Faena Residences Miami breaks ground on the Miami River: two towers and a district taking shape

Two 68-story towers, a private dock and a club in the sky have been promised on the Miami River for years. This week the developers of Faena Residences Miami broke ground, and the city’s foundation permit is already active.

Stand at the edge of the Miami River at 24 SW 4th Street, across the water from Brickell City Centre, and the view has been the same for a long time: an open lot, a stretch of riverwalk, and a pair of glass towers that lived only in the renderings. This week the developers of Faena Residences Miami put shovels in that dirt, and the riverfront life those drawings promised — a private dock, a club in the sky, two 68-story towers joined above the water — finally has a groundbreaking behind it.

For a buyer who has been watching this corner, that is the moment the address starts to feel real. The next questions are the practical ones: what is actually permitted, how much of the building the developers say is sold, and when the keys are supposed to arrive.

Rendering courtesy of the developer.

This week Faena Residences Miami broke ground on two 68-story towers along the Miami River. The developers say there will be 434 residences, with 45 percent sold and delivery in 2030, and they call a $30 million duplex penthouse a new river price record. The City of Miami issued active foundation permit BD26001952001B001 on October 9, 2026.

The riverfront life these towers are being built around

Picture the morning on this stretch of the river. A boat is tied up at a private residential dock that the developers say will run more than 300 feet along the water, with a marine concierge for the days you would rather not handle the lines yourself. Upstairs, two 68-story towers by the late Rafael Viñoly rise about 800 feet, according to the developers’ November 12 announcement, with interiors by Faena Design Studio in collaboration with Bryan O’Sullivan Studio and landscape architecture by Sasaki. Original art by Andrés Reisinger and Juan Gatti is part of the same announcement. Haute Residence’s project page, with pricing last updated July 2026, describes one- to four-bedroom layouts of 711 to 3,181 square feet and ceilings of 10 to 14 feet, with direct river access for large boats.

The social life of the building is meant to sit in the air between the two towers. Faena Rose, which the developers call the first permanent, purpose-built home of the brand’s private cultural community, will span about 45,000 square feet across floors 61 through 64 and connect the towers. The announcement lists an infinity-edge pool overlooking the river, a restaurant, bar and dining terrace, private dining rooms, a library lounge with its own outdoor terrace, a screening room and a billiards room. Down at the water, they say public improvements to the Miami Riverwalk will make it easier to walk between Brickell, Downtown and the neighborhoods around them. The towers are meant to anchor a new 14-acre cultural district along the river — a claim that belongs to the developers, and one buyers will be able to judge only as the district itself is built.

Rendering courtesy of the developer.

What the developers say is already in hand

In the November 12 announcement, the developers — Faena, Fortune International Group and KAR Properties — say 45 percent of the residences are already sold. They also cite a $30 million duplex penthouse sale, which the announcement calls a new residential price record along the Miami River. Neither the sold-through figure nor the penthouse price appears in a public record we could check, so both are the developers’ claims, attributed to them here. The record, as they describe it, is a river record, not a Miami-wide one.

The same announcement describes an $817 million construction loan as the largest condominium construction financing in Florida history. That ranking is the developers’ description. We have not independently checked it. Florida Construction News reported on November 4, 2026, that the loan came from Tyko Capital and that construction had officially started. The city’s own records, checked a week later, show how far that start has been allowed to go.

What the city’s permit actually allows

This is the part a buyer can verify. The City of Miami publishes its building permits as open data. When we checked on November 12, 2026, the record for 24 SW 4th Street showed permit BD26001952001B001. It was issued October 9, 2026, and its status is Active. The work is described as new construction: “excavation/piles/site and soil improvement.” The declared value is $4,000,000, and the listed contractor is a Coastal Construction entity. Florida Construction News reported Coastal Construction as the general contractor.

That is a foundation-stage permit. It allows digging and pile-driving, the slow work that comes before any concrete rises out of the ground. We did not find a permit for the towers’ superstructure at that address in the same dataset. A permit like that may simply not have been issued yet, or it may be filed under another record, so treat this as what we found on November 12, not as a ruling on the project. The older records at the address are mostly temporary event structures, seawall and dock work, and fencing from earlier years.

Rendering courtesy of the developer.

How many residences, and when the keys arrive

On the count of residences, readers should slow down. The developers’ November 12 announcement says 434 residences across the two towers. Haute Residence’s project page, checked November 12, 2026, still lists 406, with pricing last updated July 2026. A developer fact sheet that Haute Residence reviewed on November 10, 2026, lists 406 one- to four-bedroom residences, 20 River Lofts and 4 Sky Lofts, with penthouses on request, and prints no combined total. We are not reconciling the figures here. Ask the sales team for the current count in writing.

The published price range on our project page is $1.3 million to $39.5 million, again with pricing last updated July 2026, and the project status still shown as pre-construction with sales open. That entry price is why Faena appears in our look at Miami’s branded towers under $2 million. At the top of the range is the collection covered in Faena Residences Miami’s $250 million penthouse collection.

On timing, the sources also differ, and both answers are dated. The developers’ November 12 announcement says the project is scheduled for completion in 2030, and Florida Construction News reported a projected completion in early 2030. Our project page still lists delivery in the fourth quarter of 2029. A buyer planning a move should work from the later date and read the contract’s completion terms.

What to watch next on the river

For now, the site has a ceremonial groundbreaking, a closed construction loan and a city foundation permit. The next proof to watch for is a permit for the towers themselves in the city’s records, followed by cranes and, eventually, a building rising above the Miami River. When that permit appears, we will update this page with its number and date.

Until then, the documents worth requesting are the same as for any tower in its first months: the current price sheet, the deposit schedule, the stated unit count and the completion language in the purchase agreement. Full project details are on the Faena Residences Miami page.

Sources

• Developers’ announcement, “Faena Residences Miami Breaks Ground, Advancing Development of 14-Acre Miami River District,” distributed Nov. 12, 2026, via citybiz (official groundbreaking this week; 45% sold; $30 million duplex penthouse sale, described as a new residential price record along the Miami River; $817 million construction loan, described as the largest condominium construction financing in Florida history; 434 residences; two 68-story towers rising about 800 feet; Faena Rose about 45,000 sq ft on floors 61–64; more than 300 feet of private residential dockage; completion 2030) — https://www.citybiz.co/article/933094/faena-residences-miami-breaks-ground-advancing-development-of-14-acre-miami-river-district/
• City of Miami, Building Permits Since 2014 (open data), record for 24 SW 4 ST, checked Nov. 12, 2026: permit BD26001952001B001, issued Oct. 9, 2026, status Active, new construction, excavation/piles/site and soil improvement, declared value $4,000,000 — https://services1.arcgis.com/CvuPhqcTQpZPT9qY/arcgis/rest/services/Building_Permits_Since_2014/FeatureServer/0
• Florida Construction News, “Construction begins on $817-million Faena Residences project in Miami,” Nov. 4, 2026 (construction start; Tyko Capital loan; 434 units; early-2030 completion) — https://www.floridaconstructionnews.com/construction-begins-on-817-million-faena-residences-project-in-miami/
• Haute Residence, Faena Residences Miami project page (pricing last updated July 2026; checked Nov. 12, 2026): https://www.hauteresidence.com/faena-residences-miami/
• Haute Residence, Miami’s branded towers under $2 million (Nov. 11, 2026; developer fact-sheet unit breakdown reviewed Nov. 10, 2026): https://www.hauteresidence.com/news/miami-branded-condos-under-2-million/

Frequently asked questions

Has Faena Residences Miami broken ground?

This week the developers marked the official groundbreaking of Faena Residences Miami on the Miami River. The City of Miami issued an active foundation permit, BD26001952001B001, on October 9, 2026, for excavation, piles and soil improvement at 24 SW 4th Street. As of November 12, we found no permit for the towers’ superstructure at that address.

How large is the construction loan?

$817 million, according to the developers’ November 12, 2026, announcement, which describes it as the largest condominium construction financing in Florida history. Florida Construction News reported on November 4, 2026, that the loan came from Tyko Capital.

How many residences will Faena Residences Miami have?

The developers’ November 12, 2026, announcement says 434 residences across two 68-story towers. Haute Residence’s project page lists 406, with pricing last updated July 2026. Confirm the current count with the sales team.

When is Faena Residences Miami expected to be finished?

The developers’ November 12, 2026, announcement says the project is scheduled for completion in 2030. Florida Construction News reported early 2030. Haute Residence’s project page lists the fourth quarter of 2029. Plan from the later date and read the contract.

How much of the building is sold?

The developers said on November 12, 2026, that 45 percent of the residences are sold. That is their figure. We have not found a public record to check it against.

What is the published price range?

$1.3 million to $39.5 million, according to Haute Residence’s project page, with pricing last updated July 2026. Request a dated price sheet before making a decision.