68-story condo towers are coming to waterfront — and carry name of Miami Beach hotel
You may have heard of the the Faena for its hotel and events center in Miami Beach. Now the brand is putting the name on a pair of 68-story condo towers that will rise on the Miami River.
Faena is partnering in the $700 million Faena Residences, said Edgardo Defortuna, CEO and president of the Brickell-based firm Fortune International Group real estate development and brokerage firm. Fortune and Kar Properties are co-developers.
The condominiums at 24 SW Fourth St. will have 440 residences, with a $1 million starting price for a 700-square-foot, one-bedroom, one-bathroom residence.
Timeline for the towers
Announced in late October, the project shows a boost of confidence in Miami’s condo market, despite the surplus of residences and a downturn in prices.
The 3.5-acre project has all of its approvals because it was previously submitted for consideration to the city of Miami as the One River Point project. The development has been in the works since 2015 and has gone through various iterations, including passing from one architect to another.
The final version was designed by Rafael Viñoly, his final project before his death a year ago.
“It will change the way people see residential in this part of town,” Defortuna said. “The same way Faena did it in Miami Beach.”
Faena executives declined to comment on the high-rise development.
Building boom on the Miami River
With approvals and permits on hand, construction is expected to start in late 2025 and span over three years.
Faena becomes the third luxury firm to make its Miami River debut in recent years, following the completed Aston Martin Residences and the under-construction Baccarat Residences, controversial for rising on a site filled with ancient artifacts.
The riverfront has attracted residential development over the years, starting with Neology Life Development Group CEO Lissette Calderon’s first apartment project in the area, NeoLofts, in 2002.
With limited waterfront real estate in Miami-Dade County, luxury developers have set their sights on the Miami River.
Miami’s condo market
The Miami River newcomers are betting big at a time when the condo market has swung in favor of buyers. For the first time in years, the county has a total inventory of about 10 months. A balanced market consists of six to nine months with anything under benefiting sellers and anything over favoring buyers. More inventory coming on the market would deepen the condo stock and continue to benefit buyers.
Faena Residences Miami marks the second residential project for Faena.
The brand has condominium Faena House and the Faena Hotel Miami Beach in what’s designated the Faena District, a pocket of Miami Beach stretching along both sides of Collins Avenue from 32nd to 36th streets.
Miami Herald staff writer Vinod Sreeharsha contributed to this report.
The headline and text of this report were updated to reflect the towers are 68 stories. An incorrect height was originally given to the Miami Herald.
An earlier version of this story incorrectly identified Neology Life Development Group’s first project. It was NeoLofts, built in 2002.
This story was originally published November 7, 2024 at 6:45 AM.
