Cain International is doubling down on Miami, and this time the play is pure rental. CEO Jonathan Goldstein says the firm plans to turn its Edgewater parcel next to Missoni Baia into a single multifamily tower, shifting away from the branded-condo buzz that has dominated the waterfront.
The move comes as Cain gears up to reopen the Delano Miami Beach ahead of the Formula 1 Miami Grand Prix and basks in the outperformance of its Brickell office tower, which filled fast and helped drive rents higher. Together, the projects hint at a strategic lean into rental and office product at a moment when developers are wrestling with condo-brand fatigue and tighter financing.
In a recent sit-down with The Real Deal, Goldstein said, "Sometimes it takes an eye that is not ingrained in the locality to see the potential." He told the outlet Cain will go with a single multifamily tower on the Edgewater site beside Missoni Baia and that the overhauled Delano Miami Beach is expected to reopen in time for the early May Formula 1 race.
Brickell Bet Pays Off
Cain’s confidence in Miami is not coming out of nowhere. Its 830 Brickell project, the 57-story, roughly 640,000-square-foot office tower the firm developed with OKO Group, delivered in 2024 and rapidly turned into a trophy address. Citadel and Santander are among the marquee tenants, following the buyback of WeWork’s earlier pre-lease.
Developers said the building hit full occupancy, according to Bisnow, and a Cain press release describes the tower as a Class A+ hub for firms new to the Miami market. That momentum in Brickell’s office scene has given landlords fresh leverage in rent talks and helped justify more ambitious bets across the urban core.
Branded Condos Aren't Automatic Winners
Even as Miami’s skyline fills with branded names, Goldstein is not treating every logo as a golden ticket. He has warned against slapping a brand on a building that does little more than dress up the marketing, a criticism that mirrors a broader debate playing out across South Florida’s luxury condo scene.
The Real Deal has chronicled the branded-residence boom and highlighted developers who say a name alone is not enough. They argue the brand needs real "DNA" in a project, not just surface gloss, if it is going to justify a lasting price premium.
Delano Comeback And Global Plays
On Miami Beach, Cain and Ennismore are quietly trying to pull off a comeback story at one of the city’s most storied hotels. The partners have been leading a heavy renovation of the Delano Miami Beach, and Goldstein says the goal is to restore the property to true flagship status, complete with new restaurants and refreshed public spaces.
Bisnow has reported on the redesign and on the plans to time the relaunch to major Miami moments, a playbook that leans on big events to reset a legacy brand in a hyper-competitive hospitality market.
What This Means For Miami
Cain’s Edgewater rental tower is a textbook example of how developers are recalibrating. After a flurry of branded-condo announcements and an office leasing surge in Brickell, a straightforward multifamily project looks like the steadier, cash-flow-focused option.
Commercial Observer and other industry coverage have shown how new-to-market tenants powered demand for trophy office space in Brickell. That leasing wave has, in turn, given developers more room to balance higher-risk condo and hospitality ventures with rental and commercial plays that can smooth out the cycle.
Goldstein has framed these moves as part of Cain’s global strategy, which mixes headline-grabbing hospitality with deliberately targeted housing. As reported by Connect CRE, the firm’s One Beverly Hills project recently secured about $4.3 billion in financing to complete construction, underscoring Cain’s twin approach that pairs brand-led investments with rental-focused bets from Miami to the West Coast.
