Miami Luxury Real Estate Project Secures $817 Million Construction Loan
Miami’s luxury property market is seeing another big-ticket development move forward, with an $817 million construction loan for two Faena-branded condominium towers. The project is being developed by Fortune International Group and KAR Properties, with financing from Tyko Capital, which is backed by Elliott Investment Management.
The towers are expected to be completed in early 2030. Plans include an infinity pool overlooking the Miami River and a private dock for yachts. The development is being designed for buyers looking for high-end homes with waterfront amenities.
Sales have already begun to take shape. Around 45% of the units have been sold, including a penthouse reported to be priced at $30 million.
Miami’s Luxury Housing Market Holds Up
Miami has become a popular destination for wealthy homebuyers, including people relocating from the northeastern United States and California. Florida’s tax policies and the arrival of businesses from other states have also helped draw attention to the market.
However, the pace of migration into Florida has slowed since the pandemic. Daily arrivals fell from 1,640 in 2022 to 551 in 2025.
That has not brought luxury home sales to a standstill. In Miami-Dade County, 24 homes priced at $30 million or more were sold in the year through September. The comparable figure for the same period a year earlier was 21.
The numbers suggest that buyers are still making large purchases at the top end of the market, even as fewer people move into the state. They do not necessarily reflect what is happening across the wider housing market, where prices and demand can differ considerably.
More Branded Residences Planned
The Faena towers are part of a wider wave of branded residential projects in Miami. Projects linked to brands such as Waldorf Astoria, Mercedes-Benz and Baccarat are contributing to the luxury real estate landscape in the city.
These developments introduce well-known names in hospitality and lifestyle to the sector of residential property. For developers, branding plays a defining role in the image of the property. For potential buyers, there is a different value proposition associated with the project, be it design, facilities or branding.
The loan of $817 million funds the Faena project in its intention to reach completion by 2030. With several years remaining before the towers are expected to open, further sales and construction progress will be important milestones to watch.
