An official groundbreaking ceremony has been held for Faena Residences Miami, a pair of 68-story residential skyscrapers set to rise approximately 800 feet at 24 SW 4th Street along the Miami River in Downtown Miami. Designed by the late Rafael Viñoly and developed by Fortune International Group and KAR Properties in partnership with Faena, the development will yield 434 condominium residences and serve as the residential centerpiece of a planned 14-acre cultural district. Coastal Construction is serving as the general contractor.
The announcement follows the closing of an $817 million construction loan from Tyko Capital, reported as the largest condominium construction financing in Florida history. Walker & Dunlop arranged the financing, which will support construction of the two towers. According to the developers, approximately 45 percent of the residences have been sold, including a duplex penthouse that went under contract for $30 million, a reported record for a residential transaction along the Miami River. Completion is anticipated in 2030.
Edgardo Defortuna, Alan Faena, Shahab Karmeley, Commissioner Damian Pardo & Pablo De Ritis. Credit: World Red Eye.
“Securing the largest condominium construction loan in Florida history, coupled with the project’s strong sales momentum, is a powerful validation of our vision and the continued strength of Miami’s luxury residential market,” said Edgardo Defortuna, President and CEO of Fortune International Group. “Miami has firmly established itself among the world’s leading destinations for investment and luxury living, attracting a sophisticated international audience seeking exceptional design, connectivity and long-term value.”
Ana Cristina & Edgardo Defortuna, Shahab Karmeley & Adi Chugh. Credit: World Red Eye.
Alan Faena joined Defortuna, KAR Properties founder and CEO Shahab Karmely, and city officials for the groundbreaking ceremony. The development represents Faena’s expansion to the Miami River following the establishment of the Faena District in Miami Beach, which includes the Faena Hotel, Faena House, and Faena Forum. The new district is planned to incorporate residential, cultural, and waterfront uses near the boundary between Downtown Miami and Brickell.
“Today, we begin transforming a dream into reality,” said Alan Faena. “From Buenos Aires to Miami Beach and New York, we have created extraordinary places that transform destinations and the way people live. With Faena Residences Miami, we are bringing that same vision to the Miami River, creating a community like no other. With Faena Rose at its heart, art, culture, wellness, dining and meaningful connections will come together from morning to night, bringing greater joy, inspiration and meaning to everyday life.”
Credit: World Red Eye.
The development consists of two towers connected by an elevated, multilevel structure housing Faena Rose, a private cultural and social club. The architectural design is among the final works of Viñoly, who died in March 2023. Faena Design Studio is collaborating with Bryan O’Sullivan Studio on the interiors, while Sasaki is responsible for landscape architecture. Original art installations and murals are planned by Andrés Reisinger and Juan Gatti.
Spanning approximately 45,000 square feet across levels 61 through 64, Faena Rose will occupy the elevated connection between the towers. The facility is planned as the first permanent, purpose-built home for Faena’s private cultural patron community, incorporating dining, entertainment, wellness, and gathering spaces.
Credit: World Red Eye.
The club’s amenities will include an infinity-edge swimming pool overlooking the Miami River, a restaurant and bar with an outdoor dining terrace, private dining rooms, a library lounge, creative lounges, private suites, a screening room, and a billiards room. A central gathering venue known as The Pistil will accommodate cultural and social programming. The spaces will also host artist conversations, performances, private dinners, and other member events throughout the year.
At the waterfront, the development will incorporate more than 300 feet of private residential dockage along the Miami River, accompanied by marine concierge services. Public improvements to the Miami Riverwalk are also planned as part of the development, with the intention of improving pedestrian access and waterfront connectivity between Downtown Miami, Brickell, and surrounding neighborhoods.
Credit: TAMZ.
“Throughout history, the world’s great riverfronts have been the birthplace of commerce, culture and civilization, shaping the identity and evolution of the cities around them,” said Shahab Karmely, Founder and CEO of KAR Properties. “The Miami River presents that same extraordinary opportunity. Situated at the heart of one of the nation’s most dynamic urban business centers, where Brickell and Downtown converge, we have the rare opportunity to reimagine this waterfront as a world-class cultural district. We are laying the foundation for a connected urban destination where architecture, art, hospitality and public life come together, creating a lasting legacy for Miami and generations to come.”
Credit: Binyan Studios.
The property was previously planned as One River Point, another Viñoly-designed residential development advanced by KAR Properties. Fortune International Group joined the development partnership in 2022, and the site was subsequently repositioned under the Faena brand. The current proposal retains the twin-tower configuration and elevated connection, with the residential and cultural programming incorporated into the broader Faena District Miami River plans.
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I truly hope this is built to really be true to the rendering and not value engineered to be a disappointment…..it is a beautiful landmark for that point on the river….
The location and giant “Faena” sign on the facade reminds of Trump tower in Chicago
They shouldn’t build that bridge connecting the two towers. The span seems unsafe to hold a pool deck. Plus bridges between buildings are normally on rollers.