The Elser Hotel & Residences Location & Neighborhood
398 NE 5th Street, Miami, FL 33132
The Neighborhood
What's within reach.
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Bayside Marketplace Walking distance0.2 mi
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Kaseya Center Walking distance0.4 mi
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Waldorf Astoria Residences Adjacent0.05 mi
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Bayfront Park Walking distance0.5 mi
Life at The Elser Hotel & Residences
Downtown Miami's transformation into a 24/7 urban district has been led by buildings like The Elser — pioneering the no-rental-restriction model in a bayfront ultra-luxury tower. Next door to Waldorf Astoria Residences (also PMG) and across from Kaseya Center.
Pioneering No-Rental-Restriction Bayfront
The Elser was Downtown Miami's first bayfront condo tower to feature no rental restrictions — offering complete flexibility for Airbnb, VRBO, and other short-term rental platforms.
Highgate Hotel Management
Hotel component operated by Highgate — an industry-leading hospitality management firm with partners including David Grutman and Pharrell Williams (the Goodtime Hotel team).
Three Residential Collections
Residences are organized in named collections by floor: Atelier (floors 14-20), Boheme (floors 21-36), and Haute (floors 37-46), with Penthouses on floor 47. Each collection has distinct design and pricing tiers.
Jaguar Sun Restaurant
Lobby includes a cocktail bar and restaurant by Jaguar Sun® — a celebrated Miami restaurant brand.
Adjacent to Waldorf Astoria
Next door to PMG's Waldorf Astoria Residences (currently under construction at 1,049 feet). Same developer pedigree, complementary lifestyles.
The Elser Hotel & Residences Investment & Market Outlook
Why Downtown Miami Pre-Construction Outperforms
South Florida pre-construction has historically delivered double-digit appreciation between contract and delivery, especially in branded residences. Downtown Miami specifically has seen sustained demand from international buyers seeking US dollar-denominated real estate, tax advantages from Florida's no-income-tax structure, and currency hedging against home-market inflation.
Branded residences like The Elser Hotel & Residences typically command 25–35% price premiums over comparable non-branded inventory in the same submarket, and resale price retention has consistently outpaced the broader Miami condo index over the past decade.
Friends & Family Pricing
As pre-construction specialists with direct developer relationships, we offer qualified buyers access to friends-and-family pricing — typically 4–8% below current public release pricing — along with extended deposit schedules, custom unit selection, and priority on the most desirable exposures and floors.
Deposit Structure
Standard Downtown Miami pre-construction deposit structures range from 20% at contract to 50% by delivery, with milestone payments at groundbreaking, top-off, and certificate of occupancy. The Elser Hotel & Residences follows the Downtown Miami market standard. Our team can walk you through the full deposit schedule and any current developer incentives reducing the at-contract deposit requirement.
How to Reserve a Residence at The Elser Hotel & Residences
Pre-construction purchases follow a different path than resale transactions. Here's what to expect, step by step.
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01
Initial Consultation
We start with a 30-minute call to understand your goals — primary residence, investment, legacy asset — and walk you through current availability, pricing tiers, and the floor plans best suited to your needs.
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02
Floor Plan Selection & Reservation
Once you've narrowed your selection, a refundable reservation deposit (typically $25,000–$100,000) holds your residence for 14–30 days while contracts are prepared. You'll receive the full developer reservation package and the most current pricing for your specific unit.
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03
Contract & First Deposit
The purchase contract is executed with the developer, and the first deposit (typically 10–20% of the purchase price) is wired to the developer's escrow account at a Florida-licensed institution. All funds are protected under Florida pre-construction escrow law until milestones are reached.
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04
Construction Milestones
Subsequent deposits are released as construction reaches defined milestones — typically groundbreaking, top-off, and certificate of occupancy. You'll receive quarterly construction updates, photo documentation, and the option to tour the unit once interiors are roughed in.
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05
Closing & Delivery
At closing, the final balance is funded (cash or financing via approved lenders), title transfers, and you receive keys. Closing typically occurs 30–60 days after the developer issues the certificate of occupancy. Move-in coordination, designer access, and Mercedes-Benz/Bentley/Armani concierge enrollment all happen at this stage.
The Elser Hotel & Residences FAQs
Answers to the most common questions about The Elser Hotel & Residences pricing, amenities, and policies. For anything else, our team is here to help.
How much do The Elser Hotel & Residences cost?
The Elser pricing ranges from $450K for Atelier Collection studios (floors 14-20) to $2.5M+ for Penthouses (floor 47). Boheme Collection 1BRs from $600K, Haute Collection 2BRs from $900K, 3BRs from $1.3M.
Are short-term rentals allowed?
Yes — The Elser is approved for short-term rentals (Airbnb, VRBO, Booking.com, etc.). Owners can use the building's onsite Highgate-managed program or list independently. The Elser is one of the few bayfront Downtown Miami buildings with full rental flexibility.
Was The Elser previously called something else?
Yes — The Elser was originally launched as Society Residences. It was rebranded to The Elser Hotel & Residences and is now operated under the Elser brand.
When was The Elser completed?
The Elser completed in 2022, with closings beginning September 2022. The tower is fully operational with both hotel and residential components active.
Who developed The Elser?
Co-developed by Property Markets Group (PMG) and Greybrook Partners. Hotel operated by Highgate (David Grutman and Pharrell Williams partnership).
Who designed The Elser?
Architecture by Sieger Suarez Architects. Interiors by Cotofana Designs.
How many residences does The Elser have?
646 luxury residences across 47-49 stories (sources cite varying counts). Organized in collections: Atelier (floors 14-20), Boheme (floors 21-36), Haute (floors 37-46), and Penthouses (floor 47).
What's included in each residence?
Fully furnished delivery, 9'2" ceilings with floor-to-ceiling windows, balconies overlooking bay and/or city views, porcelain wood-grain tile flooring, built-in washer/dryer (select residences), Ecobee smart thermostats, smart keyless entry, custom Italian Italkraft kitchen cabinetry, quartz countertops, Frigidaire stainless appliances (microwave, dishwasher, freestanding range oven, refrigerator), and Cotofana-curated furnishings.
