The Waldorf Astoria Hotel & Residences, a nearly 100-story luxury tower set to rise at 300 Biscayne Boulevard in Downtown Miami, has secured a historic $668 million construction loan, the largest ever for a residential condominium development in Florida. The project, developed by PMG, Greybrook, Mohari Hospitality, S2 Development, and Hilton, achieved this financing milestone with Bank OZK and Related Fund Management providing the funds.
Recently, the development also reached a significant construction milestone with the completion of a colossal foundation mat pour, paving the way for vertical construction. Over 36 hours, a continuous rotation of 1,400 trucks delivered more than 13,500 cubic yards of concrete to the site, marking the beginning of Miami’s first supertall skyscraper’s vertical construction. John Moriarty & Associates, the general contractor, in collaboration with Capform Inc., the project’s concrete contractor, managed this record-breaking pour.
Designed by Sieger Suarez Architects and Carlos Ott with interiors by BAMO, the Waldorf Astoria Hotel & Residences will stand 1,049 feet tall, making it the tallest residential building south of New York City. The project will feature 387 private residences and 205 hotel guestrooms and suites within its nine spiraling, offset glass cubes. The first three cubes will house the hotel’s signature spaces and private amenities.
Waldorf Astoria Hotel & Residences. Credit: ArX Creative.
“PMG’s ability to secure financing for a project as significant and iconic as the Waldorf Astoria Hotel & Residences in today’s atmosphere once again underscores the confidence the capital markets has in our platform at large,” said Dan Kaplan, Managing Partner at PMG. “Recurring collaborations with institutions such as Bank of the Ozarks and Related Fund Management proves PMG’s both consistent and successful track record over the past three decades. We are excited to commence vertical construction and deliver what will ultimately be the defining building in the Miami skyline.”
Waldorf Astoria Hotel & Residences. Credit: ArX Creative.
“Reaching this important milestone is a testament to the effort and dedication put forward by our respective development organizations,” said Peter Politis, CEO, Greybrook Realty Partners. “This achievement underscores our commitment to delivering this landmark project and as the project advances into the vertical construction phase, we look forward to bringing this impressive structure to life.”
Waldorf Astoria Hotel & Residences. Credit: ArX Creative.
“We are delighted to finance another project for a quality sponsor like PMG. The premier nature of this mixed-use development, strong unit pre-sales, substantial equity investment, low leverage and sole senior secured position are all consistent with our lending strategy,” said Brannon Hamblen, Bank OZK President. “Miami continues to be an attractive market given its strong economic fundamentals, and is now the largest market for our Real Estate Specialties Group, surpassing New York, as of this year’s first quarter.”
Waldorf Astoria Hotel & Residences. Credit: ArX Creative.
The Waldorf Astoria Hotel & Residences Miami will offer guests and residents access to renowned amenities such as Peacock Alley, a specialty restaurant, indoor/outdoor event spaces, a resort-style pool deck, a holistic wellness spa, and a fitness center. Private residential amenities include an owners-only lobby and lounge, a hospitality suite, a billiard room, a kid’s club, and an elevated pool deck. Each residence will feature the latest smart-home technology, offering a full menu of services via a custom mobile app.
The project is slated for completion in the second quarter of 2028.
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I didn’t realize that they did this pour. Must have done it recently. Must have taken a couple days.
Two Fridays ago, took about 30 hours, only room for 5 concrete boom pumps & 10000 psi concrete was used.
To be fair, there is a skyscraper of considerable height and almost exact appearance (stacked cubes) going up in Toronto, Canada. What’s with that? It surely is a clunky looking super-tall (both buildings).
Waldorf Astaria is one of my favorite, real projects in Miami. There are a couple of fake, never-ending, tricky projects which are selling only dreams to customers downtown area..!! Customers must be very careful before they make an investment downtown area!