Fashion mogul Gerard Guez has bought a $11.48 million condo at Arte By Antonio Citterio, a boutique building in Miami Beach being developed by his former business partner, Alex Sapir, the developer’s firm announced on Wednesday.
Mr. Guez, the chairman of apparel conglomerate Sunrise Brands and founder of popular nightclub chain Buddha Bar, and his wife, Jacqueline Rose, are expected to close on a sixth-floor unit at the luxury oceanfront new-build when the building is completed later this year, said the development company, a subsidiary of Mr. Sapir’s Sapir Corp Ltd.
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This is not the first deal between Messrs. Guez and Sapir. They formerly co-owned New York City’s trendy NoMo SoHo Hotel, paying more than $200 million in a foreclosure sale in 2014. Four years later, Mr. Guez reportedly sold most of his stake in the hotel to Mr. Guez for an undisclosed sum.
“We are excited that Jacqueline and Gerard will be among the residents of the Arte project as we enter active sales,” said Mr. Sapir, who is co-developing Arte with Giovanni Fasciano. “We look forward to welcoming them home this spring.”
The impending Miami condo purchase is a first for Mr. Guez, whose firm Sunrise is the parent company of denim and tween brands Seven7Jeans and American Rag. He also owns a unit in New York’s supertall skyscraper 432 Park Avenue.
The new pad, one of only 16 units at Arte, spans some 4,000-plus square feet and comes with a wraparound terrace overlooking the ocean.
Mr. Guez and his wife felt it was a “great time to invest in Surfside,” he said in a statement through the developer.
The building, whose tapering facade gives the impression of a modern glass pagoda, offers residents indoor and outdoor swimming pools, tennis courts, a fitness center and yoga studio. There’s even a dedicated pet run and a beachfront meditation pond.
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The architect, Mr. Citterio, is best known for designing luxury hotels, including the Bulgari Resort in Dubai and Milan’s Mandarin Oriental. He and Miami-based architect Kobi Karp designed the condominium around a neutral color palette, including Roman travertine, white oak flooring and marble countertops.