Billionaire-Entrepreneur Gianluca Vacchi and Real Estate Expert and Builder Michael Stern Announce New Real Estate Platform to Lead Over $4 Billion in New Development in South Florida and Beyond

Miami and New York real estate developer Michael Stern and billionaire-entrepreneur Gianluca Vacchi have teamed up on a real estate platform to lead over $4 billion in new development in South Florida, including two of Miami’s biggest branded real estate projects announced this year: 888 Brickell Dolce&Gabbana and Mercedes-Benz Places, the largest mixed-use project under development in the region.

The platform presents a unique combination of skill sets, stemming from the dynamic personalities of its principals. Stern, Founder and CEO of JDS Development Group, is well-known for building and developing architectural and engineering icons such as the complex slender supertall 111 West 57th in New York City and bayside reflective Monad Terrace by Ateliers Jean Nouvel in Miami Beach. Vacchi, a titan in the media realm, is known for his marketing prowess and ventures across various industries.

Vacchi is no stranger to harnessing the power of brands and media to move markets. As a pioneer in social media—commanding over 47 million followers—Vacchi is also a well-known entrepreneur and DJ. In 2023, Vacchi made business headlines with the sale of his stake in the family manufacturing empire IMA Group (a worldwide packaging machinery leader) for a total valuation of approximately $7 billion. Vacchi was a part of a tremendous period of growth over two decades at IMA, where the company grew from $100 million to over $2.5 billion in sales. Vacchi’s expertise extends from business to fashion, where he lent support to industry luminary Brunello Cucinelli. The entrance into real estate is a natural one for Vacchi, who has always been fascinated by architecture and design. He is operating under GV Development Group, a US real estate division of Cofiva Holding, owned in full by Vacchi.

What began as a friendship between Stern and Vacchi quickly evolved into a potent synergy driven by a shared vision for the future of branded residences and growing lifestyle opportunities in South Florida. “Gianluca and I are motivated by a shared vision for the limitless potential of Miami and specifically Brickell,” added Stern. “The combination of Gianluca’s entrepreneurial business acumen, deep understanding of brands, and passion for Miami make him an invaluable partner.” The duo’s partnership is set to announce two additional Miami projects later this year.

Both the Mercedes-Benz and Dolce&Gabbana branded projects are located less than a half a mile away from each other in Miami’s vibrant Brickell district, historically a business and financial center that has been transformed into a 24/7 lifestyle neighborhood over the past five years, with new restaurants, shopping, and residences. Mercedes-Benz Places in Miami is currently the largest mixed-use development under construction in the city while 888 Brickell Dolce&Gabbana is set to be the city’s tallest tower. The projects mark the first forays into the USA real estate market for both brands, and have garnered interest from local, domestic, and international purchasers. Mercedes-Benz Places has already made waves with over 100 condominiums sold within a few short weeks, setting a Miami sales record.

Like Vacchi, Stern has also enjoyed a reputation for being a disruptor in his field, establishing an inhouse team of construction experts who went head-to-head with powerful construction unions in New York City to create an open shop construction environment. JDS has executed many architectural tour de force structures that set new sales and leasing records in multiple markets, including Walker Tower, the American Copper Buildings, and The Brooklyn Tower. Long active in the South Florida market, Stern started his career in construction and development in Miami delivering millions of square feet including projects like Monad Terrace by Ateliers Jean Nouvel, Echo Brickell, and Echo Aventura. Stern made the move back to Miami permanently post-covid, and the company continues to expand in the market.

Vacchi purchased his first residence in Miami in 2015 and never looked back. “The quality of life is unmatched to any place in the world. The city is growing and Michael has the greatest vision for the city that I love,” Gianluca Vacchi explained. “There is no better partner for me than Michael. This is the right team, in the right city, at the right time, with an unprecedented opportunity to collaborate with two of the world’s most authentic and inspiring brands.”

Designed with their signature flair, 888 Brickell Dolce&Gabbana illustrates the brand’s unwavering dedication to craftsmanship in an unprecedented hybrid condo hotel featuring lifestyle-driven hospitality and an elevated residential experience. The development features 259 residences, six food and beverage outlets, and a signature restaurant on the ground floor, two bars in the expansive Grand Lobby, Pool Club restaurant & bar for day-to-night deckside dining, demo kitchen and private dining.

A few blocks away, the mixed-use residential Mercedes-Benz Places in Miami will rise to 67-stories, in a demonstration of dynamic and thoughtful placemaking in Brickell. The contemporary design emphasizes the brand’s core values of emotion and intelligence, and features more than 130,000 square feet of amenities and hospitality space. In addition, there will be 250,000 square feet of commercial space, health and fitness facilities, a 174-key hotel, retail outlets, and on-site parking. Innovative mobility solutions also play a key role for the property, while the community-centered Southside Park is being reimagined as part of the development. “Mercedes Benz Places and 888 Brickell Dolce&Gabbana are the start of our long-term partnership with GV Development,” said Stern.

Real estate is not the only endeavor between Stern and Vacchi. The two recently announced a new members-only indoor padel club in Miami Beach, called Sunset Padel, with Rafi Gibly, who’s also a long-term partner of Vacchi and Stern. Sunset Padel is set to open late summer 2024 and is poised to become a new hotspot for padel enthusiasts in the popular Sunset Harbour neighborhood. “Michael and Gianluca come from completely different industries, but their vision for development and marketing are a force to be reckoned with,” stated Gibly.

With their sights set on reshaping Miami’s skyline, Stern and Vacchi’s collaboration heralds a new era of innovation and luxury for the city’s real estate landscape. In addition to the South Florida projects, the partnership also plans to announce deals in New York and on the West Coast in the coming months.