One River Point Receives FAA Height Approval
The Federal Aviation Administration has given its certification for the One River Point towers in downtown Miami. The FAA allowed the towers to rise to a height of 788 feet above ground, or 797 feet above sea level, in a letter that was sent out on January 16.
The same property received FAA approval in 2014 for a construction height of 928 feet above ground (that approval expired in September 2018). The FAA then gave the towers additional certification in 2019.
Developers Edgardo Defortuna of Fortune International Group and Shahab Karmely of KAR Properties announced their collaboration to construct the buildings in November 2022.
The original developing company sold the property to the new partnership for $58.85 million.
According to records, Bank OZK gave the developers a $38 million loan for the 1.8-acre site at 24 Southwest Fourth Street in Miami. According to Defortuna, the loan is a line of credit to be utilized for the 386-unit luxury condominium's development, sales, and marketing. After the unit plans are completed, sales should begin this year.
The developers will make a few changes while maintaining Rafael Violy's original concept. An 85-foot waterfall, a three-story glass skybridge that floats in midair, and an exclusive members-only Adrian Zecha "Sky Club" on the 55th level with two restaurants, a cigar lounge, a wine cellar, and a screening room were all originally planned.
If you or someone you know have an interest in purchasing at One River Point, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.
