Florida Construction News staff writer
Construction has officially started on Faena Residences Miami, a two-tower condominium development on the Miami River backed by an $817-million construction loan described as the largest of its kind in Florida history.
Developers Fortune International Group and KAR Properties announced the construction milestone following the closing of financing arranged through Tyko Capital. Walker & Dunlop served as financing adviser.
The project will consist of two 68-storey residential towers rising approximately 802 feet along the Miami River at 24 SW Fourth St., opposite Brickell City Centre. The development will contain 434 condominium units.
Coastal Construction is serving as general contractor, with Rafael Viñoly Architects responsible for the building design. Interior design is being handled by Bryan O’Sullivan Studio and Faena Design Studio, while Sasaki is the landscape architect.
A central feature of the development will be a three-storey, approximately 45,000-square-foot skybridge connecting the towers. The structure will house Faena Rose, a private cultural and social club with dining, entertainment, wellness and fitness facilities.
Other planned amenities include an infinity pool, spa, fitness centre, private dining facilities, a restaurant and bar, theatre, library, screening room and private marina.
The development is intended to anchor a larger 14-acre Faena District along the Miami River, extending the hospitality and lifestyle brand’s presence beyond its established Miami Beach location.
The site was previously associated with One River Point, a condominium project developed by KAR Properties. Fortune International Group joined the project as a partner in 2022, and the development was subsequently rebranded as Faena Residences Miami.
The $817-million financing surpasses the previous Florida record for a condominium construction loan, according to project financing reports.
The developers have reported more than $500 million in condominium sales, including a reported $30-million duplex penthouse transaction.
Completion is currently projected for early 2030.
