Miami’s first supertall tower, Waldorf Astoria Residences Miami, is beginning to take shape. Vertical construction has begun on the super-luxury project and we are eagerly watching to see it start taking shape.
When completed, the 1,049-foot tower will be the tallest residential building south of New York City. It will offer 387 condominium residences along with 205 guestrooms and suites.
Site work for the mega-project began at the end of 2022. Groundbreaking was held in October of that year, and crews used the next 18-months to prepare the foundation of the landmark tower.
On June 14, we were finally able to witness the 36-hour foundation pour. This involved 1,400 concrete trucks synchronizing to deliver over 13,500 cubic yards of concrete to the development site over the span of 36 continuous hours. Foundation pours for new projects in Miami are well-orchestrated events and quite an experience to see, with this one being the largest to-date and a celebration following.
All eyes are now on the tower as it will begin to take shape, allowing us the first glimpses of the iconic stacked-cube design that will soon reshape the Downtown Miami skyline forever.
Rendering of the Waldorf Astoria Miami Residences Facade
Waldorf Astoria Construction Financing
While the hard hat crew has been toiling away, the developers have also been hard at work with their construction financing. Property Markets Group, Mohari Hospitality and S2 Development alongside Hilton Hotels have secured a record-breaking $668 Million construction loan from Bank OZK. This marks the largest construction loan secured for a residential condominium development in Florida’s history.
Bank OZK has traditionally been bullish on the Miami market, but that does not mean construction financing is easy to obtain. They are notoriously among the most difficult loan types to win approval on, and given the green-light by a lender of this magnitude really speaks to the quality of the project that is being undertaken.
“We are delighted to finance another project for a quality sponsor like PMG. The premier nature of this mixed-use development, strong unit pre-sales, substantial equity investment, low leverage and sole senior secured position are all consistent with or lending strategy,” said Brannon Hamblen, Bank OZK President. “Miami continues to be an attractive market given its strong economic fundamentals, and now is the largest market for our Real Estate Specialties Group, surpassing New York as of this year’s first quarter.”
About Waldorf Astoria Residences Miami
Located at 300 Biscayne Boulevard in Downtown Miami, Waldorf Astoria Residences Miami is a collaboration between Miami-based Sieger Suarez architects and Carlos Ott. The stacked-cube design will soar over the clouds to a height that will allow residents to gaze down at incoming jets.
The 9-story cubes are stacked in a spiraling design and wrapped in what the designers call a “glass skin,” making the tower easily distinguishable against any other tower in the world.
Rendering of Waldorf Astoria Residences Miami
Completion is planned for Q2 2028.
Waldorf Astoria Miami is 90% sold, however there are some purchase opportunities available with prices ranging from the $4 million range for studios up to $43 million for a penthouse.
For more information including pre-construction sales of Waldorf Astoria Miami including a private tour of the sales gallery with the immersive hyper-reality tour and specific inventory, please contact Douglas Elliman Real Estate broker Michael Light at 786-566-1700 or via email at michael@miamiluxuryhomes.com.
