Faena is building condos along the Miami River, and they’re selling for millions
The stylish hotel brand that reinvigorated the luxury market in Miami Beach with Argentine flair and flavor a decade ago wants to bring that style to the Miami River area — but this time with condos.
After several delays, the residential project is now making progress, evidence that people who have money and enjoy spending it continue to look to South Florida.
Faena Residences, at 24 SW Fourth St. and led by real estate development and brokerage firm Fortune International Group and KAR Properties, has sold over 20% of the building’s 434 units, and that’s before starting construction, Edgardo Defortuna, President and CEO of Brickell-based Fortune, said in an interview with the Miami Herald.
One buyer shelled out $16 million for a condo, the most to date, he said, well above the $10 million previously reported as the firm’s upper range.
Total sales generated so far have surpassed $300 million for the over 90 residences sold, Defortuna said. Remaining ones range from $1.5 million for a 700-square-foot, one-bedroom, one-bath, to the fanciest now selling for $35 million, he said.
When finished, the development will have two riverfront towers, each 68 stories tall and with a combined 434 units. A two-story, 45,000-square-foot-bridge will connect the towers. That area will also serve as a cultural space for art exhibits, lectures and wellness activities.
PHOTOS: This waterway has seen drugs, bombs, sewage, tourists. How the Miami River has changed
The Buenos Aires-born executive who started Fortune in 1983 spoke to the Miami Herald on Nov. 15 in a red-carpeted private room on the sidelines of a lavish launch event with empanadas, grilled meat, pineapple tarts, champagne and Broadway musical performances
The Faena Residences sales center opened months earlier, but this was the coming-out party as the company continues to lure buyers.
Fortune’s CEO said he expects groundbreaking to take place between July and December 2026. The development would then be completed after another 38 to 40 months, meaning 2029 or 2030.
When asked if he’s confident they’ll find buyers willing to part with $35 million, Defortuna replied with confidence: “For sure.”
The long-time backer of luxury real estate in South Florida said in the five months or so he and his partners have been selling units at Faena Residences to the public and getting contracts signed, he’s noticed that “people are buying more than an apartment.”
“People are buying lifestyles today, people are buying community,” he said.
Long in the works, Uruguayan architect
The Miami River development goes back over a decade, predating both Defortuna and Faena. In 2015, it was initially called the One River Point project.
Two ultra-luxury private towers with a members-only private club were in the plans of international hotelier Adrian Zecha, founder of Aman Resorts. KAR Properties, led by Shahab Karmely, was the original developer. Uruguayan Rafael Viñoly was the first architect.
A 2016 marketing brochure written by Viñoly on the Miami Luxury Homes website described the project as “complete resort living.” It said “landmark luxury is no longer built on sand.”
But the initial project faced multiple delays and stalled. Then COVID-19 hit.
In 2022, Fortune joined the project and became co-developers with KAR. After Viñoly died in 2023, they continued to use his plans. They offered a tribute to him at the fancy Nov. 15 event.
MORE: It was a spot to party on the Miami River. Now a hotel, club and raw bar are moving in
The Faena brand
Around 2024, Faena was brought on board. By then, Alan Faena was a big deal.
In the decade prior, the Faena Miami Beach had become one of the most desired luxury resort hotels in the United States. Hotelier and Argentine Alan Faena opened it in 2015 after major success with his first hotel in Buenos Aires.
Faena Miami Beach expanded to become the Faena District on Collins Ave. between 32nd and 36th streets. There you can find Faena Forum for large conferences, the Faena Bazaar and the Faena Theater.
Defortuna says one big selling point of the Miami RIver development is that it will offer more than a home, with restaurants, lounges, movie theaters, lecture spaces and a fitness area.
“We hope that they don’t have to leave,” he said.
Defortuna notes that he’s just a developer — activities for residents come from teaming up with Alan Faena.
“That’s the differentiating factor,” he said.
Revitalizing the Miami River
Similar to Miami Beach, the developers hope to build a Faena District that extends over three blocks. It’ll include additional cultural space, a marina, recreational areas, and health and fitness areas.
Their larger vision is to help revitalize the area around the Miami River, currently lacking a critical mass of restaurants and entertainment venues. Faena is one of several projects underway. Others include the Aston Martin Residences, Baccarat Residences and Riverside Wharf Miami.
“Unfortunately, in Miami, because we have so much water, the river was kind of left behind,” Defortuna said. “But now there’s a lot of momentum on the river.”
But there is lots of economic uncertainty.
High-end development has stayed clear of the Miami River area. Small cargo ships from the Caribbean still pass through the working waterway. Yet, slowly, high-rises are rising. Across the river, Mediterranean restaurant Casa Neos is hopping and giving company to old favorites like Garcia’s Seafood Grille & Fish Market.
Throughout Miami’s history, people who buy property far in advance are often from other countries and seeking a second home. The same thing is happening with Faena Residences, says Fortune’s CEO. Over time, more locals join. Eventually, he sees the majority of owners living in their condos full time.
Faena’s popularity in Latin America helped produce an initial surge of buyers. Interest originally came from Argentines, but the developers are now seeing heavy demand from Brazilians and Mexicans, said Defortuna.
“We’ll have guaranteed more than 20 nationalities by the time we start construction,” he predicted.
Economic, social uncertainty but also Argentines
Defortuna’s optimism comes despite President Donald Trump’s unpredictable economic and social policies.
Tariffs have affected costs, but the property’s value has outpaced that, said Defortuna, so, he’s not concerned.
And while many buying condos are from Latin America, “the buyer that’s attracted to this property is not really concerned about immigration,” he said. “They have their situation resolved.”
Even as Alan Faena brings his hotel experience and style and Defortuna his real estate expertise, it’s another Argentine who may have a far greater impact on sales. That’s despite having any official role with the development.
Miami is serving as a host city for the 2026 World Cup. And Lionel Messi figures big.
The Fortune CEO said he was in Argentina in November and already detected tons of energy there around the quadrennial tournament and traveling to South Florida.
“The fact that Messi picked Miami as the city to live and have his children grow up here is a big, big seal or approval for Miami,” Defortuna said of the Argentine and Inter Miami soccer star.
The executive predicted, “I expect a tremendous movement [from] both people interested and the ones who haven’t come to Miami in a while [who] are going to experience a new city.”
Will that translate into more residences sold?
“Absolutely. The whole Miami market is going to benefit.”
This story was originally published November 19, 2025 at 11:21 AM.