Faena plans to change luxury housing along Miami River. Here are 5 takeaways

Faena, the brand that brought a hotel a cultural arts district to Miami Beach, is now setting sights on the Miami River with high-end condos. The project is attracting a lot of attention (and big spenders), signaling Miami’s continued rise as a hotspot for luxury living.

FULL STORY: Faena condos are selling for millions

Here are the highlights:

• Over 20% of the building’s 434 units have sold before construction started, already generating over $300 million in sales. One condo even sold for $16 million.
• The final development will feature two 68-story riverfront towers with a bridge connecting them, including art, wellness, and cultural spaces.
• The site has a long backstory with several delays and changes in developers. Fortune International and KAR Properties are now co-leading.
• Faena’s brand popularity, especially in Latin America, is a big draw. The team expects buyers from more than 20 countries by the time construction begins.
• Developers hope to spark a Miami River revival, envisioning a vibrant neighborhood with restaurants, entertainment and community spaces. Major moments like Lionel Messi living in Miami and the upcoming World Cup are driving even more interest.

The summary points above were compiled with the help of AI tools and edited by journalists in the Miami Herald newsroom. The full story in the link at top was reported, written and edited entirely by Miami Herald journalists.