Fiat has become the latest car manufacturer to jump into the real estate business. The famous Italian automaker recently announced its plans to open an apartment building in the US. Called Fiat House, the luxurious residential property featuring over 300 rental residences is set to open in early 2024, which will coincide with the US launch of the automaker’s all-electric 500e. The apartment complex is located at the foot of the George Washington Bridge in Fort Lee, New Jersey, which is not too far away from Manhattan. Adding to its appeal is the property’s strategic location, which is situated right at the convergence of 8 major highways and has access to multiple mass-transit and alternative transportation options. For the construction of the residential building, Fiat has partnered with UNLMTD Real Estate, a leading regional real estate development company.
Fiat House will offer a total of 300 residential units, which will include a collection of designed studios, one-bedroom, and two-bedroom rental residences. A section of them will come fully furnished, with the interiors inspired by the design DNA of the Fiat 500e. The global automotive giant has also announced that the apartment complex will also have an on-site car-sharing service which will be entirely made of a fleet of Fiat 500es. Furthermore, the property will offer hospitality-driven amenities, tailored concierge services, and unique community events.
“Fiat is a love brand around the world and our partnership with UNLMTD has created a very unique opportunity to showcase what Fiat stands for: sustainable mobility with optimistic, forward-looking living,” said Fiat CEO Olivier Francois. “We are thrilled to be at the forefront of this natural collaboration, which is bolstered by the simultaneous Grand Opening of Fiat House and launch of the new Fiat 500e for North America early next year.”
The high-end apartment business has proven to be a commercial success for automobile manufacturers lately, with many leading names jumping on the bandwagon to capitalize on it. Automakers like Aston Martin, Porsche, and even Bugatti have ventured into real estate to diversify their businesses. However, it’s a first for a value-oriented brand like Fiat to lend its name to a real estate project. What’s more surprising is that Fiat chose the US as the location for its first apartment project. The Italian automaker currently sells only one model in the country, which is far from being a commercial hit. Maybe the upcoming Fiat 500e might change things for the brand.