Luxury Airbnb High-Rises Are Reshaping Miami’s Skyline
West Eleventh residences, a luxury building in downtown Miami slated to break ground this summer, promises “endless indulgences.” It will feature an entertainment center, food hall, and a resort pool with private lounges—no amenity is spared. But these condos are designed to lure more than just Miami residents. The tower is part of a new trend in which developers build apartments made for Airbnb, allowing them to be rented 365 days a year. The project even boasts the short-term rental platform as a branding partner. The concept of an apartment complex built for Airbnb appears to have won over investors: West Eleventh’s 659 units are nearly sold out, at an average price of about $800,000, says Ryan Shear, managing partner with Property Markets Group, the tower’s developer. Buyers can choose to live there full-time, but their condo fees pay for a concierge who handles the logistics of renting their units out for short-term stays on Airbnb, from check-in to cleaning. Miami is ground zero for a new experiment in urban development catalyzed by Airbnb. More …