(Bloomberg) -- A sprawling penthouse at a new Miami Beach condo tower with Ritz-Carlton amenities is expected to be marketed at $125 million, putting it on par with some of New York City’s ritziest buildings.

Developers are plotting out the new 15-story luxury condo tower next to a Ritz-Carlton hotel in the heart of South Beach. Broker Fredrik Eklund expects the 30 condos to sell for a combined $450 million, with prices ranging from $3.9 million to $125 million for a possible combination of the building’s two duplex penthouses. The tower is expected to be completed in April 2027.

It’s the latest project from developers seeking to seize on rising demand from the world’s richest homebuyers. A sale at a $125 million price would put a transaction close to levels normally seen for the most luxurious apartments on Manhattan’s Billionaire’s Row, where Daniel Och sold a residence for about $190 million and Ken Griffin broke a record with a $238 million penthouse purchase.

Demand in the Miami area is benefiting from rich buyers seeking to build out a “triangle” of homes in multiple cities that they can bounce between, according to Eklund, a broker with Douglas Elliman. A classic example is having a spot in Miami, New York and the Hamptons, but he said he’s also seen interest in buying properties in Miami, Madrid and Mexico City.

“It’s not that so many people left New York, it was more that they actually kept their New York residences and they’re buying and collecting these properties in Miami,” said Eklund, who is also known for his time on the reality TV show Million Dollar Listing New York. “And there’s not a lot of inventory.”

The Miami Beach project faced some pushback from neighboring hotels and the area’s vocal community of Art Deco historic preservationists, but ultimately secured approval in October. The condo tower comes with a planned $12 million public-private partnership for improvements to the Lincoln Road shopping promenade, which ends at the Ritz-Carlton’s doorstep. 

The Ritz-Carlton South Beach merged with the neighboring Sagamore Hotel in 2020. The project also includes a renovation at the Sagamore, which will be reopened as part of the Ritz-Carlton South Beach. The two hotels and the site of the future condo tower are co-owned between Dayssi Olarte de Kanavos’ Flag Luxury Group, Lionstone Development and the Ben-Josef Group.

“Miami is not just a tourist economy anymore,” Olarte de Kanavos said. “We now have so many hedge fund, venture capital and real estate workers who live here.”

The new condo building, at 1671 Collins Ave., will have a pool and catering option from a Michelin-starred chef’s restaurant. Most units will have elevators that open directly into the apartments and wrap-around terraces. Owners will also get to use Ritz-Carlton amenities such as the spa, fitness center and an oceanfront beach club.

“Can you compare it to a Central Park West and South?” Eklund said. “Maybe not yet, but soon you will.”

(Updates with brokerage firm in fourth paragraph and amenities in penultimate paragraph.)

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