Why Riviera Horizons Is Betting on North Bay Village with Pagani Residences
by Traded MediaShare
Florida
Interviews
Miami’s luxury condo pipeline continues to expand, but developer Mikael Hamaoui believes the most interesting opportunities may not be in the city’s most established districts.
Through his firm, Riviera Horizons, Hamaoui is developing Pagani Residences, a waterfront condominium in North Bay Village, in partnership with Pagani Arte, the lifestyle arm of the Italian hypercar manufacturer. Rather than positioning the building as another large luxury tower, Hamaoui said the goal was to create something more design-driven and personalized than a conventional condominium project.
In a recent conversation with Traded, Hamaoui explained how the collaboration with Pagani came together, why North Bay Village offered a unique opportunity, and how changes in local zoning helped unlock the development.
A residential project inspired by Pagani’s craftsmanship
Pagani is best known for producing some of the rarest hypercars in the world. According to Hamaoui, however, the brand’s appeal extends far beyond performance.
Owners are drawn to the brand's craftsmanship, customization, and community. That same philosophy has also shaped the vision for Pagani Residences.
Rather than offering a standardized design package, the development allows buyers to personalize major interior elements. Owners can choose among multiple materials and finishes for kitchens, cabinetry, and flooring, allowing each residence to feel distinct.
The approach mirrors the way Pagani owners configure their cars, often working closely with the company to tailor every detail.
How the Pagani partnership began
The collaboration began through a mutual introduction to Chris Pagani, when the company was expanding its presence in Miami and relocating its Americas headquarters from California.
At the same time, Pagani had already been extending its design language beyond automobiles through Pagani Arte, which develops furniture and interior design pieces. Many Pagani clients have had the company design interiors for their private jets, helicopters, and homes.
Those projects created a natural pathway into residential development. With founder Horacio Pagani still deeply involved in the brand, Hamaoui said the company already had the design infrastructure to shape an authentic branded residence.
Why North Bay Village
The project’s location may be just as significant as the partnership behind it.
Hamaoui described North Bay Village as one of Miami’s most overlooked development opportunities, largely because outdated zoning had limited new construction for years.
That changed after a new mayor took office with a pro development agenda and initiated a comprehensive overhaul of the city’s zoning code. Hamaoui said Riviera Horizons worked with the municipality over roughly two years to craft an ordinance that would allow a more ambitious residential project on the Harbor Island.
The site’s geography also played a role. Because North Bay Village sits in the middle of Biscayne Bay, properties like Pagani Residences can capture panoramic water views rather than the single-direction views typical of most Miami waterfront properties.
For Hamaoui, that combination of location and zoning flexibility created a development opportunity that would have been difficult to replicate in more saturated markets like Brickell.
A diverse buyer pool
Units at Pagani Residences currently start at approximately $3.9 million, and Hamaoui said interest has come from a wide mix of buyers.
Some are existing Miami homeowners upgrading to a more distinctive residence, while others are international buyers or out-of-state purchasers planning to spend more time in South Florida.
The project has also seen interest from technology executives exploring potential relocations from California, though Hamaoui noted that many of those buyers are planning moves several years in advance and are comfortable purchasing preconstruction.
What connects many of the buyers, he said, is an appreciation for design rather than simply brand recognition.
Development challenges and the importance of location
Like most South Florida developers, Riviera Horizons has had to navigate rising construction costs and insurance expenses, particularly for waterfront projects.
Hamaoui said construction pricing has become something developers simply need to factor into underwriting from the beginning. Insurance costs, however, remain a more complicated challenge, especially as waterfront properties face increasing premiums.
Where North Bay Village stands out, he said, is its regulatory environment. Local leadership has actively encouraged redevelopment, which contrasts with municipalities such as Miami Beach where approvals have become significantly more difficult.
A bet on North Bay Village’s future
For Hamaoui, Pagani Residences is not only a residential project but also a long-term bet on North Bay Village’s evolution.
Multiple developments are now planned or under construction in the area, and he believes the district could soon emerge as one of Miami’s most dynamic waterfront neighborhoods.
“I think what North Bay Village will be in three to five years from now is going to be unrecognizable,” Hamaoui said
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