When Avara Miami Beach broke ground, its developers were not just building a high-end rental complex—they were wagering on a new demographic of affluent nomads who did not previously exist in Florida’s luxury ecosystem.
Betting on the fact that New York’s and California’s increasingly restrictive tax environments would trigger an exodus of wealthy, highly mobile professionals, Avara’s developers set their sights on these high-net-worth “refugees” with the budget to buy, but a newfound preference for the flexibility of a lease.
“The idea of Avara was to create a condo-quality product with the amenity and service of condo living, but for somebody who might rent by choice,” Jordan Kornberg, chief investment officer at Mast Capital, the project’s developer, tells Realtor.com.
