The developers of the planned 1,049-foot-tall building in downtown Miami recently received a Florida record $668 million condominium construction loan to help build the behemoth structure, which is slated to have 387 condo units and 205 hotel rooms.
Designed by architect Carlos Ott and Sieger Suarez Architects, the building at 300 Biscayne Boulevard is scheduled to be finished in 2028. Ott is the architect behind Dubai's Burj Al Arab hotel and Miami's Echo Brickell skyscraper.
Once completed, the Waldorf will look like a stack of offset glass cubes with floor-to-ceiling windows on units overlooking the city skyline, Miami Beach, and the Atlantic Ocean.
The skyscraper will feature a pool deck, fitness center, spa, event spaces, the Peacock Alley restaurant, an all-day dining brasserie, a private bar, and a wine-tasting room, among other luxurious amenities. Residents will have access to 24-hour concierge services, a live-in resident manager, and exclusive Waldorf Astoria Miami benefits.
As reported by the South Florida Business Journal, Bank OZK and billionaire Stephen Ross' Related Fund Management provided the loan to the condominium developers and partners, which include Property Markets Groupo (PMG), Canada-based private equity firm Greybrook, Cyprus-based Mohari Hospitality, Aventura's S2 Hospitality, and Hilton.
The loan value blew past the previous record-holder, Mast Capital's $600 million construction loan for the Cipriani condominium in Miami.
The Waldorf developers say the building's units are more than 90 percent sold with a total sales value of $950 million, according to the South Florida Business Journal.
Ryan Shear, managing partner at PMG told the outlet that the most expensive unit under contract is a $30,000-square-foot-penthouse for $90 million — the most ever spent on a condo in South Florida. While condos were available starting at $1 million when sales launched in 2021, the remaining range in price from $4 million to $30 million, according to Shear.
PMG purchased the property for $80 million in 2014. The South Florida Business Journal reported that the 36-hour foundation pour was planned for Friday, June 14, after breaking ground in 2022.
Image by Waldorf Astoria Residences Miami
Image by Waldorf Astoria Residences Miami
Image by Waldorf Astoria Residences Miami
Image by Waldorf Astoria Residences Miami
Image by Waldorf Astoria Residences Miami
Image by Waldorf Astoria Residences Miami
Photo by Waldorf Astoria Residences Miami
Image by Waldorf Astoria Residences Miami
Image by Waldorf Astoria Residences Miami
Image by Waldorf Astoria Residences Miami
