100-story tower to break ground in Downtown Miami
A 1,049-foot-tall tower will officially break ground in Downtown Miami on Oct. 27. GRAEF is proud to be providing civil engineering on this historic project.
The proposed 100-story Waldorf Astoria Hotel & Residences Miami at 300 Biscayne Blvd. is among at least five Miami projects that aim to be the tallest building in Florida. Its developers include New York-based real estate developer PMG, Canadian private equity firm Greybrook, Cyprus-based Mohari Hospitality, Aventura development firm S2 Development, and hotel giant Hilton (NYSE: HLT).
The tower's 360 condo residences are 87% sold, according to a release from the development team. More than 50% of those who purchased to more than $1 billion, the release stated.
Led by PMG's in-house residential brokerage, PMG Residential, condo sales at the Waldorf Astoria were launched in March 2021. Back then pricing started at $1 million.
Designed by Miami-based Sieger Suarez Architects and Uruguayan architect Carlos Ott, the Waldorf Astoria will consist of nine stacked cubes that rise toward the height limit set by the Federal Aviation Administration.
A 205-room Hilton hotel will be located within thea Peacock Alley restaurant, event spaces, boardrooms, a fitness center and spa, and a resort-style pool with private cabanas.
The rest of the tower will include amenities for the occupants of the 360 condo units such as an owners-only lobby and lounge, a hospitality suite for "intimate soirees," a billiard room, a kid's club, and an elevated residents-only pool deck.
"The market is thriving and projects like this are coming to life to meet the demand from our luxury audience," Ryan Shear, managing partner of PMG.
South Florida's real estate market has prospered since the pandemic as wealthy households and remote working professionals from across the U.S. and beyond migrate to the region. Although rising interest rates have slowed the pace of luxury home sales, prices remain at record levels.