You may have heard of the the Faena for its hotel and events center in Miami Beach. Now the brand is putting the name on a pair of condo towers that will rise on the Miami River.
Faena is partnering in the $700 million Faena Residences, said Edgardo Defortuna, CEO and president of the Brickell-based firm Fortune International Group real estate development and brokerage firm. Fortune and Kar Properties are co-developers.
The condominiums at 24 SW Fourth St. will have about 400 residences, with a $1 million starting price for a 700-square-foot, one-bedroom, one-bathroom residence.
Timeline for the towers
Announced in late October, the project shows a boost of confidence in Miami’s condo market, despite the surplus of residences and a downturn in prices.
The 3.5-acre project has all of its approvals because it was previously submitted for consideration to the city of Miami as the One River Point project . The development has been in the works since 2015 and has gone through various iterations, including passing from one architect to another.