Developers Tap Faena To Brand 60-Story, 2-Tower Project On Miami River
Developers Fortune International Group and KAR Properties have partnered with Argentine hotelier Alan Faena to develop a two-tower luxury condo project on the Miami River.
The project, dubbed Faena Residences Miami, is planned to join the Miami skyline with two 60-story towers connected by a two-story, 45K SF sky bridge. The 440-unit development would rise on a 14-acre lot along the Miami River at 90 SW Third St., according to a press release.
The developers unveiled new renderings and details about the project, which New York-based KAR Properties first proposed in 2014, in a press release Wednesday. The release says the design was one of the last completed by the late architect Rafael Viñoly, who died in March 2023.
The towers serve as Faena's first standalone residential project and is at the center of multiphased development, to be called The Faena District, spanning more than three blocks. The district will include a private park, wellness facilities, recreational areas and public art, according to the release.
The original plan was called One River Point and consisted of 386 units with an 85-foot waterfall, a three-story sky bridge and a members-only sky club. Fortune International Group was brought on as a partner in 2022, The Real Deal reported. The partners landed a $34M loan from Bank OZK in January 2023 to begin construction, Florida YIMBY reported.
When Faena joined Edgardo Defortuna's Fortune International Group and Shahab Karmely's KAR Properties in the venture, they redirected the vision and updated the project from its original plan to keep it more consistent to Faena's brand, a spokesperson for the developers said.
Faena is returning to South Florida after the completion of the Faena District in Miami Beach in 2016. That project features the Faena Hotel Miami Beach, which was one of four hotels in South Florida to receive two keys from Michelin Guide's new hotel rating system. Two keys is the equivalent of a restaurant receiving two Michelin stars.
Faena first found fame as a fashion designer in Argentina and later ventured into the industry of hotels and real estate development, founding Faena Group in 2000. Known for his developments in Buenos Aires and Miami, Faena's website describes him as “a revolutionary at heart and one of the most visionary leaders.”
His projects often feature artistic collaborations with artists like Damien Hirst, who has made appearances in the Faena Hotel Miami Beach.
This new endeavor is built upon the established brand in Miami Beach, Faena said in a statement.
“Our vision for this project is to create a community rooted in our core values — blending artistic expression, cultural immersion, wellness, and innovative design,” Faena said. “This new Faena District on the river embodies the true essence of Faena in one of Miami’s most vibrant neighborhoods, offering Miami's first fully resident-centric design aimed at enhancing well-being and elevating the experience of happiness.”
The project is expected to break ground in 2026 and deliver in phases by 2029. Sales are expected to launch later this year, with units starting at $1M, the spokesperson said.
