Edgardo Defortuna of Fortune International Group and Shahab Karmely of Kar Properties Launch Faena Residences Miami
Miami’s skyline is set to welcome a stunning new addition as developers Edgardo Defortuna of Fortune International Group and Shahab Karmely of KAR Properties collaborate with Alan Faena to create the Faena District along the Miami River. This ambitious project includes the development of Faena Residences, a 440-unit luxury condominium development that promises to transform the area.
Located at 90 Southwest Third Street in Miami, the Faena Residences project will replace the previously planned One River Point. The two-tower development, connected by a striking sky bridge, was designed by the late renowned architect Rafael Viñoly. Construction is slated to begin in early 2026, with sales expected to launch later this year. Units will range in price from $1 million to over $4 million.
Fortune International Group joined KAR Properties as a co-developer in late 2022, bringing new energy to the project. According to Defortuna, the developers aim to be in full swing by Art Basel Miami Beach, one of the world’s premier art events. “We’ll be in full force by the time Art Basel rolls around,” he noted, underscoring the team’s enthusiasm for the development.
The Faena Residences will include an impressive 45,000-square-foot amenity space in the sky bridge, which will be designed and programmed by Faena himself. The space is set to feature a variety of wellness-focused facilities, all aimed at promoting longevity and well-being—a hallmark of Faena’s development ethos.
This project marks the second major South Florida real estate venture for Alan Faena, following the successful completion of the Faena District in Miami Beach, which includes Faena House, Faena Hotel, and Faena Forum. Backed by billionaire Len Blavatnik, the Faena District in Miami Beach has become synonymous with luxury, art, and world-class amenities. The new Faena Residences Miami looks to continue this legacy, offering a private park, wellness facilities, a marina, and public art installations as part of a larger three-block phased development along the river.
In late 2022, Fortune and KAR secured a $38 million loan from Bank OZK, a line of credit aimed at supporting the project’s sales and marketing efforts. The developers are optimistic about the future of the Faena District along the Miami River, confident that it will become a defining part of Miami’s growing luxury real estate market.
Karmely’s original vision for the 60-story towers, first revealed in 2014, included ambitious features like a three-story floating glass sky bridge and a 55th-floor members-only “Sky Club” with high-end amenities such as restaurants, a cigar lounge, and a screening room. Though the final plans have evolved, the Faena Residences Miami remains poised to offer a unique and exclusive living experience.
The Faena Residences Miami is just one of several developments that will reshape the Miami River area. A recent analysis by The Real Deal found that more than a dozen projects are in various stages of development along the river, with plans to add over 10,500 condo and apartment units. Notable among these is Related Group’s Baccarat, a 75-story, 355-unit tower set to rise at 99 Southeast Fifth Street on the south side of the river.
With its prime location, striking design, and emphasis on wellness, the Faena Residences Miami is set to become a landmark in the city’s evolving luxury real estate market.
Terra Partners with Jean-Georges Vongerichten for His First Residential Project: Jean-Georges Miami Tropic Residences
In an exciting new venture, Terra and co-developer Lion Development Group have announced the launch of sales for Jean-Georges Miami Tropic Residences, located at 3501 NE 1st Avenue in Miami’s vibrant Design District. This project marks the Michelin-starred chef Jean-Georges Vongerichten’s entry into the residential real estate sector, making it his first luxury residential offering. With architecture by Arquitectonica and interiors by renowned design studio Yabu Pushelberg, the 48-story tower will bring a mix of luxury living, world-class culinary experiences, and a bold design aesthetic to the heart of Miami. Sales will be exclusively handled by Douglas Elliman.
The Jean-Georges Miami Tropic Residences will offer 329 condominium residences along with 27,500 square feet of retail on the ground floor, featuring a blend of Jean-Georges’ popular restaurant concepts. Residents will enjoy unparalleled access to luxury dining with the building’s ground-floor restaurant, abc kitchens—a blend of abcV, abc cocina, and abc kitchen—delivering plant-forward and Latin-infused culinary experiences.
Beyond dining, the building offers an extraordinary array of over 41,000 square feet of indoor and outdoor amenities, including wellness spaces, entertainment rooms, and thoughtfully designed gathering areas. From a podcast recording studio to private dining rooms and chef’s kitchens, the building brings together hospitality-driven services with resort-style leisure options. The rooftop features an additional private dining room and bar, perfect for entertaining, while the outdoor pool with private cabanas, landscaped gardens, and an outdoor kitchen provides a luxurious setting for relaxation.
Designed by Yabu Pushelberg, the interiors are inspired by Miami’s lush tropical environment and the city’s vibrant cultural scene. The renowned design duo, who have a portfolio that includes Aman Residences in Tokyo and Edition Hotels globally, previously worked with Jean-Georges on The Fulton in New York. For Miami Tropic, their design integrates natural materials, shades of green, and sophisticated textures that balance the vibrancy of the Design District with the tranquility of tropical greenery.
Each residence features floor-to-ceiling windows, providing panoramic views and a seamless connection to the city. Two distinct kitchen designs reflect Miami’s natural beauty—“dawn” and “dusk”—with warm, inviting palettes crafted to enhance the culinary experience, a tribute to Jean-Georges’ own involvement in the design process.
The tower’s modern glass façade is punctuated by lush landscaping, creating a seamless transition between the natural and urban environments. The architecture, designed by Arquitectonica, is sustainably minded, achieving Florida Green Building Design Silver Certification. From bold structural design to eco-conscious details, Jean-Georges Miami Tropic Residences embodies both luxury and responsibility.
Situated in the heart of the Design District, residents will enjoy walkable access to Miami’s top luxury retail, art galleries, and cultural experiences. The district is home to renowned sculptures and architectural works, such as the Sol LeWitt Sculpture Garden and Fly’s Eye Dome, as well as cultural landmarks like the Institute of Contemporary Art. With Wynwood and Midtown just steps away, residents can immerse themselves in the vibrant lifestyle Miami is known for.
With sales officially launched, Jean-Georges Miami Tropic Residences promises to be one of the most coveted luxury residential offerings in Miami, delivering an unmatched blend of fine dining, wellness, and artful living in the heart of the city.
Naftali Group Reveals Exclusive JEM Sky Villas at Miami Worldcenter with FENDI Casa Interiors
Naftali Group has introduced two opulent penthouses, the JEM Sky Villas, featuring interiors by the world-renowned Italian luxury brand, FENDI Casa. These penthouses crown the 67-story JEM Private Residences, which rises more than 700 feet into the Miami skyline at 1016 Northeast 2nd Avenue in Miami Worldcenter. The building, designed by Arquitectonica and Rockwell Group, is an architectural masterpiece combining cutting-edge design with elevated living experiences.
The JEM Private Residences will offer residential units beginning from the 43rd floor to maximize the breathtaking panoramic views of Miami and Biscayne Bay. The 50th floor will house an impressive suite of high-end amenities, including a Sky Lounge, outdoor pool, fitness center, boxing arena, yoga patio, and a luxurious spa suite.
Chairman and CEO of Naftali Group, Miki Naftali, emphasized the significance of this partnership: “We are excited about this special collaboration with FENDI Casa on the JEM Sky Villas. We look forward to bringing this limited collection of residences to downtown Miami. The JEM Sky Villas signify the evolving landscape of upscale living in this dynamic city, with each villa showcasing FENDI Casa’s exceptional craftsmanship and meticulously designed furnishings at the crown of JEM Private Residences.”
These exclusive penthouses are designed with expansive floor plans ranging from 5,083 to 5,277 square feet. Each villa boasts four bedrooms, four and a half bathrooms, a private library, and a stunning wraparound terrace offering unparalleled views of Miami. One of the units will even feature a hot tub on the terrace, adding to the luxurious experience. FENDI Casa’s design approach centers on elegance, with each interior reflecting their commitment to craftsmanship and luxury, incorporating bespoke furniture and premium materials hand-selected for these residences.
Danielle Naftali, Executive Vice President of Marketing, Sales + Design for Naftali Group, spoke about the design journey: “Collaborating with FENDI Casa to design and curate each space at the JEM Sky Villas has been a remarkable experience of craftsmanship and creativity. Inspired by FENDI’s rich heritage in Rome, we hand-selected and custom-finished each piece to complement the lifestyle that these residences offer. Every detail has been chosen to create a harmonious blend of high-end design and refined living.”
Among the standout features of these penthouses are FENDI Casa’s signature pieces, including the Matrice bookcase and Metropolis coffee table, each reflecting geometric design elements inspired by FENDI’s Roman headquarters.
Alberto da Passano, CEO of FENDI Casa, highlighted the importance of the collaboration: “This partnership represents a significant milestone for FENDI Casa in the realm of interior design. As luxury projects gain prominence globally, we are excited to contribute to this prestigious development and continue our expansion into high-end markets.”
With completion set for Q4 2027, units will be priced from $8 million and marketed exclusively by OneWorld Properties, marking these JEM Sky Villas as one of the most coveted residential addresses in Miami.
Cove Miami in Edgewater: Condo Reservations Converted to Contracts, Construction Set to Begin in 2025
Miami’s Edgewater neighborhood is poised to welcome a new architectural marvel: Cove Miami, a luxurious 40-story condominium tower that has officially converted reservations into contracts. The project, which has attracted significant attention from buyers, is set to begin construction in the first quarter of 2025, according to a recent announcement from its developers. This milestone marks a pivotal moment in the development, as plans become a reality and the future of Edgewater’s skyline takes another step forward.
The development of Cove Miami has generated buzz from the outset, and the transition from reservations to contracts only underscores the strong demand for this project. According to a press release, even before formalizing contracts, interest in the 134 planned condominium units was substantial. The reservation process allowed potential buyers to secure their spot in one of the most desirable new developments in the city.
This high level of demand speaks to the growing appeal of Edgewater as one of Miami’s most sought-after neighborhoods for luxury real estate. With its prime waterfront location, proximity to cultural hotspots like the Design District and Wynwood, and easy access to downtown Miami, Edgewater offers a unique blend of urban living and waterfront tranquility that continues to attract high-end buyers.
Cove Miami represents a significant project for its developers, SB Development and Hazelton Capital Group, both national firms based in New York. Although this is their first development in Miami, both companies bring a wealth of experience and a proven track record in creating high-end real estate projects across the country. Their move into the Miami market is a testament to the city’s rising status as a luxury real estate hub and their confidence in Edgewater’s potential as a top destination for discerning buyers.
For SB Development and Hazelton Capital Group, the decision to launch their first Miami project in Edgewater was a strategic one. The area’s waterfront setting and its rapidly growing reputation as a vibrant, upscale community made it the perfect location for a luxury development of this scale.
Ahead of the 2025 construction start, significant pre-development work has already been completed. The developers have overseen the demolition of previous structures on the site and completed the construction of a new seawall. This ensures that the project is on solid footing as it moves forward, and the site is fully prepared for the next stages of development.
The seawall construction is particularly noteworthy, as it reflects the developers’ commitment to creating a secure and sustainable waterfront property. Miami’s waterfront developments require meticulous attention to detail when it comes to resilience against rising sea levels and storm surges, and the team behind Cove Miami is ensuring that these concerns are addressed from the outset.
Cove Miami is more than just a new residential tower; it’s a part of Edgewater’s transformation into a prime destination for luxury living. With the influx of high-end developments, Edgewater is becoming a premier choice for those seeking a blend of waterfront living, urban convenience, and Miami’s distinctive lifestyle. Cove Miami, with its elegant design, upscale amenities, and coveted location, is set to become one of the standout additions to the neighborhood.
As construction gets underway in early 2025, prospective buyers and real estate enthusiasts alike will be closely watching the progress of this project. The conversion of reservations into contracts is a clear sign that the market is eager for what Cove Miami has to offer, and its completion will undoubtedly add another jewel to Edgewater’s increasingly luxurious skyline.
As the project moves into its next phase, buyers and investors are anticipating further updates on Cove Miami’s features, amenities, and design details. The developers are expected to reveal more specifics in the coming months, but based on its waterfront location and luxury branding, residents can expect high-end finishes, cutting-edge amenities, and a lifestyle that fully embraces Miami’s indoor-outdoor living ethos.
In the meantime, the team behind Cove Miami is working diligently to finalize all aspects of the development as they prepare to break ground in 2025.
Meta Development’s New Luxury Venture Set to Transform Brickell
Meta Development, an international firm, is making waves in the Miami real estate scene with plans to demolish the five-unit Houses of Brickell Condominium and replace it with an exclusive luxury development. This ambitious project will introduce 36 upscale residences, with each ownership opportunity priced around $2.5 million.
The development’s blueprint includes two interconnected five-story buildings. These structures will be linked via a stunning rooftop pool deck and supported by a parking podium. Residences are set to range from three to five bedrooms, although specific square footage details remain undisclosed.
Beyond the beautiful design, residents will enjoy high-end finishings, energy-efficient appliances, and integrated smart home technology. The development aims to appeal to both wealthy homeowners with spacious residences and investors seeking smaller units for short-term rentals. The inclusion of smart home features and sustainable design elements positions the project as a forward-thinking addition to the Brickell skyline.
Brazil-based OSPA Architecture and Urbanism is spearheading the architectural design of the project. Conceptual renderings depict a sleek, rectangular-shaped structure surrounded by lush palm trees and native ferns, encapsulating Miami’s tropical beauty.
Meta Development secured the land for this ambitious project through two strategic acquisitions. The firm purchased a vacant 17,500-square-foot lot at 1870 Brickell Avenue for $10.25 million and has the five condos at the existing Houses of Brickell under contract for a combined $10.5 million.
This new 36-unit development will be located at 1888 Brickell Avenue, Miami, FL 33129, within Miami-Dade County. As the project moves forward, anticipation builds for this transformative luxury venture that will further solidify Brickell’s reputation as a premier destination for luxury living.
701 Brickell Office Tower Sold for Record-Breaking $443M
The prestigious 701 Brickell office tower has been sold for a staggering $443 million, setting a new record as the highest price ever paid for an office building in the Brickell area. This sale also represents the second-largest office building transaction in Florida’s history, trailing only the $540 million sale of the Southeast Financial Center in 2016.
This 32-story, 685,279-square-foot building, completed in 1986, has long been a landmark in the Brickell business district. Property records show that it last sold in 2002 for $172 million, making this latest deal a remarkable return on investment. The sale comes shortly after the completion of a $30 million capital renovation plan that modernized the property, enhancing its appeal to high-profile buyers.
The buyers, Morning Calm Management and an undisclosed partner, now hold a key piece of Brickell’s real estate landscape. Interestingly, a Bloomberg report from last month had indicated that Elliott Investment Management and its partners were in contract to purchase the property, adding an intriguing layer to the final transaction.
This sale is not just a reflection of the high demand for office space in Miami’s thriving financial district but also highlights Brickell’s growing stature as one of the most desirable office markets in the U.S. With its prime location, state-of-the-art amenities, and recent renovation, 701 Brickell is poised to remain a flagship property in the area for years to come.
1428 Brickell Development Moves Forward with Site Work Permit
Exciting news for Miami’s real estate landscape! The City of Miami’s Building Department has recently issued a site work permit for the highly anticipated 1428 Brickell development. This new phase in the project’s timeline marks significant progress toward bringing a remarkable new luxury tower to the heart of Brickell.
The 1428 Brickell development is set to redefine the skyline with a 70-story, 861-foot tower that promises to be a beacon of luxury and innovation. What sets this project apart is its commitment to sustainability and cutting-edge technology. The building will be equipped to generate its own electricity using photovoltaic panels integrated directly into its glass curtain wall, offering a forward-thinking approach to energy efficiency.
When completed, this architectural marvel will house 189 luxury condominiums, designed to provide residents with unmatched views and top-of-the-line amenities.
Earlier this year, the demolition of an older building on the property was successfully completed, clearing the way for new development. The recently issued site work permit, which became active on October 3rd, marks the next crucial step in preparing the site for construction. The permit outlines an estimated $1,992,000 worth of site work, with John Moriarty as the contractor leading the charge.
While the site work permit is a significant milestone, there’s more to come for 1428 Brickell. A separate master construction permit for the new tower is currently in the process, which will pave the way for the full-scale building of this impressive structure.
The development is being spearheaded by Ytech, a prominent name in the industry known for its commitment to creating luxury spaces that push the boundaries of design and innovation. The architectural vision for 1428 Brickell is being shaped by ACPV Architects in collaboration with Arquitectonica, two architectural firms renowned for their innovative and sustainable design approaches.
The 1428 Brickell development stands as a symbol of Miami’s continuous growth and evolution as a global city. With its groundbreaking design and emphasis on sustainability, it is set to become a new landmark in the Brickell skyline, attracting residents seeking luxury living combined with modern technology.
La Baia North Breaks Ground in Bay Harbor Islands
The Continuum Company has officially commenced construction on La Baia North, the second of two boutique bayfront condominiums planned for Miami’s Bay Harbor Islands. This milestone follows the overwhelming success of La Baia South, which secured a $90 million construction loan and sold out all units. La Baia North, situated at 9481 East Bay Harbor Drive, is an eight-story residential building featuring 57 units and has already achieved an impressive 60% in pre-sales.
This latest project is spearheaded by renowned New York-based developer Ian Bruce Eichner, celebrated for iconic developments such as Continuum South Beach. Eichner continues to make his mark in South Florida with ventures like La Baia and the recent acquisition of the Shuckers Bar and Grill site in North Bay Village. La Baia North is scheduled for completion in the first quarter of 2027, with Jacob’s Construction as the general contractor and sales exclusively managed by Gutman Development Marketing.
La Baia North offers a range of two- to four-bedroom residences, with sizes between 1,400 and 2,100 square feet. Prices start at $1.4 million, and private boat slips are available for residents. Located near the popular Kane Concourse and Bal Harbour Shops, the development is ideally positioned for access to dining, shopping, and Miami’s beautiful beaches. Each residence includes expansive floor plans, private terraces with transparent glass railings for unobstructed views, and designated spaces for modern remote work.
Designed by architect Luis Revuelta, with landscaping and pool areas curated by C. Wright Studios, and interiors by Durukan Design, La Baia North embodies a seamless fusion of functionality and style. Residences will be delivered fully finished, featuring European wide-plank wood flooring, marble stone bathrooms, and custom mill-worked cabinetry. Kitchens will be equipped with Miele appliances and quartz countertops, while the upper and lower penthouses will offer additional luxurious amenities such as wine coolers.
In addition to its residential features, La Baia North will provide over 20,000 square feet of curated amenities. These include a rooftop deck, heated spas, a sunset lounge with a fire pit, and recreational spaces like a splash pad, play lawn, and outdoor grilling areas. For those who enjoy water sports, the property will feature a dockside pick-up area, along with full-time valet services, front desk reception, and an on-site property manager to ensure a high level of service for all residents.
La Baia North promises to be an exceptional addition to the Bay Harbor Islands landscape, offering an elegant and modern living experience in one of Miami’s most desirable neighborhoods. With its innovative design, prime location, and luxurious amenities, it is set to attract discerning buyers looking for a blend of exclusivity and comfort.
New Renderings and Details Filed for Summit Brickell Tower: A 65-Story Landmark in the Making
Exciting new renderings and project details for the Summit Brickell tower have been submitted as the development moves through the approval process. With its sleek, modern design and thoughtful integration of public benefits, this tower is set to become a prominent feature of Brickell’s evolving skyline.
The developers have filed for site plan and zoning approval, submitting a presentation to county officials earlier this month that highlights a refined design for the tower. The 65-story structure will soar 750 feet into the sky, providing spectacular views and high-end living spaces.
Summit Brickell is planned to feature 505 residential units, catering to those seeking a luxurious urban lifestyle. The development will also include 1,933 square feet of ground-floor retail space, bringing in convenient commercial offerings for residents and visitors. To support the project’s scale, 500 spaces in an internalized garage will ensure ample parking for residents and guests.
In response to community needs and city regulations, the developer has increased its public benefits contribution. Now, the project includes a $575,000 contribution to improve Metrorail, Metromover, or Metrobus stations. This significant investment in public transit will enhance mobility options for residents and the wider community.
Pedestrian safety is also being prioritized, with planned improvements to pedestrian crossings in the vicinity, making the area safer and more accessible for those walking through the neighborhood.
In an effort to provide affordable housing options, the developer is committing to creating 25 workforce housing units. These units will be reserved for households earning 120% of the area median income, with 12 units dedicated to this group, and an additional 13 units set aside for the same income bracket. This effort demonstrates the developer’s commitment to inclusivity and ensuring a diverse range of residents can call Summit Brickell home.
The Summit Brickell project is being developed by Lore, with Corwil serving as the architect. Together, they are crafting a landmark that not only elevates the city’s skyline but also contributes to the community’s growth and accessibility.
As the approval process continues, the Summit Brickell is positioning itself as a future centerpiece of Brickell, blending luxury living with community-oriented benefits.
