If you squint, Brickell and Downtown Miami could pass for New York, Singapore … even Bangkok, says developer Shahab Karmely, CEO and founder of Kar Properties. All those cities, including Miami, are built around rivers. “I had always thought of Miami as the beach,” he says. “But the energy of Miami, the walkability, the water views, the prox-imity to culture, the rhythm, it’s all on the river.”
At the twin-tower Faena Residences Miami, prices range from $1.3 million to $10 million. Courtesy of Fortune International Group & Binyan Studios
Karmely and co-developer Fortune International Group are behind the forthcoming Faena Residences Miami, the first stand-alone residential project from Argentinian hospitality visionary Alan Faena and the final design from late starchitect Rafael Viñoly. Composed of twin 68-story, 440-unit towers, it will take center stage within a 14-acre private park directly across the Miami River from Brickell City Centre.
Sales launched in November, with prices from $1.3 million to about $10 million (pricing for the yet-to-be-released “lofts,” “sky villas” and penthouses will be higher). It’s scheduled to be completed in 2029. In typical Faena fashion, the project includes a “district” — with art spaces, wellness facilities, a marina, landscaped gardens and public art installations — on the lower portion of the 5.5-mile-long meandering waterway that flows into Biscayne Bay. Seven hundred feet above, a 45,000-square-foot Sky Bridge will house three levels of amenities, including rooftop pools and cabanas, lounges, private dining and saunas, as well as the private Faena Bloom Club.
Other riverside developments include the Standard Residences Brickell, where prices range from $600,000 to $2.5 million. Courtesy of¿Newgard¿Development Group and Two Roads Development
“Whether it’s the Nile, the Indus, the Tigris, the Euphrates or the Yangtze River Delta — human civilization is a story of rivers,” says Karmely. “So, naturally I wanted to be on the river.” A renaissance for the Miami River has long been touted — and slow to arrive. The site of the Faena Residences has been a patch of dirt for more than a decade; meanwhile, working boatyards gave the river an industrial character. It took vision and years of incremental improvements for a critical mass of developers to see its potential.
Today, cranes line both sides of the lower river, with more than 10,000 residential units planned or under construction, according to the Real Deal. Across the river, One Brickell Riverfront will soon be home to the Standard Residences Brickell. Developed by Newgard and Two Roads and designed by Arquitectonica, it will rise 46 stories with 422 residences, ranging from one to three bedrooms, asking $600,000 to $2.5 million.
Riverside Wharf will host the Dream hotel as well as an event hall and restaurants. Courtesy of Riverside Wharf
Just around the bend from the new Faena is Riverside Wharf. That 10-story, two-tower complex promises to become a major hospitality and entertainment destination, with a 165-key Dream Hotel and over 200,000 square feet of new waterfront restaurants, a nightclub, a 12,000-square-foot event hall and a deep-water yacht marina. It recently broke ground.
Closer to the bay, Miami Riverbridge is also under development. Plans at the city-owned, privately funded site on the north bank call for 480 feet of rejuvenated riverfront and event spaces — plus a new-construction 615-key Hyatt Regency hotel and a second yet-to-be announced hotel.
It will also add 700 new residences to the area looking out toward Brickell Key, an island at the mouth of the river, where the Residences at Mandarin Oriental, Miami will break ground next year. Another two-tower project, it’s designed by Kohn Pedersen Fox and developed by Swire Properties. It’s already more than 50% sold since sales launched in April 2024, with over $1 billion in deals logged. But the crown jewel atop the south tower is still on the market. That 23,000-square-foot, seven-bed, seven-bath duplex penthouse will have one of Miami’s highest private infinity pools and a $100 million asking price, via Fortune Development Sales. “The future of Miami is going to be along this artery,” says Karmely.