A Miami River condo project that has been in the works for more than a decade now has the money to build.

Fortune International Group and KAR Properties announced the $817 million loan from New York lender Tyko Capital on Wednesday. It tops the $772 million loan Related Ross got for two West Palm Beach office towers, Commercial Observer reported. Walker & Dunlop arranged the financing.

"This financing is a major milestone not only for Faena Residences Miami, but for Miami's luxury residential market," said Edgardo Defortuna, Fortune's founder and CEO, in the announcement.

What's planned

Each 68-story tower will hold 217 homes. A three-story bridge near the top, about 45,000 square feet, will connect them, Bisnow reported. That bridge will hold Faena Rose, a cultural space planned with dining, wellness and event rooms.

Rafael Viñoly Architects designed the towers. Plans include a link to the Miami Riverwalk, private boat slips and water transportation for residents. The site covers about 1.8 acres with roughly 300 feet of river frontage.

Groundbreaking is set for November, the South Florida Business Journal reported, and the developers expect to finish in early 2030. Until then, the site is approved and financed but not yet under construction. In October, we reported the towers among Miami's newest supertall plans.

A long road on the river

The land first went into play as One River Point, a KAR Properties plan from the mid-2010s. Fortune bought into the site in 2022, and the Faena brand joined later. An earlier version of the plan had 440 units.

The river is busy right now. This month, a separate project, Riverside Wharf, landed a $145 million loan for a Dream Hotel and offices.

What it means for buyers and sellers

The developers say sales have passed $500 million, including a $30 million duplex in the East Tower. Last November, Defortuna told the Miami Herald the remaining homes ranged from about $1.5 million for a 700-square-foot one-bedroom to $35 million. Prices can change, so check current pricing with the sales team.

Strong presales matter, because lenders typically look for buyer deposits before they fund a tower this size. Buyers who sign now are signing up for a 2030 delivery.

Resale condos face a lot of competition. Miami-Dade had 12.3 months of condo supply in September, which counts as a buyer's market, MIAMI REALTORS reported. Higher-end homes have moved faster, as we covered in our look at Miami-Dade's luxury market.

Buying or selling in Downtown Miami? The Miami Lookout is founded by Joe Biscaha, a Miami real estate advisor with Compass.

The mouth of the Miami River between Downtown and Brickell
The mouth of the Miami River, where Downtown meets Brickell. Source