Developers Fortune International Group and KAR Properties are partnering with Faena for the Faena Residences on the Miami River. The project will consist of two 68-story towers, totaling 440 condos, connected by a 50,000-square-foot amenity bridge. Units range from one to four bedrooms, with asking prices between $1.4 million and $4 million, while penthouses can reach $35 million. Construction is expected to commence in mid-to-late 2026, with completion projected for 2029 or 2030.
Nearly 100 units have already been presold, generating approximately $300 million in combined sales. One buyer reportedly paid $16 million for a condo, which is the highest sale to date for the development. Edgardo Defortuna, CEO of Fortune International Group, stated that over 20% of the 434 units have been sold even before construction has begun. Lionel Messi's presence in Miami has been cited as a contributing factor to the high demand.
The demand for these luxury residences is nearly 60% foreign and 40% domestic, covering buyers from over 20 nationalities. The project, located at 24 Southwest Fourth Street, is the first phase of a larger three-phase development spanning over 5 acres in the Miami River District. The cultural pavilion and sales gallery officially opened to the public in spring 2025, with contract signings beginning in the summer following a "whisper" marketing campaign.
