Faena Residences Miami is officially under construction on the Miami River, breaking ground on the back of an $817 million construction loan that closed on October 28, a financing its sponsors call the largest construction loan in Florida history. The twin 68-story towers will be the Faena brand's first standalone residential development, holding 440 residences in downtown Miami, with completion now expected in early 2030.
The loan comes from Tyko Capital, the Elliott-backed lender, and was arranged by Walker & Dunlop. The borrowers are Fortune International Group and KAR Properties, which are developing the towers with Alan Faena and his Faena Group. Tyko has now written two large South Florida condominium construction loans this month, following the $507 million it provided for 1250 West Avenue in Miami Beach on October 8.
Construction now starts on two towers joined by a sky bridge, which will house the Faena Club, with a theater, a spa, an infinity pool, a fitness center, private dining, and a dedicated Faena Rose members space. Around it, about 45,000 square feet of amenities add a restaurant and bar, a library, a game room, a screening room, an art collection and a marina on the river. Rafael Viñoly Architects designed the towers, with interiors by Bryan O'Sullivan Studio and landscape by Sasaki. Coastal Construction is the general contractor.
Sales opened in May 2025 at about $1.3 million to $10 million, and roughly 100 of the 440 residences, about $300 million worth, were presold by late 2025. The top of the building has already set a record: in September, a penthouse presold for $30 million, a Miami River high on both total price and price per square foot. Fortune Development Sales is handling sales.
The river around the towers is filling in at the same time. Riverside Wharf, the 167-key hotel and entertainment complex, is rising now after closing a $145 million construction loan this month, and Vista Harbor Residences is expected to follow in 2029, a year ahead of Faena's early 2030 finish. Also on the river, Prosper Group and Versluys Group have put a name on their $650 million tower: Bugatti Residences Miami, the hypercar brand's first residential tower in the Americas. Downtown, Waldorf Astoria Residences Miami is rising now toward 100 floors, and Okan Tower is set to deliver in 2027. Delano Residences, a 90-story tower planned a few blocks away, is expected to deliver in 2031.
Brickell is on the same clock. Mercedes-Benz Places is rising now and set to deliver in 2028, with 1428 Brickell climbing nearby, and 700 North Miami Avenue, Witkoff's 2,346-unit plan at Miami Worldcenter, is expected to deliver in 2028. In Edgewater, Villa Miami, the Major Food Group tower, is set to deliver in December 2027. And in Coconut Grove, Raffles has just unveiled its first standalone branded residences, 35 homes priced from $4.5 million.