Edgardo Defortuna of Fortune International Group and Shahab Karmely of Kar Properties Launch Faena Residences Miami
Miami’s skyline is set to welcome a stunning new addition as developers Edgardo Defortuna of Fortune International Group and Shahab Karmely of KAR Properties collaborate with Alan Faena to create the Faena District along the Miami River. This ambitious project includes the development of Faena Residences, a 440-unit luxury condominium development that promises to transform the area.
Located at 90 Southwest Third Street in Miami, the Faena Residences project will replace the previously planned One River Point. The two-tower development, connected by a striking sky bridge, was designed by the late renowned architect Rafael Viñoly. Construction is slated to begin in early 2026, with sales expected to launch later this year. Units will range in price from $1 million to over $4 million.
Fortune International Group joined KAR Properties as a co-developer in late 2022, bringing new energy to the project. According to Defortuna, the developers aim to be in full swing by Art Basel Miami Beach, one of the world’s premier art events. "We’ll be in full force by the time Art Basel rolls around," he noted, underscoring the team’s enthusiasm for the development.
The Faena Residences will include an impressive 45,000-square-foot amenity space in the sky bridge, which will be designed and programmed by Faena himself. The space is set to feature a variety of wellness-focused facilities, all aimed at promoting longevity and well-being—a hallmark of Faena’s development ethos.
This project marks the second major South Florida real estate venture for Alan Faena, following the successful completion of the Faena District in Miami Beach, which includes Faena House, Faena Hotel, and Faena Forum. Backed by billionaire Len Blavatnik, the Faena District in Miami Beach has become synonymous with luxury, art, and world-class amenities. The new Faena Residences Miami looks to continue this legacy, offering a private park, wellness facilities, a marina, and public art installations as part of a larger three-block phased development along the river.
In late 2022, Fortune and KAR secured a $38 million loan from Bank OZK, a line of credit aimed at supporting the project’s sales and marketing efforts. The developers are optimistic about the future of the Faena District along the Miami River, confident that it will become a defining part of Miami’s growing luxury real estate market.
Karmely’s original vision for the 60-story towers, first revealed in 2014, included ambitious features like a three-story floating glass sky bridge and a 55th-floor members-only “Sky Club” with high-end amenities such as restaurants, a cigar lounge, and a screening room. Though the final plans have evolved, the Faena Residences Miami remains poised to offer a unique and exclusive living experience.
The Faena Residences Miami is just one of several developments that will reshape the Miami River area. A recent analysis by The Real Deal found that more than a dozen projects are in various stages of development along the river, with plans to add over 10,500 condo and apartment units. Notable among these is Related Group’s Baccarat, a 75-story, 355-unit tower set to rise at 99 Southeast Fifth Street on the south side of the river.
With its prime location, striking design, and emphasis on wellness, the Faena Residences Miami is set to become a landmark in the city’s evolving luxury real estate market.
