When the South Beach Wine & Food Festival kicks off on Thursday, some of its sponsors are hoping to appeal to wealthy real estate buyers as well as foodies.
The festival’s first event, Italian Bites on the Beach, for example, is sponsored by Property Markets Group, which is developing Echo Brickell, Muse, 300 Biscayne, and completed Echo Aventura last winter.
New York-based PMG, a premier sponsor of the four-day festival, is targeting potential buyers, principal Ryan Shear told The Real Deal. “You can hit a buyer pool in four days and hit them hard,” he said.
This year marks the 15th for the South Beach Wine & Food Festival, one of the biggest in the country. Tickets to the festival’s events average more than $300, Shear told TRD, and they fit the same buyer profile as those looking for a second or third home. PMG will have its name on cups, banners, bags, as well as the festival’s north venue. Shear said PMG will use the event as a test run for PMG, which is considering sponsoring the New York equivalent.
Other real estate-related sponsors include Compass, Auberge Beach Residences & Spa, Casa Tua, Faena Hotel and the Miami Design District.
Carlos Rosso, president of the Related Group’s condo development division, told TRD that restaurants and the quality of food that comes with that are a big component of many of Related’s projects, including Auberge in Fort Lauderdale, Paraiso Bay and Park Grove. “We think it’s part of the lifestyle people are buying,” Rosso said.
As part of the event’s Taste Fort Lauderdale series, Paramount Fort Lauderdale Beach on Wednesday participated in a Seaside Eats event adjacent to the Paramount development site at the Bonnet House Museum and Gardens, according to a spokesperson.
Beth Butler, president of Compass Florida, said the brokerage is participating in the Southern Kitchen Brunch hosted by Trisha Yearwood and will have agents attending and greeting guests at events over the weekend. A former pastry chef and now Compass agent will be providing Compass-branded cookies at the brunch, she said.
“When we were looking at local activities in Miami Beach, we wanted to be involved with the [wine and food festival]. The South Beach Wine & Food Festival is right after Art Basel,” Butler told TRD.
PMG’s Shear compared the event to the Miami Open, which is sponsored by the Chateau Group; the Miami International Boat Show, sponsored by Fendi Chateau, 3900 Alton, Fortune International Group and the Ritz-Carlton Residences Sunny Isles Beach; and Miami Art Week, the latter of which includes Art Basel, sponsored by Swire Properties, and Art Miami, sponsored by Christie’s International Real Estate.
“It’s really hard to get a lot of concentrated wealth in one area,” Shear said.