuary in Miami Beach.”
Inside the residences at The Perigon, Bernerd’s design incorporates a unique combination of organic fabrics, refined materiality and tailored weaves. Juxtaposing stone, glass and wood to create dimension and texture, the interiors include noticeable influences from Europe and its famed rivieras. This is evident in the open kitchen, for example, which features Italian cabinetry custom designed by Bernerd with a focus on craftsmanship and detail. The overall color palette is soft and natural, drawing from The Perigon’s premier location.
In the primary suite, the bathrooms are adorned in marble with dark bronze fittings, and select residences feature dramatic soaking tubs that overlook the shoreline and Miami skyline. Bernerd’s timeless aesthetic further enhances gracious ceiling heights and floor-to-ceiling panoramic views of the ocean and bay. Residences at the intimate 17-story building range from 2,100 square feet to 6,700 square feet and are priced from $4 million.
“The Perigon represents a unique opportunity to establish the next iteration of luxury living in Miami Beach,” says Tara Bernerd, founder of Tara Bernerd & Partners. “Responding to and embracing the tower’s statement architecture, the amenity spaces have been designed to be indicative of a high-end hotel, presenting a unique challenge to infuse a sense of exclusivity together with a sense of warmth for residents. What Mast Capital and Starwood Capital Group have envisioned is setting a new bench-mark in design, and we are proud to collaborate with them on this first look at our designs.”
The collection of amenities at The Perigon best showcases how Bernerd has interpreted the firm’s hospitality prowess into the context of a condominium tower. For the spa, she created an evolved Miami Beach aesthetic that should appeal to the well-traveled, design-conscious resident and their penchant for experiencing a destination through the lens of a local. It features a mixture of materials and fabrics selected both for their authenticity to the area and their connection to sought-after locales.
In the lobby, Bernerd enhances OMA’s bold architecture. By playing with the architectural concept and working with the geometry, she scaled the space to bring warmth and intimacy into the design, so that it feels both grand and welcoming upon arrival, befitting a building of this stature. The floors are finished in a white natural stone with a diamond pattern mimicking the footprint of the tower while contrasting with elegant polished plaster walls trimmed in Italian stone. The result is a new design language inspired by Miami and its nautical and cultural traditions.
The Perigon will deliver many more amenities in addition to these newly unveiled spaces, including a resident-only oceanfront restaurant andspeakeasy bar, conservatory with a daily breakfast bar, sunrise lounge and terrace. Residents will also enjoy an oceanfront swimming pool and spa, as well as poolside cabanas and sunbeds all situated within lush landscaping by Gustafson Porter+Bowman, the firm responsible for redesigning the green space at the Eiffel Tower and the powerful Princess Diana Memorial Fountain in London’s Hyde Park. Benefiting from the coveted beachfront location, residents will have exclusive beach access complete with food and beverage service. Other amenities include a terraced fitness center with ocean views, children’s playroom, private salon, screening room, and wine room. The spaces will be activated by a dedicated lifestyle concierge and residential butler. Imagery is forthcoming.
Sales and marketing for The Perigon is exclusively handled by Douglas Elliman Development Marketing.
Construction Powering Forward At Finvarb Group's Thompson Hotel South Beach
Construction is powering forward at Thompson Hotel South Beach which is being developed by Finvarb Group, led by Ronny Finvarb, and Chahine Investment Corp. The mixed-use project is designed by world-renowned French architect Rudy Ricciotti and is being developed on a .7 acre site at 1685 Washington Ave. When complete the building will feature a 150-room hotel which will be branded as a Thompson Hotel by Hyatt.
Construction is powering forward at Thompson Hotel South Beach which is being developed by Finvarb Group, led by Ronny Finvarb, and Chahine Investment Corp. The mixed-use project is designed by world-renowned French architect Rudy Ricciotti and is being developed on a .7 acre site at 1685 Washington Ave. When complete the building will feature a 150-room hotel which will be branded as a Thompson Hotel by Hyatt, with a rooftop restaurant and pool deck, as well as ground-floor retail.
In late May the project secured $44.6 million in construction financing. Since securing the financing construction teams have passed the 5th floor for the building which will rise 8-stories when complete. Ortega is the general contractor.
In addition to the Thompson and other projects in different stages, Finvarb Group owns 13 hotels and restaurants in Florida, Texas and Arizona, including the Kimpton Palomar South Beach and Osteria Morini, the Residence Inn by Marriott South Beach, and the Courtyard by Marriott South Beach, which they developed. In Miami, Finvarb Group also owns the Landon Bay Harbor boutique hotel, including The Palm restaurant, which they acquired for $10 million in November 2021.
Chahine Investment Corp. is a family office subsidiary managed by Agathe Chahine that focuses its investments on office buildings, luxury hotels with the historic Palacio Ludovice in Lisbon that just opened, private equity, and financial markets.
Aimco Partners with Camillus House and Provides $1 Million Contribution to Advance Workforce Development
Aimco a diversified real estate investment company, has pledged $1,000,000 to Miami-based Camillus House to support expanded workforce development programs. In discussions with Miami’s civic and community leaders it became clear that despite a strong job market, many of Miami’s residents don’t possess the necessary skills or experience to obtain better-paying jobs and are, therefore, unable to benefit from Miami’s rapidly growing economy.
Apartment Investment and Management Company (“Aimco”), a diversified real estate investment company, has pledged $1,000,000 to Miami-based Camillus House to support expanded workforce development programs.
In discussions with Miami’s civic and community leaders it became clear that despite a strong job market, many of Miami’s residents don’t possess the necessary skills or experience to obtain better-paying jobs and are, therefore, unable to benefit from Miami’s rapidly growing economy. As a major investor in South Florida, it is important to Aimco that those at all levels of the economic spectrum have the opportunity to excel and in turn, contribute to the broader community.
Since its founding in 1960, Camillus House has been a pillar of the Miami community. Created to provide meals and spiritual comfort to homeless Cuban exiles and other poor and hungry Miamians, Camillus House has grown steadily into one of the largest providers of services to the most vulnerable population in the community. Camillus House houses more than 1,700 people nightly through its 11 residential facilities and scattered-site apartments across Miami-Dade County. Some of its programs include Day Center services, Specialized Street Outreach programs, Homeless Prevention initiatives, and comprehensive workforce development and life skills programming.
“Many people experiencing homelessness want to work, but without the necessary training and skills it’s extremely difficult for them to earn enough income to move forward,” explained Hilda M. Fernandez, Camillus House CEO. “Thanks to this critical and very generous multiyear grant from Aimco, we can now expand our workforce development program to provide the guidance, support, and vocational training that can help prevent homelessness and change the lives of the great many men and women we serve throughout Miami-Dade County.”
In partnership with Aimco, the Camillus House Workforce Development Initiative will provide opportunities to Camillus House residents such as participation in construction trade programs operated by Florida International University and funded by Southeast Overtown/Park West Community Redevelopment Agency, an eight-week culinary certificate through the Miami-Dade College Culinary Arts Program, and employment opportunities with the Downtown Enhancement Team through the City of Miami’s Downtown Development Authority and Omni Community Redevelopment Agency.
In addition, through its Aimco Cares program, Aimco will sponsor scholarships to individuals in the Camillus House program designed to remove barriers to employment for those looking to obtain or maintain a job. The scholarships will cover job-related costs, such as bus passes, licensing fees, uniforms, classes, and similarly required ancillary costs crucial to succeed in gainful employment opportunities.
“Aimco Cares’ mission is to empower the most vulnerable by giving them the tools required to improve their quality of life,” said Jennifer Johnson, Aimco’s Executive Vice President and Chief Administrative Officer. “Being able to obtain and maintain higher-paying jobs is the building block for a long-term and sustainable solution for many Miami residents. As a real estate developer, it is our responsibility to give back to the communities in which we are active and passionate. Aimco is thrilled to be part of the Miami community and looks forward to future investments in the City and its residents.”
Miami Developer Gregg Covin Announces Plans For Fairmont Hotel Branded Residences
Fairmont Hotels & Resorts, part of world leading hospitality group Accor, in partnership with Gregg Covin, notable Miami real estate developer, announced the signing of definitive agreements for the development and management of the first luxury branded residential offering in the Blue Ridge Mountain region of North Carolina - Fairmont Heritage Place - The Cedars, Hendersonville.
Fairmont Hotels & Resorts, part of world leading hospitality group Accor, in partnership with Gregg Covin, notable Miami real estate developer, announced the signing of definitive agreements for the development and management of the first luxury branded residential offering in the Blue Ridge Mountain region of North Carolina - Fairmont Heritage Place - The Cedars, Hendersonville. Set to debut in 2025, the residences will build upon The Cedars’ legacy as a significant landmark while ushering in a new era of contemporary design, outstanding amenities and engaging service infused with local culture and premier hospitality.
Fairmont Heritage Place - The Cedars, Hendersonville will join an exclusive collection of extraordinary Fairmont-branded residences worldwide, offering private ownership with the option to participate in a rental program. Owners will enjoy all the benefits of owning a home with singular access to luxurious amenities and world-class services at Fairmont’s legendary hotels and resorts.
“We are pleased to announce the addition of Fairmont Heritage Place - The Cedars, Hendersonville, the first Fairmont-branded residences in North Carolina. For over a century, Fairmont has been intrinsically tied to the communities the brand calls home and committed to the stewardship of landmark hotels, restoring and preserving historic buildings with great care,” said Heather McCrory, CEO, Accor North & Central America. “A rare opportunity to own a piece of one of the Blue Ridge Mountain region’s most celebrated national buildings, The Cedars will be the most luxurious branded residential offering in the state. We are proud to add The Cedars iconic landmark to our rapidly growing luxury portfolio and continue its legacy for years to come.”
Fairmont Heritage Place – The Cedars, Hendersonville, a 127-unit luxury residential community, is set to transform the mountain city that has become the preferred second-home destination for generations of South Floridians and Northeasterners, due to its central East Coast setting and friendly outdoor culture. The 3.55-acre development includes a magnificent restoration of the original Antebellum grand hotel, which sits on the National Register of Historic Places, as the focal point. Two new six-story, mid-rise buildings will be comprised of studios, 1-, 2-, and 3-bedroom units and stunning penthouses, all with sprawling terraces and impressive mountain views. Prices are expected to range from USD $400,000 to USD $3.8 million.
The Cedars hotel was originally built in 1914 in Neo-Classical Revival style for Jeannie Bailey, whose husband, railroad tycoon J.W. Bailey, headed Southern Railway at the time. Just a few years prior, Theresa Fair Oelrichs and her sister, Virginia Fair Vanderbilt, debuted the first Fairmont hotel in San Francisco in honor of Nevada Senator and mining magnate, James Graham Fair. The historic similarities made for a harmonious union between The Cedars and Fairmont brand.
In 1976, the property was acquired by Clifton Shipman, great grandfather of Gregg Covin’s children. Covin began exploring the property’s potential in 2018 and has since partnered with the Shipman family and Brian M. Gaines to make his vision a reality.
“My family grew up at The Cedars and there is no better time to welcome the next generation to discover and feel at home in Hendersonville. Fairmont brings decades of experience restoring historic properties to their former grandeur and will deliver a level of sophistication the market has been waiting for while complementing the region’s inviting culture,” said Gregg Covin, Developer. “Fairmont Heritage Place - The Cedars responds to increasing desires for second-home ownership in Western North Carolina. Market studies show less than two months’ supply of available housing inventory, with demand outnumbering supply”.
The property will bring a new level of luxury, unforgettable experiences and outstanding service to the Blue Ridge Mountain region known for its beautiful scenery, rich culture and history, and welcoming community. Situated two blocks from the historic Main Street, the residences will be the new home to many of the area’s five-star amenities, offering an exceptional cuisine and beverage program appealing to owners, guests and locals, including a signature restaurant, a lobby bar and a specialty café. Additional property features will include flexible meeting and events space; an expansive wellness center with spa, multiple swimming pools and fitness center; a cooking school; a multifunctional family room; and retail space. Residents and guests have access to nearby private club with Tom Fazio-designed Champion Hills Golf Club. All of the area’s popular destinations are located within a 30 minute radius of Hendersonville, including Downtown Asheville, The Biltmore Mansion, the Asheville Regional Airport, the Blue Ridge Parkway and both Pisgah National and Dupont State Forests.
In addition to onsite privileges, Fairmont-branded residence owners are invited to join the Accor Ownership Benefits Program, presenting them with an invitation to join Diamond status in ALL-Accor Live Limitless, with access to a VIP reservation desk, and special residence owner rates at more than 5,000 Accor hotels and resorts worldwide.
Established in 1907, Fairmont Hotels & Resorts has built beacons of hospitality, magnificent architecture and service in extraordinary destinations; playing a significant role in shaping the social fabric of each location. Renowned for creating unforgettable grand hotels and residences in the heart of each destination, Fairmont was a natural match to continue the next era in The Cedars’ longstanding history. With more than 80 locations around the globe, and several under development, the Fairmont brand boasts some of the most renowned hotel and residential addresses in the world, such as The Plaza, a Fairmont Managed Hotel in New York City, The Savoy in London, Fairmont San Francisco, Fairmont Banff Springs in Canada, Fairmont Heritage Place Mayakoba in Mexico, and the recently reimagined Fairmont Century Plaza in Los Angeles, among others.
Fairmont is part of Accor, the second-largest operator of luxury hotels in North America and a leading hospitality group worldwide. Fairmont Heritage Place - The Cedars, Hendersonville joins an expanding list of highly anticipated openings in Accor North & Central America’s growing portfolio, including Sofitel Legend Casco Viejo Panama in 2022, Raffles Boston Back Bay Hotel & Residences in 2023, Fairmont La Paz Puerta Cortés Resort and Residences in 2023, Mayaliah Tulum Hotel & Residences – MGallery Hotel Collection in 2024, Fairmont Orlando and Fairmont Phoenix in 2025, among others.
Bentley Residences Miami hosted the Torcal’s Florida debut, pairing Bentley’s first fully electric production vehicle with a tour of its model residence and private garage.