D
evelopers Edgardo Defortuna and Shahab Karmely are working with Alan Faena on a luxury condo project along the Miami River, known as Faena Residences. The 440-unit development will be built on the site of a previously planned project, One River Point, at 90 Southwest Third Street in Miami. Designed by Rafael Viñoly, the two-tower project will connect via a sky bridge and feature a private park, wellness facilities, a marina, and public art.

    Sales for Faena Residences are expected to begin later this year, with units priced starting in the $800,000s and some asking over $4 million. The project is part of a three-block, phased development that will also include a two-story, 45,000-square-foot amenity space on the sky bridge.

    Faena's involvement marks his second South Florida real estate development, following the completion of his Faena District in Miami Beach. Defortuna praised Faena for bringing this project to life and reshaping what living in the area will be about, with a focus on longevity, wellness, and wellbeing.

    Construction is expected to begin by early 2026, after Fortune International Group and KAR Properties secured a $38 million loan from Bank OZK in late 2022. The development joins a growing pipeline of condo projects along the Miami River, including Related Group's Baccarat tower on the south side of the river.

    Faena Residences will be part of a trend of branded condo projects in South Florida, with French chef Jean-Georges Vongerichten also entering the market with his first residential project, Jean-Georges Miami Tropic Residences.