Developers Edgardo Defortuna and Shahab Karmely Collaborate on Faena District Along the Miami River
October 25, 2024
Developers Edgardo Defortuna and Shahab Karmely are teaming up with Alan Faena to create a new Faena District along the Miami River, The Real Deal has learned. Defortuna’s Fortune International Group and Karmely’s KAR Properties are co-developing the Faena Residences, a luxury condo project featuring 440 units. The two-tower development, located at 90 Southwest Third Street in Miami, was designed by the late architect Rafael Viñoly and will be connected by a sky bridge. Fortune International joined the project in late 2022, with sales expected to begin later this year. Units will be priced from $1 million, with some exceeding $4 million.
According to Defortuna, “We’ll be in full force by the time Art Basel rolls around.”
This project will be Faena’s second significant real estate development in South Florida, following his thriving Faena District in Miami Beach, which includes iconic properties like Faena House, Faena Hotel, and Faena Forum. The new Miami River development is part of a three-block plan featuring a private park, wellness facilities, a marina, and public art installations. The sky bridge will house a two-story, 45,000-square-foot amenity space curated by Faena, focusing on longevity, wellness, and well-being.
Construction is anticipated to begin by early 2026. In late 2022, Fortune and KAR secured a $38 million loan from Bank OZK to fund the project’s sales and marketing efforts.
Initially conceived by Karmely in 2014, the development previously included:
- Plans for an 85-foot waterfall and an exclusive “Sky Club” on the 55th floor.
- Featuring restaurants.
- A cigar lounge.
- A wine cellar.
- A screening room.
A recent analysis by The Real Deal noted that over a dozen projects along the Miami River are in various stages of development, potentially adding 10,500 condo and apartment units.
Faena’s involvement adds to South Florida’s growing trend of branded condo projects. It follows the example of Michelin-starred chef Jean-Georges Vongerichten’s residential venture, Jean-Georges Miami Tropic Residences, planned for a nearby location in the Miami Design District.
