This event will be amazing – we are expecting a full house.

They also both have heavyweight collaborators for their Collins Avenue projects. Schrager’s The Residences at the Miami Beach Edition (2901 Collins Ave., Miami Beach, 305-571-3101) comprises 26 condos designed by John Pawson located atop the hotel brand that Schrager has created with Marriott—a resort that will feature a Jean-Georges Vongerichten restaurant. A stone’s throw away sits Faena House (3201 Collins Ave., Miami Beach, 305-534-8800) 47 residences designed by Foster + Partners that are part of the three-block-by-two-block Faena District. The developer’s eponymous district includes a hotel, marina, and three Rem Koolhaas-designed spaces: an arts center, shopping area, and hightech parking garage. Both men are armed with their respective Douglas Elliman sales teams of high-profile brokers who know New York as well as Miami.

As the neighborhood’s reputation changes from a modest condominium stretch to high-end luxury living, Schrager and Faena are shattering the ceiling for condo prices in town. Both properties have been selling preconstruction units for more than $3,000 per square foot since hitting the market earlier this year. The $34 million sale of two penthouses to one buyer at Edition clocked in at a record $3,800 per square foot.

“I wasn’t surprised,” Schrager says. “There were a number of shifts that Miami was undergoing. A lot of sophisticated people were here, caused in part by Art Basel. When you get a sophisticated international buyer, they’re used to spending that money to live in a sophisticated place. And Miami has become that.”

And Schrager, who’s opened everything from New York’s Studio 54 to Miami Beach’s Delano, points out that the residential feel of the surrounding blocks protects buyers from the tourist throngs they would find in South Beach’s hotel district, practically forming a barrier.