One River Point Partners, LLC, a joint venture partnership between New York’s KAR Properties (KAR) and Miami’s Fortune International Group (Fortune), has secured a $34 million loan to initiate the first phase of construction on One River Point, a twin-towered 66-story residential development planned for 24 Southwest 4th Street in Downtown Miami. Designed by the star architect Rafael Viñoly of Rafael Viñoly Architects, the pair of connected towers will contain a combined 368 condominium units, and sit immediately north of the Miami River. The property will enjoy a desirable location in the city’s epicenter being just minutes away from luxury retail shopping and entertainment areas as well as the major transportation hubs, the Port of Miami, Miami International Airport, and cultural landmarks such as the Adrienne Arsht Center and Perez Art Museum.
Bank OZK, who just recently provided the Red Apple Real Estate with a $252 Million loan to begin vertical construction on the tallest building in St. Petersburg, FL, is funding KAR and Fortune’s joint entity with $34 million to begin site preparation for the condo project, which had been stalled for a number years. It wasn’t until recently that KAR decided to relaunch the project and onboarded Fortune as a partner. Via One River Point Partners, LLC, the pair purchased the site from the original entity of One River Point, Miami River Project LLC, paying $58.85 million. The 1.8-acre site is bound by South Miami Avenue on the east, and Water Avenue to the north, and is within a gated residential community that includes the Wind, Ivy, and Mint condominium towers. Brickell City Centre and the site for Lofty Brickell are across the river to the south.
One River Point. Credit: Rafael Viñoly Architects.
One River Point. Credit: Rafael Viñoly Architects.
One River Point. Credit: Rafael Viñoly Architects.
One River Point. Credit: Rafael Viñoly Architects.
One River Point. Credit: Rafael Viñoly Architects.
One River Point. Credit: Rafael Viñoly Architects.
The Next Miami reported back in November 2022 that One River Point had been resubmitted to the FAA for permits to rise 788 feet, or 797 feet above sea level. The developers are working with Viñoly on design refinements for the project, which is currently being adapted to today’s market and lifestyles. They hope to go vertical in Q2 or Q3 of 2023.
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That thing at the top is so unsettling…..
as is the giant waterfall at the bottom.
I rather like the waterfall, but I would not want to live with a 60+ story void underneath me.
Sort of doubt that would be living space. More likely public areas…and how wonderful would that be!
Come on man… Haven’t they seen the TV series Vegas? The waterfall should start at the top and run the length of the twin towers… LOL!
Looks great, but I agree with garden view that the waterfall needs to be at the top.
Never thought this project would get off of ground