L
ooking at Miami from a narrow angle, Shahab Karmely, CEO of Kar Properties, sees it as a river city akin to New York, Singapore or Bangkok. He notes that while many picture Miami as a beach destination, its true pulse lies along the river—walkable streets, water views, cultural proximity, and a rhythmic flow that mirrors other global river hubs.
The upcoming Faena Residences Miami, a joint venture between Karmely’s Kar Properties and Fortune International Group, marks the first independent residential project by Argentine hospitality icon Alan Faena and the last design by late architect Rafael Viñoly. Two 68‑story towers, each housing 220 units, rise above a 14‑acre private park opposite Brickell City Centre. Sales opened in November, with prices ranging from $1.3 million to $10 million; lofts, sky villas and penthouses will command higher rates. Completion is slated for 2029.
Faena’s signature “district” occupies the lower levels of the 5.5‑mile waterway that feeds Biscayne Bay, offering art galleries, wellness centers, a marina, landscaped gardens and public art. A 45,000‑sq‑ft Sky Bridge, 700 feet above the river, will host three tiers of amenities: rooftop pools, cabanas, lounges, private dining, saunas and the exclusive Faena Bloom Club.
Other riverfront projects are reshaping the area. Standard Residences Brickell, developed by Newgard and Two Roads and designed by Arquitectonica, will feature 422 units—ranging from one to three bedrooms—priced between $600,000 and $2.5 million. The 46‑story tower sits across the river from the Faena site.
Riverside Wharf, a 10‑story, two‑tower complex, is set to become a hospitality and entertainment hub. It will house a 165‑room Dream Hotel, over 200,000 sq‑ft of waterfront restaurants, a nightclub, a 12,000‑sq‑ft event hall and a deep‑water yacht marina. Groundbreaking has already begun.
Miami Riverbridge is also in the works, offering 480 ft of riverfront and event spaces, a new 615‑room Hyatt Regency, and a second hotel yet to be announced. The development will add 700 residences overlooking Brickell Key, where the Residences at Mandarin Oriental, Miami will break ground next year. Designed by Kohn Pedersen Fox and developed by Swire Properties, the two‑tower project is more than 50 % sold, with over $1 billion in deals. Its crown jewel—a 23,000‑sq‑ft duplex penthouse with seven bedrooms, seven bathrooms, a private infinity pool and a $100 million asking price—remains on the market.
Karmely emphasizes that Miami’s future is tied to this river artery, where vision, incremental improvements and a growing developer community are turning the once industrial waterfront into a vibrant, high‑density residential and cultural corridor.
