Faena Residences Miami Breaks Ground on the Miami River

On November 12, 2026, Faena, Fortune International Group and KAR Properties held the official groundbreaking of Faena Residences Miami at 24 SW 4th Street, on the Miami River in Downtown Miami.

What was announced

• Two 68-story residential towers rising roughly 800 feet, designed by the late Rafael Viñoly.
• 434 condominium residences, according to Florida YIMBY.
• The milestone follows a reported $817 million construction loan, described by the South Florida Business Journal as a record for a Florida condo project.
• The developers say the towers are on track for delivery in 2030 and will anchor a planned 14-acre cultural district along the river.

Why it matters for buyers and investors

Closed construction financing and an actual groundbreaking are two of the clearest signals that a pre-construction project is moving forward. Neither guarantees completion, but they reduce uncertainty compared with projects that are still only selling. The Miami River corridor continues to attract large-scale capital, which may influence future supply and pricing nearby.

What to check before buying pre-construction

• Developer track record and financial strength
• Construction financing and real progress on site
• Location, pricing and future competing supply
• Ownership costs (HOA, taxes, insurance) and rental policy
• Exit strategy and expected timeline

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Sources: Florida YIMBY (Nov 13, 2026), citybiz (Nov 12, 2026), South Florida Business Journal (Oct 28, 2026). Image is illustrative.