A penthouse at the planned Faena Residences Miami River tower has been pre-sold for $30 million, setting records for both the highest sale price and the highest price per square foot ever achieved along the Miami River in the Brickell neighborhood.

What is the Faena Residences Miami River project?

Faena Residences Miami River is a 440-unit luxury development planned for 90 Southwest Third Street in Brickell, designed by the late architect Rafael Viñoly and developed through a joint venture between Shahab Karmely's KAR Properties and Edgardo Defortuna's Fortune International Group. The project represents one of the most architecturally ambitious residential undertakings to reach the Miami River corridor in years.

  • Two towers will be connected by a three-story sky bridge, a signature design element of the development.
  • A 45,000-square-foot Faena Rose community center is planned as part of the amenity package.
  • The development carries the Faena brand, known for its ultra-luxury positioning in Miami Beach.

Why does this $30 million sale matter for the Miami River corridor?

The pre-sale establishes a new pricing benchmark for the Miami River, a stretch that has historically lagged behind Miami Beach and Brickell's bayfront in commanding top-tier residential values. The transaction signals that buyer confidence in the river corridor has reached a threshold previously reserved for waterfront addresses with direct bay or ocean access.

What other luxury deals are reshaping the Brickell waterfront?

Swire Properties has placed two penthouses at the nearby Mandarin Residences under contract at nearly $50 million each, with both deals projected to close at approximately $6,300 per square foot upon the project's completion in 2030. If those figures hold, the Mandarin Residences transactions will themselves set new records upon closing.

  • Swire Properties is the developer behind the Mandarin Residences, an adjacent luxury project.
  • The projected $6,300-per-square-foot price point at Mandarin Residences would rank among the highest ever recorded in Miami-Dade County.
  • Completion of the Mandarin Residences is anticipated in 2030.

What does this pricing surge mean for Brickell residents and buyers?

The clustering of record-setting transactions along the Miami River suggests the corridor is undergoing a fundamental revaluation, with Brickell's riverfront emerging as a distinct luxury submarket rather than a secondary alternative to bayfront addresses. Buyers and real estate observers watching the area should expect continued upward pressure on pricing as these flagship developments near their construction timelines.

Original reporting by The Real Deal Miami.