In Miami Beach's upscale Sunset Harbour, luxury watch brand Audemars Piguet is set to launch a retail lounge in a penthouse suite within the developing Eighteen Sunset at 1752 Bay Road. Occupying 11,841 square feet, the Switzerland-based retailer plans to create an AP House—a salon designed for intimate browsing and social engagements for both existing and prospective clients, as mentioned in a Colliers International release.
Slated to open in 2024, this will be AP House's 16th global location, with other outlets in major cities worldwide. Within Eighteen Sunset, AP House will occupy two-thirds of the penthouse floor. Guests will be welcomed in a ground-floor lobby before being escorted via a private elevator to the penthouse, where they'll enjoy panoramic views of Biscayne Bay and Downtown Miami, as per Colliers.
Conceptualized by Domo Architecture + Design and constructed by Deco Capital Group, Eighteen Sunset, financed in part by a $60 million loan from City National Bank of Miami, comprises roughly 40,000 square feet of office area and 15,500 square feet of ground floor retail. Initially advertised as an exclusive residence, the penthouse also features about 15,000 square feet of outdoor space with expansive gardens and is expected to be completed by year-end.
Confirmed tenants include Uchiko, a sushi eatery, and Pretium Partners, a New York financial firm, among others. The remaining office spaces at Eighteen Sunset, set for delivery in 2024, are listed at over $100 per square foot, catering to affluent business executives and premier retail brands. As of Q3 2023, Greater Miami Beach recorded an average rent demand of $61.33 per square foot with an 8.3% vacancy rate, while retail spaces in the Greater Miami Beach sub-market commanded $77.38 per square foot, as outlined by Colliers.
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