Miami is getting its first Waldorf Astoria hotel — and it will change the city’s skyline

The project is a joint venture between the New York-based Property Markets Group (PMG), Toronto’s Greybrook Realty Partners and the Miami-based S2 Development.

“We are thrilled to bring the rich history and heritage of this hotel brand to Miami,” said PMG principal Ryan Shear in a press release. “The city continues to thrive as a top global destination with increasing arts, culture, tourism, fashion and luxury brands. This partnership is a major milestone for Miami’s real estate and hospitality industries.”

PMG is also the developer of X Miami, a 464-apartment rental tower at 230 NE Fourth Street, that is part of the company’s X Social Communities division, which offers rent-by-bedroom apartments pitched at millennials. That building opened earlier this year.

The exact number of units and price ranges in the new building are still to be determined, but according to a Bloomberg report, the project will include 140 hotel rooms and 400 condos. Pre-sales on the project aren’t scheduled to begin until late 2019. Total sales are expected to be over $1 billion.

“We are incredibly excited to partner with PMG and Greybrook Realty Partners to bring the first Waldorf Astoria to Miami,” said Danny Hughes, area president, Americas, for Hilton Management Services, which will operate the hotel. “Miami — a vibrant, dynamic and truly cosmopolitan destination that draws travelers from all over the world — is the perfect market for our iconic Waldorf Astoria brand.”