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Jun 4, 2015

VERZASCA AIMS FOR AFFORDABLE LUXURY NICHE

BISNOW
By Dees Stribling

Miami is renowned for its lux properties, but Verzasca Group's trying to tone it down by developing residential properties it classfies as "affordable luxury." Verzasca Group president and former NHL player Darius Kasparaitis tells us that his goal is to provide buyers with high-quality product at a price point significantly less than what comparable developments are offering. "This strategy gives us a strong competitive edge, and we're able to achieve it by having a small but efficient team," he says.

Without a huge overhead or appetite for high returns, Darius adds, "we understand the importance of accepting lower gains in exchange for doing well in a competitive real estate development market like South Florida." His company is working on two affordable luxury projects in Bay Harbor Islands, including Le Jardin (pictured), where prices start at $355/SF. According to CraneSpotters.com, the mean minimum price for an available pre-sale unit in a new South Florida project in Q1 was $773/SF.