The Miami Design District's first condominium listing is Unit 2101 at Fouquet's Hotel & Residences, asking $9.985 million for a four-bedroom residence of nearly 3,000 square feet, per PROFILEmiami. That is roughly $3,300 per square foot, and I read it as the district pricing itself beside waterfront branded towers without any water. Treat the number as the neighborhood's opening benchmark, not its ceiling.
For two decades the Miami Design District has been a place people shop, eat, and look at art. Nobody has ever been able to buy a home there. That changed on July 22, when Unit 2101 at Fouquet's Hotel & Residences, Miami Design District was listed at $9.985 million, the first condominium residence ever offered for sale in the neighborhood. It is a four-bedroom, four-and-a-half-bath layout with a den, floor-to-ceiling glass, and a large private terrace across nearly 3,000 square feet.
A first price in a neighborhood with no resale history is worth studying carefully, because it tells you what the developer believes the address is worth before any buyer has voted with a wire transfer. At roughly $3,300 per square foot, this ask lands in the same tier as Miami's branded waterfront towers, in a neighborhood two miles inland with no bay frontage at all. My Miami pre-construction buyer guide walks through how I pressure-test a number like that. Below is what the listing actually contains, what the price implies, and what I would want to see before treating it as the Design District's market rate.
What Unit 2101 Actually Is
The listed residence is a four-bedroom, four-and-a-half-bath home of nearly 3,000 square feet, with an additional den, indoor-outdoor living space, floor-to-ceiling glass, and a large private terrace, according to PROFILEmiami's report on the listing. Owners also get access to the full service program of the adjoining five-star Fouquet's hotel. On paper it is a large-format city residence, not a compact pied-a-terre, which tells you who the developer expects to buy first: a primary or heavy-use secondary owner, not a rental investor chasing yield.
The building around it matters as much as the floor plan. Fouquet's Hotel & Residences is planned as 143 private residences in a 25-story tower, connected to a 12-story hotel with 85 guest rooms, on a nearly two-acre site at 39 NE 39th Street. David Chipperfield, a Pritzker Prize-winning architect, designed the building. The interiors come from RDAI, the Paris studio known for designing Hermes boutiques worldwide. That is a genuinely unusual design pedigree for a Miami condominium, and it is a large part of what the asking price is underwriting.
What is not public is equally worth naming. There is no closing history for the building, no published HOA budget, and no recorded sale anywhere in the Design District to compare against. Every number a buyer sees today comes from the sell side. That does not make the price wrong. It means the usual verification step, pulling three recent closings in the same building and the same line, simply does not exist yet here.
What $3,300 a Square Foot Says About the Design District
The ask is not an outlier for Miami as a whole. It is an outlier for this address. Miami's ultra-luxury tier has been running hot all year: 24 homes and condominiums in Miami-Dade closed above $30 million in the first half of 2026, nearly double the same period last year and on pace to beat 2025's record of 33, Bloomberg reported on July 24, citing data firm Analytics Miami. The Real Deal reported the same week that the Miami metro area has passed New York City on overall cost. The demand for a $10 million Miami residence is real and documented.
What is new is the location. Almost every Miami sale in that tier has water attached to it, whether that is an island, a beach, or a bay-facing tower. The Design District has none. This price is a bet that walkability to fashion houses, restaurants, and galleries can substitute for a bay view at the same dollar per square foot. Here is how the ask compares against the other branded project at the district's edge, using each developer's published figures.
| Project | Residence Size | Published Price | Delivery |
|---|---|---|---|
| Fouquet's Hotel & Residences, Miami Design District | Near 3,000 sq ft (Unit 2101) | $9.985M first listing | Not published |
| Kempinski Residences Miami Design District | 2,100 to 3,687 sq ft | From $3.7M | Q4 2029 |
The two projects are not the same product, and the gap is the point. Kempinski sits at the district's Biscayne Boulevard gateway with a published price sheet and a stated delivery quarter. Fouquet's sits inside the district itself with a hotel attached and no public price sheet at all. A buyer paying the difference is paying for the address, the hotel operator, and the design team, in that order. Whether that stack justifies the gap between the two price points is exactly the question the first few closings will answer.
The Hospitality Layer Is the Product
Fouquet's is not a licensing badge here. The company operates both the hotel and the residential side, which means concierge service, programming, and hotel-style management run through the homes themselves. The brand dates to 1899 on the Champs-Elysees in Paris and now runs properties in Paris, New York, Saint-Barth, and Courchevel. Miami will be its second U.S. hotel after the 2022 New York opening and its first U.S. residential development. That last detail is the one buyers should hold onto: there is no American track record for how Fouquet's runs a residential building.
The published amenity program is substantial. Residents get roughly 40,000 square feet of shared space, and the hotel leads the food and beverage operation with five distinct dining concepts. The confirmed list includes:
- Rooftop swimming pool and pool deck
- Fitness center, spa, and salon
- Golf simulator
- Juice bar and an extended wellness program
- Five hotel-run dining concepts across the property
- Concierge and hotel-style residential management
A hotel-operated building is a real advantage and a real cost, and buyers consistently underweight the second half. Staffed service, five restaurants, and 40,000 square feet of amenity space all carry payroll and maintenance that reaches owners through monthly dues. On a residence at this price, the carrying number matters more to a ten-year hold than the purchase price does. I cover how that math works in my breakdown of whether Miami branded residences are worth the premium.
What I Tell Buyers Looking at a Neighborhood's First Price
When a client asks me whether a first listing sets the market, my answer is always the same: a first ask is a hypothesis, not a comparable. I have watched enough Miami launches to know the pattern. The opening number in a new building is chosen to establish a ceiling the developer can hold for later releases, and it usually gets tested hard by the first two or three buyers who actually sign. The number that matters is the first recorded closing, not the first listing, and in the Design District that data point does not exist yet.
The second thing I tell buyers is that a first-mover address cuts both ways. There is genuine scarcity value in owning the first condominium in a neighborhood that has spent twenty years becoming a destination without a single home in it. There is also no resale comp to defend your price if you need to sell in year three. If your hold horizon is short, that asymmetry should worry you. If you plan to live there for a decade, it matters much less than the carrying cost and the quality of the building management.
The third point is about the district itself. The Design District's value to a resident is walkability, and walkability is the one thing you can verify yourself before you buy. Walk the site at 39 NE 39th Street on a Tuesday evening and on a Saturday afternoon. The difference between those two walks tells you more about whether this address supports a $10 million price than any brochure will. That is the test I would run before writing a deposit check on a neighborhood with no residential history.
A first asking price in a neighborhood with zero closings is the developer's opinion, not the market's. I like this project and I like the address. I would still write my offer against the building's design, the hotel operator, and the projected carrying cost, and let someone else pay to find out what the ceiling really is.
What a Serious Buyer Should Do Now
If this address fits your plan, the useful moves are concrete. Ask for the projected HOA budget and the brand-management agreement, not just the price sheet. Ask which residences are being released next and at what price, because that release schedule tells you whether $9.985 million is a ceiling or a floor. Confirm the deposit milestones and whether assignment before closing is permitted. My step-by-step pre-construction buying process lays out the sequence, and it is worth comparing this against Kempinski Residences at the district gateway and the rest of the Miami neighborhoods you are considering before committing anywhere.
Frequently Asked Questions
What is the first condo listing in the Miami Design District?
Unit 2101 at Fouquet's Hotel & Residences, Miami Design District, listed at $9.985 million, is the first condominium residence ever offered for sale in the neighborhood. PROFILEmiami reported the listing on July 22, 2026. It is a four-bedroom, four-and-a-half-bath residence of nearly 3,000 square feet with a den, floor-to-ceiling glass, and a large private terrace.
How much is $9.985 million per square foot at Fouquet's?
At the nearly 3,000 square feet reported for Unit 2101, an asking price of $9.985 million works out to roughly $3,300 per square foot. That is an ask, not a closed sale, so it sets the neighborhood's opening benchmark rather than a verified comparable. The first recorded closing at Fouquet's will be the number that actually anchors Design District pricing.
How many residences will Fouquet's Hotel & Residences have?
The project is planned with 143 private condominium residences in a 25-story tower, connected to an adjacent 12-story hotel holding 85 guest rooms. Residents get roughly 40,000 square feet of amenities, including a rooftop pool, fitness center, golf simulator, spa, and salon, with Fouquet's operating both the hotel and the residential component.
Who is developing Fouquet's Hotel & Residences in the Design District?
Miami Design District Associates is developing the project in partnership with Raycliff Capital, Fort Partners, and Constellation Hotels Holding. Pritzker Prize-winning architect David Chipperfield designed the building, with interiors by the Paris studio RDAI. Fouquet's, founded in Paris in 1899, operates the hotel and residences, making this its first residential development in the United States.
Where is Fouquet's Hotel & Residences located in Miami?
The nearly two-acre site sits at 39 NE 39th Street, in the heart of the Miami Design District, surrounded by luxury fashion houses, restaurants, and art galleries. It is a short drive to Wynwood, Edgewater, Downtown, Miami Beach, and Miami International Airport. The Design District had no residential condominium product at all before this project.
Does a first listing price set the market for a new building?
No. A first asking price is a seller's hypothesis about demand, not a comparable sale. In a building with no closing history and a neighborhood with no condo history at all, buyers should treat the number as an anchor to test, not a floor. Watch the first two or three recorded closings before you accept any price per square foot as the market.
Related Articles
- Kempinski Residences Miami Design District: Renderings and Details
- Wynwood and Design District Luxury Condos in 2026
- Are Miami Branded Residences Worth the Premium in 2026?
- Miami Pre-Construction Buyer's Guide 2026
More Questions Buyers Ask About the Design District's First Listing
