Inside the $630M Bentley Residences: How Gil Dezer Is Changing Luxury Real Estate

0:00We're going to talk today about this massive MAP foundation pour that you have going on. So we're talking 2 ,300 trucks, probably the second largest map pour in the United States of America. Definitely number one in Florida. Yeah, number two in the United States. I think the only thing that beat us was a stadium. It kind of got me a little concerned. I said, why does my building have as much concrete as a stadium? What we're doing is we're filling a hole full of concrete. So it's not that much fun, but to make that hole, to get to that point, the engineering involved, the amount of steel involved.

0:29These guys are out there sweating their faces off all day in the heat. Those are the real workers. It took us a solid year to get to where we are. We did 300 pilings. We went down 200 feet on each pile. And then from there, they had to excavate the top 40 feet. So what you see in there is a 40-foot hole. And then the 40-foot hole, they're filling it up with rebar. And then once that rebar is done, then we line up the concrete trucks and start pumping concrete in the ground.

0:56What's up, everybody? I'm here at the Bentley Residences Sales Center in Sunny Isles, Florida. I got Gil Dezert from Desert Development. I mean, he's a repeat offender. It's the second time you've been on the show in less than a year. But honestly, you're doing so many amazing things. And every time I turn around, you're doing something disruptive. So we're going to talk today about this massive MAP Foundation pour that you have going on. So, I mean, I'm looking at this. There's over 2200 steel that is going to be reinforcing this thing. We're talking 2300 trucks. This is probably the second largest MAP pour in the United States of America.

1:32definitely number one in Florida. Yes. Biggest one in the state of Florida. And yeah, number two in the United States. I think the only thing that beat us was a stadium. Really? Which one? I don't remember. They told me the name of it. I didn't pay attention, but, but it kind of got me a little concerned. I said, why is my building have as much concrete as a stadium? Right? Well, I saw it out, you know, out there that, you know, there's a, there's a TV and it looks like there's a live feed from everybody out there. I'm looking at it. It's just, it looks like this big old massive meteor hole. I mean, in reality, what we're doing is we're filling a hole full of concrete.

2:02So it's not that much fun, but to make that hole, to get to that point, the engineering involved, the amount of steel involved, what you see them right now, they're placing the steel. You have to see 10 guys carrying a bar and placing it. They're almost like a dance when you watch them on the screen. They're going to be jacked out of their mind. Can you imagine how heavy that shit is? It's fucking heavy, dude. Yeah, and these guys are out there sweating their faces off all day and the heat and everything else. And so those are the real workers. Yeah, man. I mean, it's not cold in Florida. No, no, no.

2:33I mean, you got a little bit of a breeze off, you know, the Atlantic here, but it's still a good 85 degrees out there right now. Yeah, but it took us a solid year to get to where we are. We did, I think the number is 300 pilings. We went down 200 feet on each pile. And then from there, they had to excavate the top 40 feet. So what you see in there is a 40 foot hole, which you see on the video. And then the 40 foot hole, they're filling it up with bar with rebar and then once all that rebar they do like three levels of rebar and then once that rebar is done then we line up the concrete trucks and start pumping concrete this is time to roll yeah it's crazy because when you see these big beautiful buildings that you guys build right it you just kind of look at the end product like wow that's pretty impressive but when you see it from the ground floor up you know it starts to bring in like you mentioned you know the the workers out there the blue collar guys the tradesmen there's so many different people that are involved in this project oh yeah you know talk about that a little bit because there's a ton of third-tier trades i mean the f dot had to get involved oh yeah uh law enforcement everything the city to do a pour like this is a massive coordination uh like you said f dot because we're shutting it down streets um but even getting to this point the engineering that went into it the and it's it's it's a whole system so the piling then goes into the pile cap etc so everything was planned engineered and executed on on time but it was a it was a very impressive thing we had to remove like i said 40 feet of dirt in this entire hole and then uh and then chip out the piles and remove those and then and then now put place of steel and and fill it with concrete and that's that's just the foundation that's not even the tower yet i know right yeah so there was a lot a lot going into the foundation like i said took us a year uh a year and about 48 million dollars yeah to dig a hole you have to dig a hole right to dig a i call it the emperor's new clothes phase of the of construction because we're spending all this money you don't get to see anything you don't see right you don't see anything so uh and you know people are asking hey when are you starting construction i'm like well we started a year ago i know you can't see anything but you know we started a year we started paying a year ago yeah hey when the ground breaks that's when it starts right how long once the map or i mean that map or is going to take a good 30 to 36 continuous hours.

4:45Yes. We start on Friday night. We're finishing on Sunday morning, Sunday noon. Unbelievable, man. Yeah, yeah, yeah. Unbelievable. And on Sunday, we're there. We're going to write our names in the concrete. You're going to do that, right? Of course. I do it in every one of my buildings. Yes. That's really cool. Not that anybody ever sees it. You need a complete catastrophe in order to see that writing on the concrete. Yeah, you never want to see it. Right. You don't ever see it. But it's still there, right? It's commemorated into the foundation. Maybe in 10 ,000 years from now when they find these buildings underwater.

5:12Oh, my gosh. 10 ,000 years, huh? You think it's going to take that long? Or longer. I hope so. Everybody talks about that. It's a separate conversation. But it is scary being here in Florida. Sometimes you worry about all that kind of stuff. 10 ,000 years, we're not worried about anything. No, 10 ,000 years, we're not worried about anything. I'm worried about anything past probably 200, right? One of those movies that always stuck in my head was Planet of the Apes. When you see them riding the horses on the beach and they show up to the Statue of Liberty's head, you know and you start you know it makes you realize okay sands shift the world shifts thousands of years from now who knows what's going to happen thank god i won't be here right exactly i don't want to be scrambling for that shit have a hard enough time keeping my schedule straight much less you know moving around because everything's underwater right um you know these projects that are so beautiful and and take so long i mean you've built you know you and your family have built this amazing company it's amazing what what kind of struggles happen when you're building a project adversity because the audience really connects to people going through shit and getting through them to to get to the end product right right well i i tell everybody my job as a developer is i am a problem solver and uh and that's what it is this is a building any kind of construction is just a series of problems that you need to solve on the hourly from the physical construction from the legal part of it from the zoning part of it from every single aspect of the construction you need there's issues pop up every five seconds and uh and if you don't have the this it takes a big a big uh you know wherewithal in the stomach to handle some of these things especially when change orders come in and oops this got fucked up and yeah and you got to fix it and it costs extra money um but you know that's uh the building is not for the faint heart you know it's um you got to really be committed to this and and you got to really find the uh you got to be able to see the light at the end of the tunnel at all points because if you can't, that's when it starts getting gloomy.

7:11That's a great point. And so, but, but it's, you know, we, we sit here and we solve problems. When you're running a bad job, you're putting out fires, but when you're running a good job, you're solving problems before they happen. I like that. And so that's really what we we've gotten. I was, I started out my career is putting out fires and I learned, Hey, if we know this is going to happen, let's work it in advance to not let it happen. And so that's, you know, I mean, I've built now 12 buildings, so I kind of know what I'm doing by now. So, you know, it's, you know, it's, it's, it's, it's construction at the same time is not brain surgery.

7:44You know, we've been doing it since the pyramids. So we happen to change the game a little bit by adding car elevators and whatnot, just because we got bored of building simple buildings, but, but you know, it's, it's, it's not impossible. You just got to, it's a very localized thing. I believe that to be a developer, you have to be on the job. You can't be, you know, up in 30 ,000 feet in the stratosphere unless you have good people working for you, I guess. I mean, you know, cause there are other bigger companies that do it, but I like to be hands-on on the job. Uh, I tell all my people, let me know what's going on.

8:13So I can't scream at you later on, you know, that's good. Yeah. And that's it. If they, you know, if every issue, every change, everything, you know, I remember one of my projects I came in and, uh, I specifically sat there for hours choosing faucets and the wrong faucets came in and, you know, it's just like, what are we, what are we doing here? You know, that was on many, many years ago. So I learned, you know, the different types of ways of controlling the, a freight train that's out of control, which is what construction is. But you got to just keep it on the tracks and keep it on the course.

8:42And that's what we do. What I will say is because I was here about an hour early, right? And I was able to get a coffee in the lounge area. And to your point, you are involved. You are infused in the minute to minute. Because I saw you a couple different times go through the lounge, talk to some of your people here. And I think it's always really nice to see because a lot of times, you know, presidents and CEOs and people that are running the organization will kind of hide in their, yeah, I don't want to say ivory tower, but they'll hide in their room and let everybody else. But you take a lot of ownership of what you're building here.

9:13Yeah. Each one of these buildings are my babies. And so I know every square inch of it because I designed it. I looked at it on the plans. And because they're my babies and because they're so important to me, I go, we throw everything at it, you know. We do throw everything we can at it just to be successful. And the proof is in the pudding. Let's take the map pour because that's what we're here to talk about and all the great stuff going on with it. When you have a job this freaking big that is, I mean, like I said earlier, you're going to have 2 ,300 trucks running through here in 30 to 36 hours.

9:46There's a lot of different things that are going on. What are some of the things that kind of keep you up in thinking about, like, man, if this goes wrong, like, how do we get in front of it? Or are there certain things that you worry about in a job this big? Well, the mat specifically, there's not a lot that can go wrong. That's good news. Yeah. I mean, even if a few trucks break down on the way, you still have concrete coming in. There's not a lot that can go wrong because it's continuous pour. You know, every concrete truck that they pour, they take a cylinder and they test the actual strength of the concrete.

10:19Really? And they know where that concrete fell. where they're in. So if the concrete doesn't come up to strength or whatever, those are the risks, if you will. But when you're doing like, you know, 22 ,000 yards or whatever we're doing, 20 ,000 yards, if one yard doesn't come up to strength, it's going to be fine. You know, it's a massive, you know, cake that we're putting there. So on that respect, but, you know, I'm always looking, what's the next step? You know, we're already planning on the verticals now. So the minute we're done and that stuff dries, we're already having meetings on how we're starting to go vertical and how we're going to blow through.

10:51Right now, my concerns are just on schedule. I mean, and it's a concern that, you know, doesn't necessarily exist because we haven't started going vertical yet, but the vertical schedule is what dictates your delivery date. And so we are pushing the logistics in order to, in order to beat the schedule, basically. Interesting. We're, we're technically on our, on our four-year schedule. We're technically one week ahead of schedule right now. Well, good job. I mean, okay, but we'll eat that one week up with one hurricane or whatever else. I'm not, you know, I'm not, I'm not banging on our chest here, but it's better to start off ahead of schedule than a little bit behind than trying to make up the whole time.

11:27Well, we got lucky this year. We didn't have anything. Yeah, so far, you know. So far, is there timeout? Yeah, they got hit hard, man. So we'll see what happens. I mean, you know. They got hit really hard. And right now is the best time for me to get a hurricane because I got nothing to blow off the job. It's usually when you're halfway up and you got drywall up and windows not in and this and that. You don't want rain. You don't want that shit. So, and that's where the risk comes in. But of course we have insurance and all that fun stuff. So, you know, it's part of the business. Absolutely is, man.

11:54That's why, you know, you said it takes a, you know, what was your word? Not for the fainthearted. Not for the fainthearted. You gotta have a strong gun, man. You got an ironclad gun. Oh yeah. Oh yeah. Yeah. When you look at a matte pour this size, how long does it take that to dry? No, well, the most interesting part about concrete, not only does it dry fast, it gets really hot. So it'll dry. So concrete works that I think 70 or 80 % of the strength comes up within 24 hours. And then the rest of the strength comes in the next 60 to 90 days. Okay. So as it dries out, as the concrete itself dries the liquids out of it, and that's how it hardens.

12:36And it gets really, really hot. you can cook an egg on it as it's dry. It's very interesting. And so you're going to see almost steam coming out of the thing when it's really done. Interesting. And then it cooks. And like I said, in 24 hours, we can start going vertical because we don't need it to be totally baked for the first level. It's not like we're putting too much pressure. And by the time we're on the seventh level, it's already cooked. It's already done. Yeah, it's fully baked. Now, how long in between? Will you really only wait 24 hours before you start going vertical? No, we're planning on Monday starting a vertical.

13:10That's awesome. Yeah. Okay. We're not wasting any time. We finished pouring Sunday noon and then everybody get the afternoon off and then Monday back at work. That's it, man. You know, I, I, I look at your business, right. And as cool as it is to see the finished product, you know, in America and I think just society wide, you know, we have this massive issue with delayed gratification. Yeah. Dude, talk about delayed gratification. It's going to take you as long to build this building as it took me to build my platform. Worse. Worse. We conceived this building in, meaning the idea of it in, well, that's a longer story.

13:53But when we said go was 2022. Jeez. Yeah. When we said go and built the sales office. and so we were two years drawing the building getting it permitted selling the units all that simultaneous action um and everything what's nice is it all comes together you know here we are we're selling um i don't know if i can announce it yet but it's going to be put on a pr newswire today so you're actually here to scoop something oh when is this when is this podcast released it'll be it'll be out probably in a week or two okay good so i can tell you yeah you can tell um we we just closed yesterday signed all the papers for our construction loan.

14:31Congrats. We got a$630 million construction loan from Madison Capital Realty. And yeah. And so, so like I'm saying, sales converge, foundation converge, land, the construction loan, everything happens as it's, as it was supposed to be converging all at the same time. And so, and, and it's just, it's awesome, you know, and we planned for all this. Everything was set on schedules and everything is hitting the schedule the way we had it. So it's perfect. That, that number, 630 million, I would imagine for most people watching and listening, that number buckles them. It buckles me too, man. Okay, that's my question, yeah.

15:04It's the largest loan I've ever had. Wow. Yeah, up until now, the largest loan we did was$325 million on Armani. And before that was$215 million on Porsche. So costs have gone up, but values have gone up. I sold Armani for$1 ,300 a foot back then, and now we're selling this for double. Wow,$2 ,600 a foot. Yeah, that's what we're getting here,$2 ,600. That's amazing. $2 ,700, yeah. and and selling too fast you know i mean relatively fast for what the market is you know um so so it's working it's all working the product is excellent is what it is yeah you know if you really look around you know when i was a kid i saw a commercial for a guy who used to sell men's clothes sims and sims sims clothing and his tagline was an a an educated consumer is my best customer and i believe that an educated consumer a guy who's been around sees everything and i we send them out go see this guy go see that project go see that they come running back here because an educated consumer once you educate yourself on the market then you realize what we have on offers nobody else can have it's amazing it really is it's really amazing and and but we did that it was by design you know we said you know every condo is the same four walls and maybe a window to the ocean and some same shit regurgitated over and over again yeah apart from the fact that you know you have resales of that same shit going over and i built a lot of that too i mean we built beautiful apartments nice regular condos but they're just apartments just regular apartments i said i wanted to really re re change the game completely change the game and so what we did here with bentley with the balconies swimming pools on the balconies and that wind protection on the balcony yes even on a nasty day like today we should go out there and you should film how you can light a light a candle out there that's wild it is wild so we changed the game of what is condo product yeah and and and we that's why we built a full-scale apartment here so people can see other developers show you a kitchen and a bath because they're fleecing you you know they're showing you oh this is what the kitchen looks like not even to scale of what the real kitchen is in your unit you know it shows just the appliances okay i can see appliances at brand smart i don't need to come to your cell you know so um that's where we built a full-scale unit so you can see the room sizes you can actually experience what it is and and that's you know because we're not we're proud of what we're building we're not afraid of what we're building you're not trying to hide any you're showing everybody the other guys show a kitchen and bathroom then they sell you a little two-bedroom apartment where you have to you know turn around to change your mind you know so you have to walk outside just to change your mind so i mean that's that's where um that's where we we believe in what we're selling we we try we definitely don't make fun of the customer because the customer at this level is obviously somebody who's well healed earned earned his millions not a stupid person right and then that's why you just show them the best of the best and there's always room to the top of the market and that's where that's that's who our customers are yeah i was just you you rejog my memory because you know i think you came on the show in maybe april and we talked a little bit about the bentley residences and we talked about the the pools being on everybody's balcony and you didn't compromise the the ceiling height for the units below.

18:09I think those, those little small details are what makes the quality, the, the wind resistance on the balcony, because I mean, listen, you can go out there on a balcony and right here on the Atlantic and get very windy and you can't even hear the person next to you. So, I mean, those are, those are big enhancements in my opinion. And it was also feedback we got from customers. I mean, we, we have, we have people at one of my other buildings that say, listen, I can't buy outdoor furniture with cushions anymore because the cushions go flying off the balcony every time the wind blows and then people were saying the balcony is so great but we can't even enjoy a meal out there because the the tablecloth blows off or the plates blow off or you know etc yeah so we wanted to create an outdoor living room um an outdoor living space i had uh a very well-known developer i don't know i can't mention his name but he came in and he saw this he goes wow this is a florida room and i said shit you're right i should call this a florida room wow yeah because it's a florida room like in a single family home it's an outdoor but indoor like a florida room so that's wild to me it's like that type of planning and engineering for something like that is not a small thing no it was a massive thing it was a major thing i'm and expensive too i mean not just the engineer i'm putting an additional layer of skin on the outside of the building just to block wind for just for for the fun of it if you will are you talking about stucco is that what you're talking about glass oh glass And not just glass.

19:34I went crazy on the glass. I'm doing this faceted diamond glass because Bentley said, hey, we should do triangle glass and triangles to keep the diamonds. And I'm like, if you really want to do it, let's facet the glass. So I had to go spend, we spent$350 ,000 creating a mock-up of this faceted glass and then blowing all kinds of stuff at it so it passes hurricane proof. 350 Gs for the mock-up. For the mock-up. Wow. Just to pass, oops, sorry, just to pass the hurricane test so I know I can put it in the building. yes sir because it's never been done before and so we should we did all these kinds of things the glass itself on a typical building this glass would be about 24 million i'm spending 42 yes i'm spending like 18 million dollars more because it's wow you know and but i'm making a wow it's not double but it's almost double you know um but it's wow it's going to be an iconic iconic building from from everywhere but i mean everything you do though is like i spend the extra money yeah the other guy doesn't that's like i mean you're fucking putting cars in elevators you know and and putting them into the residences right and that's going to be here as well right the deservators and we're doing four and better than that we we have otis is building the elevators for us otis the big elevator oh shit they didn't want to talk to us when we were doing porsche because they wanted proof of concept but porsche was proof of concept so now they're all about it and by having them build the elevator i'll now be able to build these elevators worldwide that's the that's the the good part so game over now and it's gonna you have up to four cars that you can put in the residence four cars on the oceanfront units three cars on the intercoast that's insane and simply because that was the biggest complaint we got at porsche design was we gave two cars per unit which is well more than required parking and still people needed more space unbelievable everybody wanted more space that's crazy to me as a matter of fact we just sold we have man caves at the bottom of porsche that we sold them for two and a half three million dollars you know at the time yeah an owner is selling to another owner in the building for four and a half million dollars a man cave really yes a man cave a man cave which is a parking for six cars is going for about 75 percent of what the units worth that's insane imagine that that's crazy to me no plumbing no kitchens no walls no no just to park your car yeah you know it's it's it's crazy because i remember when we did our other show and you know tiktok was going wild man about what about the fumes?

21:57What about this? Like everybody is a damn critic. Right. You know, but. But they don't bother to ask the question, right? Right. But it's okay to ask the question. But when you, when you're doing things like this, I'm sure when you disrupt, you know, and do things differently, you're always going to have that level of the other eyeballs, the critical aspect of that. But, but dude, like, I think that all that stuff is super necessary in order to do something special that you're doing. I don't want to upset your viewers here, but what I learned is the less intelligent people are afraid of change.

22:34Oh, dude. And if you show them something new that they can't quite comprehend, then all they'll do is just naysay it, talk bad about it, et cetera. And it's a type of person who does that because if you talk to an intelligent person, they'll ask you three or four questions and then see it for themselves. but if you the others who just ah what about fumes guys you think the fucking fire department is gonna let me put up a car with fumes i mean answer your own question you know i mean that was actually one of them was like well what about the fumes what about the fire risk i'm like yeah it went through an inspection the car never starts think about watch the video you'll see that the car never starts yeah our whole magic is you pull in you shut the car you do absolutely nothing it's automated little dolly comes up picks up the car pulls it in the elevator brings you up spits you back out on your own garage that's it it's so simple as can possibly be you do nothing in the car as a matter of fact if you stick your hand out the window while this thing it'll it goes to what's called a recall and the elevator will jump back down to the lobby and spit you out really if you break any of the rules because there's a there's a training it's 20 minute training that says keep your hands and feet in the vehicle right yeah that's all you have to do really you have to do nothing the the system is designed to take the car without a passenger So you are just sitting there.

23:52It's an automated parking system. We've adapted it to allow a passenger in the car, but you don't have to have the passenger in the car. So everybody says, oh, what happens if I'm leaving to work at 9 o 'clock? Right? These are simple things. I mean, that's a guy who doesn't think past the word boo. We do have people who leave at 9 o 'clock, and they tell the car concierge guy downstairs, hey, have my car downstairs for me by 9 o 'clock. He doesn't need to push buttons. The guy can. And he has four cars downstairs, engines running, air conditioning going, people waiting to go to work. There's always systems, guys.

24:24I mean, there's always a solution. It's a simple solution. You know, you say, well, we have to think about in advance what the problems are and what it's going to be. So when we did the Porsche building, we said, OK, well, this whole system is great, great, great. And the biggest problem that would happen is the car comes downstairs without a person in it. No key in the car. We can't move it off the system. Right? Stupid things. That's the kind of stuff that will jam up a system. Yeah. So what do we do? We put a key track system where you have to, the valet guy has a thumbprint, so it knows. And we have the secondary key of every single car in the building is in our key track.

25:02That's incredible. So there's a solution to everything. I mean, if the guy doesn't have a second key, we'll go figure out how to make him one. Yeah. But we have a secondary key, and you can't just pull it out. We have a thumbprint, so you know which key is taken out when, et cetera, et cetera. But if you send the car down by itself without the key inside and the valley can't move it, we're not stuck. We have a three-minute delay. Go get the key, pull it out, et cetera. How long does it take for, like, let's say when the residences are done, you know, from someone to get their vehicle, you know, out to the bottom?

25:29How long is that going to take? So the pickup of the car and the drop off of the car is about 30 seconds. And then the ride itself, the door opening is about 10 seconds, door closing 10 seconds. the ride itself is at Porsche is 800 feet per minute at Bentley is going to be a thousand feet per minute so the ride itself from the ground to the top is about 30 40 seconds that's yeah it's all it's ear popping yeah I mean even at 800 feet per minute my ears pop you know but thousand feet your ears pop you know why really really fast so um and and we're putting super huge motors on on these uh on the car elevators that can lift the elevators fast um and we're just doing it because you know it's a car company so they want they want these things to perform well hell yeah it doesn't need to go that fast but we say hey i have power so you want to crank them out you have multiple people trying to leave and you know and right and get to where they're going to go yeah so it's uh yeah a thousand feet per minute so the ride up is is uh is about 30 40 seconds on the ride up to the very top floor yeah that's wild yeah it's like you can sit here for 30 seconds you could be all right yeah that's wild to me the whole thing is two minutes to door to door you come into the out yeah takes me almost that long to get from my yeah i mean it's really think about it driveway in a house it's the same as a driveway in a house yeah yeah you drive up your driveway in the house it takes you the same same time but here's as much cooler right you know and we have a full signal in the shaft so you have you can send text messages and calls and everything else like that so that's really cool man yeah we make sure that because you know i learned an elevator guy once told me he goes you know what you ever notice when you go to an elevator there's mirrors always by the buttons did you notice that yes yes pretty much almost every elevator you go to why because when people are looking at themselves in the mirror they don't realize how long they're waiting for the elevator yes so same thing if you're on your phone and you're sending a text then oh i'm home that's so cool right you know i want to i want to go back because we're talking about elevator again but you know otis is in on this one and it allows you now to build the Deservator worldwide?

27:25What are the, what's your vision? So do you understand how this whole Deservator, why I'm doing it? No. No, your audience doesn't understand? Okay. So let's go back to real estate 101, okay? Every site you buy in real estate has what's called an FAR, a floor area ratio, which means you buy this piece of land, let's call it a thousand square feet. And if your floor area ratio is three, that means you can build 3 ,000 square feet on your thousand square feet. So that would be if you did a zero lot line, it's a three-story building. If you go back to a 50 % lot line, that's a six-story building, and et cetera, et cetera.

28:00So that's how in every property you buy, there's property rights that are called FAR. Some people call it GFA, gross floor area. There's different words for it, but floor area ratio of FAR. That's what we're working here in Florida. These buildings in Sunny Island have a huge FAR. We're almost at six, almost. but um and but far counts to your sellable square footage okay of how many square feet you can build and sellable square footage is defined by the interior square footage that's under air you know inside the unit so what is not sellable square footage are balconies and garage garage they force you to build a garage every developer in town is forced to build 1.7 spaces per unit so they'll round it up to two maybe.

28:45And you're going to build a 200-unit project. You need your 400 spaces plus some for employees. You need like 450 spaces. Some of those are the code. We are building well more than what's required, but by placing it adjacent to the unit and not building the entire pedestal the way every developer does, we're saving money there and I'm placing it next to the unit so I'm selling it as part of the unit. Wow. Now, that's our claim to fame here. You know, I'm selling the garage that everybody gives away for free. And how am I selling it? Because I'm spending$85 million on this cool elevator. So if you don't want to pay for a garage, this might not be for you.

29:25And a lot of people say, oh, I'm not paying for the garage next door. You effectively are. It's just blended into your product. Yeah, of course. You know? And that's the other side. Here, we're selling the garage. When I say it's$2 ,700 a foot, that's the net interior. So that yields an apartment of like, call it eight and a half, nine million bucks. So that nine million bucks, when you include the whole 6 ,000 square feet of what you're getting, comes down to like 1 ,500 bucks a foot. In which case, we're the cheapest thing in town. If you see the value, if you like having cars in your living room, if you like having a balcony with an outdoor swimming pool, and you see the value of the entire 6 ,000 square feet that you're buying, I'm the cheapest guy in town.

30:05And that's where an educated consumer is my best customer. And so they're saying, oh, well, I'm buying a garage here, but I'm not buying it there. Yeah, but it's your space. And you don't have anybody driving your car. You don't have any sweaty valets getting in your car in the summer. And you have the car right there and your outside balcony. So my FAR on this site is 600 ,000 square feet. That's what I'm allowed to build and sell. But I'm actually selling 1.2 million. Because I have 300 ,000 square feet of garage and another 300 ,000 square feet of balconies. and so that's where we're that's where we're we're doing a blended sale if you want to do the math based on net interior and to compare me to the guy next door that's fine if you want to do the math based on what you're getting that's even better but that's what and we tell people because they go to my competitors who are at two twenty five hundred dollars a foot and we're at twenty seven hundred dollars a foot and i'm saying look you're paying yes you're paying an extra two hundred dollars a square foot maybe an extra ten percent on the apartment but you're getting a 100 % more.

31:04You're getting the balcony, you're getting the outside. So it's a no-brainer. I mean, the only reason not to buy here is if you don't have the money. That's the only reason. If you buy at any one of my competitors, you got to get your head checked straight up. Really, there's no reason for it. And the competitors have the main difference that they have from us is we're a car branded building, which people might not resonate, where they might resonate with a hotel brand. But at the same time, I have those hotel managers running my buildings. I mean, at Porsche, we have Chris Carlson guys running the buildings.

31:36We have restaurants in the buildings that are not open to the public here at Bentley. We have Todd English. Yes. Who's a celebrity chef, James Beard, three times James Beard award-winning chef just in the building, not open to the public. I think we're going to do something with him too. He's cool. Yeah. I heard he's awesome. And not just that he's a, his food is fucking phenomenal. Yeah. Phenomenal. That's awesome. You know, you don't really realize like there's a difference between chefs until he said he sits there and cooks for us it's really next level game changing next level i'm so proud of having him in the building it's gonna be the greatest thing we ever did really it's it's gonna this is gonna be the only restaurant where your friends are gonna be dying to come and visit you to just go in the restaurant that's so badass man yeah when you look at the overall value of everything here like you said when you break everything down and package it yes you are the cheapest game in town we are and we threw everything at it.

32:26That's just insane. I mean, I got outdoor showers, saunas in the bathroom, heated floors in the bathroom. Every unit has a sauna? Every unit has a sauna. I have heated floors. I have safes, money safes, not gun safes, but money safes. But why is that important? Because you can't put it in after the fact. You have to tie it to the floor. Okay. And you can't tie it to these post-tension cable floors. So I have a hookup on the floor to put a safe in there. And we're delivering with the safes. um you know so we threw everything at it you know anything you need i also live in my own condos so i know what's necessary i know what the biggest issues are and so uh and we know how to counteract it man biggest biggest biggest issue today is amazon package delivery that's the biggest issue today in these condos yeah and we're working on a robot you're working on a robot on a robot holy shit there's no reason it shouldn't be a robot so you do robot take it up to the unit it is that what you're suggesting there's all different kinds of robots today there's not the humanoid site but there's these there's things on on little carts with the payload that yeah programming can take it here and it goes dude there's i mean even at bowling owls they have that shit they carry the food around right that yeah yeah yeah it's easy to program you put it it goes into the elevator it rfs the the floor it goes out the biggest issue is there's somebody is same thing about the key in the car you need somebody there to collect it because the robot won't just drop it on your floor yeah it just won't right yeah but but that's the thing though it's it's it's a fun challenge to figure out what the solution is the solution is they hit a button and then the robot comes up you know when they're home yes yes you got an email you got a you got a package press the button robot will be there in 10 minutes that's the solution that's the solution so we're working on that it's even better i think it's bigger than than just my buildings i said to these guys i'll get you 100 buildings to buy this shit if we can make this work so we're working on it right now that's pretty cool man and and at the pricing it saves a body yes today a body costs 35 40 000 a year you know maybe more and especially over here a security guy who's moving packages and you know that's what it is okay yeah save it wow save that body your maintenance will decrease man this has been awesome man thank you thank you so much for coming on and talking about the project and pleasure everything you got going on here everybody definitely check out desert development check out everything he's done the bentley residence is here in sunny isles the most prolific building the most luxurious saunas safes swimming pools on every balcony truly amazing value and yeah check it check them out because you know if you're looking to buy here in sunny isles this might be the place and you probably already almost sold out though right well we still have we still have a majority of units left not majority i mean we still have a great group of units left.

35:15I mean, we're 55 % sold now. That's amazing. 45 % to go and three years to go, so we'll be sold out by the time we deliver, for sure. Absolutely. Well, thank you again for coming on, Gil. It's always a pleasure talking to you. I'm glad we got to do this one in person. My pleasure. And got to shake your hand and see what you got going on here. So guys, share this episode with someone that is out here in Sunny Owls, Miami Beach, Florida. Have them come check out the Bentley Residences, and if you're in the market, come by here. Until next time, stay determined.