Real Estate Developers Target Millennial Buyers with Luxury Wine Programs in High-End Residential Projects
To appeal to wealthy millennial homebuyers, the largest segment of wine consumers in the U.S., real estate developers are incorporating wine initiatives. At Park Elm Residences, part of the $2.5 billion Century Plaza project, a collaboration with Wally’s Wine & Spirits provides curation guidance and exclusive tastings. Robert Vardanian emphasizes that millennials appreciate both discovery and production methods. In New York City, One Wall Street teams up with Printemps for sommelier services, while Sutton Tower works with Uovo for cellar management. These offerings feature wine refrigeration and tailored services, aligning with millennials' desires for quality and value. Jordana Yechiel points out that luxury buyers perceive wine as both an experience and an investment, prompting developers to emphasize customization and authenticity.
Key facts
- Millennials are the largest cohort of wine drinkers in the United States.
- Park Elm Residences in Los Angeles partnered with Wally’s Wine & Spirits for wine curation and collecting advice.
- One Wall Street in New York City offers sommelier services through a partnership with Printemps.
- Sutton Tower provides complimentary cellar management consultations via Uovo.
- Millennials prioritize wine discovery, farming practices, and production scale over prestige and ratings.
- Many luxury residences include integrated wine refrigeration and temperature-controlled storage rooms.
- Real estate developers target millennials born between 1981 and 1996, who are at peak earning power.
- Wally’s has access to sought-after wines like Château Lafite Rothschild and Domaine de la Romanée-Conti.
Entities
Artists
- Robert Vardanian
- Phillip Dunn
- Jordana Yechiel
- Charles Prusik
- Michael Lawrence
- Van Nguyen
- Mike DeSimone
- Jeff Jenssen
Institutions
- Wally’s Wine & Spirits
- Reuben Brothers
- Printemps
- JVP Development
- Uovo
- Robb Report
- Today Show
- The Martha Stewart Show
Locations
- Los Angeles
- United States
- New York City
- France
- Bordeaux
- Burgundy
- Napa
- Manhattan
- San Diego