Luxury residential tasks booming on the Miami River | Real Estate Market Insights

If you squint, Brickell and Downtown Miami may cross for New York, Singapore … even Bangkok, says developer Shahab Karmely, CEO and founder of Kar Properties. All those cities, including Miami, are constructed round rivers. “I had always thought of Miami as the beach,” he says. “But the energy of Miami, the walkability, the water views, the prox-imity to culture, the rhythm, it’s all on the river.” 

At the twin-tower Faena Residences Miami, costs vary from $1.3 million to $10 million. Courtesy of Fortune International Group & Binyan Studios

Karmely and co-developer Fortune International Group are behind the forthcoming Faena Residences Miami, the first stand-alone residential project from Argentinian hospitality visionary Alan Faena and the final design from late starchitect Rafael Viñoly. Composed of twin 68-story, 440-unit towers, it can take heart stage within a 14-acre non-public park instantly across the Miami River from Brickell City Centre.

Sales launched in November, with costs from $1.3 million to about $10 million (pricing for the yet-to-be-released “lofts,” “sky villas” and penthouses might be larger). It’s scheduled to be accomplished in 2029. In typical Faena trend, the project consists of a “district” — with artwork areas, wellness services, a marina, landscaped gardens and public artwork installations — on the decrease portion of the 5.5-mile-long meandering waterway that flows into Biscayne Bay. Seven hundred toes above, a 45,000-square-foot Sky Bridge will home three ranges of facilities, including rooftop swimming pools and cabanas, lounges, non-public eating and saunas, in addition to the non-public Faena Bloom Club. 

Other riverside developments embody the Standard Residences Brickell, the place costs vary from $600,000 to $2.5 million. Courtesy of¿Newgard¿Development Group and Two Roads Development

“Whether it’s the Nile, the Indus, the Tigris, the Euphrates or the Yangtze River Delta — human civilization is a story of rivers,” says Karmely. “So, naturally I wanted to be on the river.” A renaissance for the Miami River has long been touted — and slow to reach. The website of the Faena Residences has been a patch of dust for more than a decade; meanwhile, working boatyards gave the river an industrial character. It took imaginative and prescient and years of incremental enhancements for a crucial mass of builders to see its potential.

Today, cranes line either side of the decrease river, with more than 10,000 residential items deliberate or under development, according to the Real Deal. Across the river, One Brickell Riverfront will soon be home to the Standard Residences Brickell. Developed by Newgard and Two Roads and designed by Arquitectonica, it can rise 46 tales with 422 residences, starting from one to a few bedrooms, asking $600,000 to $2.5 million. 

Riverside Wharf will host the Dream lodge in addition to an event corridor and eating places. Courtesy of Riverside Wharf

Just round the bend from the new Faena is Riverside Wharf. That 10-story, two-tower advanced guarantees to turn into a major hospitality and leisure vacation spot, with a 165-key Dream Hotel and over 200,000 sq. toes of new waterfront eating places, a nightclub, a 12,000-square-foot event corridor and a deep-water yacht marina. It lately broke ground.

Closer to the bay, Miami Riverbridge is also under development. Plans at the city-owned, privately funded website on the north bank call for 480 toes of rejuvenated riverfront and event areas — plus a new-construction 615-key Hyatt Regency lodge and a second yet-to-be announced lodge.

It will also add 700 new residences to the space wanting out towards Brickell Key, an island at the mouth of the river, the place the Residences at Mandarin Oriental, Miami will break ground next yr. Another two-tower project, it’s designed by Kohn Pedersen Fox and developed by Swire Properties. It’s already more than 50% offered since sales launched in April 2024, with over $1 billion in offers logged. But the crown jewel atop the south tower is still on the market. That 23,000-square-foot, seven-bed, seven-bath duplex penthouse could have one of Miami’s highest non-public infinity swimming pools and a $100 million asking price, by way of Fortune Development Sales. “The future of Miami is going to be along this artery,” says Karmely.

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