A buyer has agreed to shell out $30 million for a penthouse at the not-yet-finished Faena Residences on the Miami River, according to the developers. The contract is still tied to delivery, so the unit will not actually change hands until construction is done and owners can move in. If that price holds through closing, it would mark the most expensive condo sale ever recorded along the riverfront.
According to Bloomberg, the $30 million deal is under contract and developers are billing it as the priciest condo sold on the banks of the Miami River. Bloomberg reported that the Alan Faena branded development is expected to be delivered in late 2029 or early 2030, and that the sale will close only after the towers are completed.
Where the Project Sits and Who Is Building It
The Faena Residences is a two tower riverfront development planned for a multi block site in downtown Miami. The Real Deal reports the towers will rise at 24 Southwest Fourth Street, with a sales pavilion at 90 Southwest Third Street. Fortune International Group and KAR Properties are co-developing the project, which is slated to include roughly 400 to 440 residences and a 45,000 square foot sky bridge linking the two towers.
Early sales have been brisk. The Real Deal noted that nearly 100 units were presold during the opening sales push, and penthouses were marketed with asking prices up to about $35 million. In other words, this $30 million contract is aggressive, but it is not out of line with what the developers have been pitching from the start.
Why Buyers Are Paying Up
Faena is leaning hard into culture, branding, and a heavy amenity package to justify those prices. The developer's project page highlights a Faena Club, a high level infinity pool, and private riverfront access with a marine concierge, all positioned as perks aimed squarely at trophy buyers.
As outlined on the Faena Residences Miami site, the towers were designed by Rafael Viñoly and emphasize programming within the sky bridge, wellness facilities, and curated public art that the brand says will help create a new cultural node on the river. Combined with continued demand for branded residences in South Florida, those features help explain why developers are comfortable marketing seven figure penthouses along this stretch of waterfront.
Since the $30 million sale is still tied to completion, the record will only become official once the project delivers and the deed is recorded, a milestone currently penciled in for the 2029 to 2030 timeframe. Until then, brokers and local observers are likely to treat the contract as one more sign of how much global money is still willing to pay for marquee Miami waterfront addresses.
