The troubled Paramount Bay condo building has become a symbol of Miami's real estate misfortunes. Construction started shortly before the real estate bust, but the project went into a record-breaking $262 million foreclosure. Now completed the 47-story building sits empty andwas auctioned off earlier this week.
Now, the new owners have a sure fire way to revamp the building. They're bringing in rock star Lenny Kravitz to redesign the place. That's the solution to all of Miami's problems, isn't it? Just throw some B-list celebrities at it until everything is resolved.
iStar Residential and ST Residential took over control of the building after buying it at auction earlier this week. They're wasting little time in revamping it, and hope to have it open soon. Though, not before Kravitz adds his magic touch.
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Kravitz hasn't been making much music lately (not that anyone is really complaining though, right?) and is now involved in Kravitz Design, a New York City-based design firm.
He'll be charged with redesigning the spa, fitness center, lobby, driveway, pool area and other outdoor spaces.
This won't be Kravitz's first design project in Miami. He collaborated on the design of the Florida Room at the Delano Hotel and a two-story penthouse apartment and recording studio at the Setai.