Florida Construction News staff writer
PMG, has secured $668 million in construction financing for Waldorf Astoria Hotel & Residences Miami – the largest construction loan secured for a residential condominium development in Florida’s history.
As the first supertall tower to break ground in Miami, the project will be the tallest residential building south of New York City.
“This project’s success cannot be credited to one person or firm, as it was nothing short of a herculean effort by a collective of so many individuals to bring Waldorf Astoria Hotel & Residences Miami to fruition,” said Ryan Shear, Managing Partner at PMG.
“We look forward to completing a record-breaking mat foundation pour this week and moving forward in the vertical construction of this iconic addition to Miami’s skyline.”
A record-breaking foundation pour is underway this week, led by the development’s general contractor John Moriarty & Associates alongside CAPFORM. Over 36 uninterrupted hours, a continuous rotation of 1,400 trucks will deliver about 13,500 cubic yards of concrete to the development site. This pour commences vertical construction of the property which is slated for completion in 2028.
“Reaching this important milestone is a testament to the effort and dedication put forward by our respective development organizations,” said Peter Politis, CEO, Greybrook Realty Partners. “This achievement underscores our commitment to delivering this landmark project and as the project advances into the vertical construction phase, we look forward to bringing this impressive structure to life.”
With concept design led by Sieger Suarez Architects, in collaboration with architect Carlos Ott, the 1,049 foot tower will consist of 387 private residences in addition to 205 guestrooms and suites within the luxury hotel, which will be in the first three cubes of the tower along with the hotel’s signature spaces and private amenities.
