Faena Residences Miami

Faena Residences Miami is Alan Faena’s first standalone residential project — two 68-storey towers, 440 residences, on a 1.8-acre riverfront parcel in downtown Miami, joined near the top by a three-storey bridge holding 45,000 square feet of amenity. The architect was Rafael Viñoly, and this is among his last works. In July 2026 a duplex penthouse went under contract at $30 million, roughly $3,700 per square foot — a record for the Miami River on both price and price per foot.

Two things get confused about this building constantly, so let me clear them first. This is not Faena House or the Faena District on Miami Beach — it is a riverfront project in downtown Miami, and there is no beach club. And as of the most recent primary reporting, construction has not started. Everything below is dated and sourced.

By Josh Stein — Miami real estate associate, Florida license SL3057661. Selling Miami luxury property since 2002, with more than $1 billion closed.

What Is Actually Being Built

Two towers of 68 storeys each, carrying 440 residences, on a 1.8-acre riverfront parcel. The construction address is 24 SW 4th Street; the developer markets it as 90 SW 3rd Street, which is where the sales gallery sits. Both refer to the same development.

The developers are Fortune International Group (Edgardo Defortuna) and KAR Properties (Shahab Karmely), through the entity FRM Associates, LLC. Faena is the brand and design partner, not the developer — a distinction worth holding onto. Architecture is Rafael Viñoly Architects; interiors are Bryan O’Sullivan Studio working with the Faena Design Studio; landscape is Sasaki. Fortune Development Sales has the exclusive listing.

The defining architectural gesture is the bridge linking the two towers near the top. Bisnow described it in October 2024 as a two-storey, 45,000-square-foot span; by 2026 both The Real Deal and the developer’s own release describe it as three storeys. The 45,000-square-foot area figure is the one that has held constant across sources.

The specification record is not stable, and you should know that going in. Storey count moved from 60 to 68. Unit count is reported as 434 in 2025 sources and 440 in 2026 sources. Site size appears as 1.8 acres in The Real Deal and 14 acres in one Bisnow reference. The most recent figures — 68 storeys, 440 units, three-storey bridge — are what I use above. An overall pinnacle height has never been published in a source I could verify.

“Elegantly framing views of the city, coastline, and sky, the building will become an iconic part of Miami’s skyline.”

Rafael Viñoly, Rafael Viñoly Architects

Where the Project Actually Stands

This site has a long history, and most of it is worth knowing.

Karmely bought the parcel in 2013 for $27.5 million and unveiled it in 2014 as One River Point — a 60-storey, 386-unit Viñoly design with an 85-foot waterfall and a 55th-floor members’ club by Adrian Zecha. A sales director was hired in 2015 and a gallery opened in 2017. Then the condo market slowed and the project stalled.

In October 2022 the property was recapitalised — sold to a joint venture for nearly $59 million — and Fortune International Group joined KAR Properties. In January 2023 they secured a $38 million line of credit from Bank OZK, expressly for sales, marketing and development. The Faena brand was attached in October 2024, and sales launched in May 2025 starting at $1.3 million.

By November 2025 the developers reported roughly 100 units presold for about $300 million, with construction then stated to begin mid-to-late 2026. The Miami Herald in December 2025 put the groundbreaking window at July to December 2026 and the build at 38 to 40 months. In January 2026 the Faena Rose amenity programme was revealed. In July 2026 the record penthouse contract was announced.

And that is where it sits. As of The Real Deal’s 16 July 2026 report — the most recent primary coverage I can find — the penthouse presale is explicitly described as having occurred before construction began, and the article gives no groundbreaking date and no completion date. Fortune’s own site still carries 2029.

Groundbreaking guidance has now moved from “early 2026” to “mid to late 2026” to “July–December 2026” to no stated date at all. Applying the Herald’s own 38-to-40-month build formula, a groundbreaking that slips past 2026 puts delivery in 2030 or later. That is arithmetic on published figures, not a prediction.

No construction loan has been reported. For a two-tower, 440-unit Viñoly project, that absence is material — particularly given the site sat dormant from roughly 2017 to 2022.

Faena Rose — What You Are Actually Buying

Strip away the renderings and the thing being sold here is Faena Rose: Faena’s membership and cultural platform, given its first permanent physical home. It occupies floors 61 to 64 — roughly 45,000 square feet, nearly 700 feet above the Miami River — inside the bridge that joins the two towers.

“Faena Rose has always existed as a platform shaped by programming, dialogue and relationships. At Faena Residences Miami, that platform takes architectural form, establishing a permanent setting where artistic expression and daily life intersect.”

Alan Faena, Founder, Faena — January 2026

What is inside it, per the developer’s published programme:

• Arrival lobby lounges and an infinity-edge pool overlooking the river
• A restaurant with bar, lounge and dining terrace, plus a private dining room
• “The Pistol” — the central venue, with its own bar and dining terrace
• A library lounge with outdoor terrace, creative lounges and private suites
• Screening room and billiards room

Below that sits the Tierra Santa Healing House spa — the same brand Faena operates in the Miami Beach district — running hydrothermal rituals, botanical steam rooms, cold plunge, red-light therapy and heated stone beds. Add fitness and movement studios, outdoor workout terraces, a padel court, a golf simulator, and resort-style pools with cabanas. The Real Deal’s list also includes a movie theatre, event space, library, demonstration kitchen and recording studio.

On the water: the developers describe the longest continuous private residential dock on the Miami River.

“Faena Rose operates as a continuous environment rather than a series of isolated events. Today’s buyers are increasingly seeking residential communities that offer more than beautiful amenity spaces; they are looking for places that help form social circles and foster genuine connection.”

Pablo De Ritis, Co-Founder and President, Faena Rose — January 2026

One thing to be precise about. The Faena Theater, Forum, Bazaar, Casa Faena and the beach club are all in the Faena District on Miami Beach, on Collins Avenue between 32nd and 36th. They are not part of this building, and no source I could verify grants Miami River residents access rights to them. If that access matters to you, get it in writing rather than assuming it travels with the brand.

The Residences and the Record Penthouse

Residences run one to four bedrooms, from about 700 to 3,300 square feet, plus the penthouse collection. Interiors are by Faena Design Studio with Bryan O’Sullivan Studio, in a palette the developers describe as muted red tones, layered textures and theatrical accents — recognisably Faena, in other words. The units are marketed as fully serviced condominiums, combining hotel-grade service with residential ownership.

The headline sale is the duplex penthouse in the East Tower crown: 8,200 square feet interior plus 7,000 square feet outdoors, with a private rooftop and pool, under contract at $30 million, or roughly $3,700 per square foot. The Real Deal called it a record for the area on both price and price per foot.

“This record-breaking sale reflects the enduring global appeal of Alan Faena’s vision.”

Edgardo Defortuna, President and CEO, Fortune International Group — July 2026

Read that record carefully. It is a record for the Miami River specifically — not a citywide figure, and not parity with oceanfront Faena pricing on Miami Beach. Do not let a river-district record get quoted to you as though it were a Faena House comparable.

What has not been published: ceiling heights, appliance schedules, stone and millwork specifications, the deposit structure, and a price per square foot for anything other than the penthouse. The Real Deal explicitly withheld per-foot pricing for standard stock in November 2025 because it was not disclosed.

What It Costs

Entry pricing has climbed steadily since the brand was attached, and the record is unusually clear about it:

• October 2024: “starting at $1 million”
• May 2025 (sales launch): $1.3 million
• November 2025: $1.4 million, with a core range of $1.4M–$4M and a top ask of $35M
• December 2025: $1.5 million for a 700-square-foot one-bedroom, full range $1.5M–$35M

That is a 50 percent move in the published floor price across fourteen months. At the December 2025 figures, $1.5 million over 700 square feet works out to roughly $2,140 per square foot at the entry — my arithmetic on two separately sourced numbers, not a developer-published figure, and I am labelling it as such.

By December 2025, more than 20 percent of the building — over 90 residences — was reported sold. The buyer split reported in November 2025 was 60 percent foreign to 40 percent domestic, with Argentina, Brazil and Mexico named as the target markets. That is a meaningful data point: a heavily international buyer base is more sensitive to currency and capital-control shifts than a domestic one, in both directions.

What to Watch Before You Sign

The design is exceptional and the brand is real. Here is where the exposure sits:

• Timing is the biggest documented risk. Three published slips in groundbreaking guidance, and as of July 2026 no start date at all. Ask what the outside date in your purchase agreement is, and what happens if it passes.
• No construction loan has been reported. A $38 million sales-and-marketing line of credit from January 2023 is not a construction facility. Ask where the senior debt is.
• The site has stalled once before — dormant from roughly 2017 until the 2022 recapitalisation, under a version of the same ownership.
• Faena is the brand partner, not the developer. The Real Deal notes the Faena brand is backed by Len Blavatnik’s Access Industries. Licence term, fee structure and termination provisions have never been published.
• Do not assume Miami Beach district access. Theater, Forum, Bazaar and beach club are separate assets. Get any access right in the documents.
• Supply on this corridor is heavy. The Real Deal counted more than 10,500 residential units proposed or under construction along the Miami River as of November 2023, including Baccarat Miami, Chetrit’s River District at 1,600 units, ROVR’s River Rapids at 1,593, Miami Riverbridge at 1,806-plus and Neology at 1,360.
• Faena Rose is contractual, not structural. Programming quality is an operating commitment that can change after closing. The physical space is permanent; the programme is not.

“There is no other competition because frankly, you cannot pick another project that brings the combination of talent, location, execution, capability and design we have here.”

Shahab Karmely, CEO, KAR Properties — The Real Deal, November 2025

That is the developer’s position, and on design he has a case. It is not an independent finding, and the 10,500-unit river pipeline is the counterweight.

The Miami River Around It

The Miami River runs 5.5 miles from a canal near Miami International Airport to Biscayne Bay, and it is one of the oldest inhabited places in the county — archaeological evidence puts settlement here at roughly 7,000 years. For most of the last century it was working waterfront: boatyards, shipping terminals, seafood. That is changing fast.

The Real Deal counted more than 10,500 residential units proposed or under construction along the river as of November 2023, across at least a dozen projects. Faena Residences anchors a multiphase development spanning more than three blocks, incorporating a private park, wellness facilities, a marina and public art — marketed as the Faena District Miami River.

Practically, the location is a short walk to Brickell City Centre and sits between Brickell and downtown — which means Metromover’s Brickell and Inner Loops, MiamiCentral for Brightline, and Government Center for Metrorail are all within easy reach without a car. The river frontage also delivers something Brickell towers mostly cannot: direct private boat access, with the developers claiming the longest continuous private residential dock on the river.

The trade-off is honest enough. This is not oceanfront and it is not Mid-Beach. It is an urban riverfront in a corridor absorbing a decade of simultaneous delivery. What it buys you is water, walkability to Brickell, and a cultural programme nobody else on the river is attempting.

Since2002Selling Miami luxury

Closed$1B+In career sales volume

Years24In this market

Buildings478Tracked across Miami

Faena Residences Miami — Frequently Asked Questions

Where is Faena Residences Miami located?

On the Miami River in downtown Miami, at 24 SW 4th Street, on a 1.8-acre riverfront parcel. The developer markets the address as 90 SW 3rd Street, which is the sales gallery. It is a short walk from Brickell City Centre. This is a different project from Faena House, the Faena Hotel or the Faena District on Miami Beach.

Is Faena Residences Miami the same as Faena House on Miami Beach?

No. Faena House at 3315 Collins Avenue was completed in 2016 and is oceanfront in Mid-Beach. Faena Residences Miami is a new two-tower project on the Miami River in downtown Miami, developed by Fortune International Group and KAR Properties with Faena as brand and design partner. There is no beach club at the river project.

How much do residences at Faena Residences Miami cost?

Published entry pricing has moved from about $1 million at the October 2024 brand announcement to $1.3 million at the May 2025 sales launch, $1.4 million in November 2025 and $1.5 million by December 2025 for a 700-square-foot one-bedroom. The reported range runs to $35 million. A duplex penthouse went under contract at $30 million in July 2026, roughly $3,700 per square foot. No price per square foot has been published for standard residences.

Has construction started at Faena Residences Miami?

No. As of The Real Deal’s report of 16 July 2026, the most recent primary coverage available, the record penthouse presale is described as having occurred before construction began, and no groundbreaking date is given. Groundbreaking guidance has slipped from early 2026 to mid-to-late 2026 to July–December 2026.

When will Faena Residences Miami be completed?

Fortune International Group’s own site states 2029. The Miami Herald reported in December 2025 that the build would run 38 to 40 months after groundbreaking. Since groundbreaking has not yet occurred, a start slipping past 2026 would push delivery to 2030 or later.

What is Faena Rose and do residents get access to the Faena District on Miami Beach?

Faena Rose is Faena’s membership and cultural platform, and this building gives it its first permanent home — 45,000 square feet across floors 61 to 64, inside the bridge joining the two towers, nearly 700 feet above the river. It includes an infinity pool, restaurant, private dining, the central “Pistol” venue, library, screening room and billiards. Access to the Miami Beach Faena District venues is a separate question: no primary source confirms that river residents receive it, so treat any such claim as unverified until it appears in the documents.

How many units have sold at Faena Residences Miami?

Roughly 100 units for about $300 million as of November 2025, and more than 20 percent of the building — over 90 residences — as of December 2025. The reported buyer split was 60 percent foreign to 40 percent domestic, with Argentina, Brazil and Mexico named as target markets. No more recent absorption figure has been published.

Sources and further reading

• Faena Miami Residences — Miami River (official)Faena’s own project page: architect, interior and landscape design teams, the Faena Rose framing and the Viñoly quote.
• Faena Residences Miami — official developer siteThe developer’s site: 90 SW 3rd Street marketing address, FRM Associates LLC as developer entity, design team and serviced-condominium positioning.
• Faena Residences Miami — Fortune International GroupCo-developer’s own project page, source of the 440-unit count and the 2029 completion target.
• Faena developers presell $30M penthouse for record price along Miami River — The Real Deal16 July 2026, the most recent primary source: the $30M penthouse at ~$3,700 per foot, 440 units, three-storey bridge, and confirmation that construction had not begun.
• KAR, Fortune’s Faena Residences on Miami River kickstarts high season — The Real Deal18 November 2025: 68 storeys, $1.4M–$4M core range, ~100 presales for ~$300M, the 60/40 buyer split, and quotes from Alan Faena and Shahab Karmely.
• Fortune, KAR score financing for One River Point condo tower — The Real Deal5 January 2023: the $38 million Bank OZK line of credit, the 24 SW 4th Street address and the $59 million October 2022 recapitalisation.
• Karmely, Defortuna revive plans for stalled One River Point condo tower — The Real Deal4 November 2022: the site’s $27.5 million 2013 basis, the original 386-unit scheme, the stall period and the formation of the current partnership.
• Development wave of over 10K resi units planned along Miami River — The Real Deal9 November 2023: the 10,500-unit river pipeline, the 5.5-mile river, and the competing project table.
• Developers Tap Faena To Brand Two-Tower Project On Miami River — Bisnow24 October 2024: the brand announcement, the 45,000-square-foot sky bridge, the three-block district plan and Alan Faena’s quote.
• Faena, KAR and Fortune Reveal Dedicated Faena Rose Members Space — PROFILEmiami26 January 2026: the full Faena Rose inventory, floors 61–64 at nearly 700 feet, unit sizes, and quotes from Alan Faena, Defortuna, Karmely and De Ritis.
• Faena Miami Beach — the Faena District (official)Faena’s own page for the Miami Beach district — Hotel, Forum, Bazaar, Theater, Casa Faena and Tierra Santa — the assets that are separate from the river project.