Construction On Miami's First Supertall Tower 'Waldorf Astoria Hotel & Residences Miami' Progressing At One Floor Per 10 Days

Construction is progressing swiftly at PMG’s Waldorf Astoria Hotel & Residences Miami, an iconic project poised to redefine the Miami skyline as the city’s first supertall tower. This architectural marvel will stand 100 stories tall and reach heights of 1,049 feet, making it the tallest residential building south of New York City. As of now, construction has successfully progressed with the pouring of 19 floors, averaging one floor every ten days. The team has recently commenced work on the pool level, with the amenity level to follow shortly. Additionally, the installation of the glass facade for the first cube of the tower is currently underway.

The construction is managed by John Moriarty & Associates, with PMG leading the development in partnership with Canadian private equity firm Greybrook, global investment company Mohari Hospitality, S2 Development, and the prestigious hospitality firm Hilton, which secured a $668 million construction loan in June 2024.

Situated at 300 Biscayne Boulevard, Waldorf Astoria Hotel & Residences Miami will consist of 387 private residences and 205 luxurious guest rooms, providing breathtaking 360-degree views of Downtown Miami, Miami Beach, and the Atlantic Ocean. The project's innovative design features nine spiraling, offset glass cubes wrapped in a striking "glass skin," setting it apart from any other structure on the East Coast. Conceptualized by Sieger Suarez Architects in collaboration with renowned architect Carlos Ott, this extraordinary tower embodies modern luxury.

The hotel component will occupy the first three cubes, showcasing the iconic Waldorf Astoria brand's signature spaces and private amenities. Guests and residents will enjoy a wide array of features, including the famed Peacock Alley, a specialty restaurant, versatile event spaces, meetings and boardrooms, and a resort-style pool deck with private cabanas. A holistic wellness spa and fitness center will also be available for relaxation and rejuvenation.

Private residential amenities will ensure an elevated living experience, featuring an exclusive owners-only lobby and lounge, a hospitality suite for intimate gatherings, a billiard room, a children's club, and an elevated pool deck. Each residence will be equipped with cutting-edge smart-home technology, providing custom mobile app access to a host of concierge services—from dining reservations and 24/7 room service to spa treatments and dog walking services.

Managed by Hilton Management Services, Waldorf Astoria Residences Miami promises to deliver an unparalleled level of service and refined living experience, making it a true haven for both residents and guests alike.

Images via John Moriarity & Associates & ARX Creative

For more information about Waldorf Astoria Hotel & Residences Miami or to inquire about purchasing a unit please fill out the form below:

Supertall Waldorf Astoria Hotel & Residences Miami Locks Down Largest Construction Loan In Florida History at $668 Million

PMG, along with partners Canadian private equity firm Greybrook, global investment company Mohari Hospitality, S2 Development, and global hospitality company Hilton (NYSE: HLT) have secured $668 million in construction financing for Waldorf Astoria Hotel & Residences Miami. This monumental milestone marks the largest construction loan secured for a residential condominium development in Florida’s history. As the first supertall tower to break ground in Miami, the Waldorf Astoria Hotel & Residences Miami will rise as the tallest residential building south of New York City and signify iconic hospitality brand Waldorf Astoria’s entry in Miami.

Bank OZK and Related Fund Management provided the financing with the transaction brokered by Christopher Peck, Chris Drew, Brian Gaswirth, Jimmy Calvo and Mateo Bolivar of Jones Lang LaSalle (NYSE: JLL). Kramer Levin Naftalis & Frankel LLP and Saul Ewing LLP represented PMG and Greybrook. PMG Residential leads sales with Christian Tupper, Aura Aragon, Daiana Quiceno, Alejandra Castillo and Karine Carvalho as the exclusive team. The property is currently over 90% sold.

“This project’s success cannot be credited to one person or firm, as it was nothing short of a herculean effort by a collective of so many individuals to bring Waldorf Astoria Hotel & Residences Miami to fruition,” said Ryan Shear, Managing Partner at PMG. “Both the magnitude of financing we’ve secured for this project and its incredible buyer response is testament to the quality of product and strength of Miami’s real estate market, which remains one of the strongest markets in the country. We look forward to completing a record-breaking mat foundation pour this week and moving forward in the vertical construction of this iconic addition to Miami’s skyline.”

“PMG’s ability to secure financing for a project as significant and iconic as the Waldorf Astoria Hotel & Residences in today’s atmosphere once again underscores the confidence the capital markets has in our platform at large,” said Dan Kaplan, Managing Partner at PMG. “Recurring collaborations with institutions such as Bank of the Ozarks and Related Fund Management proves PMG’s both consistent and successful track record over the past three decades. We are excited to commence vertical construction and deliver what will ultimately be the defining building in the Miami skyline.”

Waldorf Astoria Hotel & Residences Miami will complete a record-breaking foundation pour this week led by the development’s general contractor John Moriarty & Associates alongside CAPFORM. Over the course of 36 uninterrupted hours, a continuous rotation of 1,400 trucks will deliver over 13,500 cubic yards of concrete to the development site. This pour commences vertical construction of the property which is slated for completion in Q2 2028.

“Reaching this important milestone is a testament to the effort and dedication put forward by our respective development organizations,” said Peter Politis, CEO, Greybrook Realty Partners. “This achievement underscores our commitment to delivering this landmark project and as the project advances into the vertical construction phase, we look forward to bringing this impressive structure to life.”

“We are delighted to finance another project for a quality sponsor like PMG. The premier nature of this mixed-use development, strong unit pre-sales, substantial equity investment, low leverage and sole senior secured position are all consistent with our lending strategy,” said Brannon Hamblen, Bank OZK President. “Miami continues to be an attractive market given its strong economic fundamentals, and is now the largest market for our Real Estate Specialties Group, surpassing New York, as of this year’s first quarter.”

Located at 300 Biscayne Boulevard, the architecturally awe-inspiring Waldorf Astoria Hotel & Residences Miami will feature nine spiraling, offset glass cubes designed to be evenly stacked and wrapped in what can be referred to as a “glass skin,” distinguishing the property’s architecture from anything else on the East Coast. With concept design led by Sieger Suarez Architects, in collaboration with renowned architect Carlos Ott, the 1,049 foot tower will consist of 387 private residences in addition to 205 guestrooms and suites within the luxury hotel, which will be in the first three cubes of the tower along with the hotel’s signature spaces and private amenities. The developers also partnered with award-winning interior design firm BAMO, which prides itself on creating captivating environments that flow, function and make people feel welcome, at ease and inspired to live and dream more fully.

Hotel guests and residents will have access to the Waldorf Astoria brand’s world-famous Peacock Alley; a specialty restaurant; indoor/outdoor pre-function and function event spaces; meetings and boardrooms; a resort-style pool deck with private cabanas; and a holistic wellness spa and fitness center. Private residential amenities will include an owners-only lobby and lounge; hospitality suite for chef’s tastings and intimate soirees; billiard room; kid’s club; and elevated pool deck. Each residence will include the latest smart-home technology with custom mobile app access to concierge services. The app will feature a full menu of available offerings, including dining reservations, 24/7 room service, spa, and fitness treatments, house car reservations, access to valet service, package delivery, and dog walking services. Waldorf Astoria Residences Miami will be managed by Hilton Management Services, providing residents and guests alike a truly refined haven through the brand’s relentless commitment to personalized service and best-in-class experiences.

For more information about Waldorf Astoria Hotel & Residences Miami or to inquire about purchasing a unit please fill out the form below:

Waldorf Astoria Residences Miami Reveals $50 Million Penthouse

National development and investment firm PMG, along with partners Canadian private equity firm Greybrook, global investment company Mohari Hospitality, S2 Development and global hospitality company Hilton (NYSE: HLT), have revealed the Penthouse at Waldorf Astoria Residences Miami. The $50 million full-floor penthouse is situated high above the clouds within the architectural marvel’s ninth cube, placing residents at the top of the tallest residential building south of New York City. The Penthouse encompasses 13,119 square feet of customizable living space adorned with a private gym, theatre, wine room, library, spa, pool and enclosed balconies which will deliver 360-degree views of Miami Beach, Downtown Miami, and the Atlantic Ocean. PMG Residential holds the exclusive listing for the residence.

“The Penthouse at Waldorf Astoria Residences Miami is the city’s most unique penthouse offering, setting the bar for sky-high luxury living with its contemporary design and sweeping views. The magnificent residence within Miami’s first Waldorf Astoria grants owners the ability to create a custom home to fit each and every need. Beyond their personal residence, owners will have access to five-star concierge services and a superb suite of private residential amenities within the tower, which will be a landmark structure shaping Miami’s skyline,” said Ryan Shear, Managing Partner at PMG.

Envisioned by award-winning interior design firm BAMO, concept renderings for the open-layout residence feature 6 bedrooms and 9 bathrooms, with expansive floor-to-ceiling windows and an immense level of privacy at the top of Miami’s first Waldorf Astoria property. Owners have the option to curate entertainment spaces across multiple sitting and dining rooms. Additional features include a modern kitchen with sleek, bespoke finishes; an expansive primary suite with premium walk-in closets; custom Italian vanities with marble finishes within each bathroom; and the ability to create spaces such as a personal gym. Smart home technology within the home provides the ability for seamless personalization and convenience.

Waldorf Astoria Residences Miami is an architecturally awe-inspiring tower that features nine spiraling, offset glass cubes designed to be evenly stacked and wrapped in what can be referred to as a “glass skin,” distinguishing the property’s architecture from anything else on the East Coast. With concept design led by Sieger Suarez Architects, in collaboration with renowned architect Carlos Ott, the 1,049 foot tower will consist of 360 private residences in addition to 205 guestrooms and suites within the luxury hotel, which will be in the first three cubes of the tower along with the hotel’s signature spaces and private amenities.

Hotel guests and residents will have access to the Waldorf Astoria brand’s world-famous Peacock Alley; a specialty restaurant; indoor/outdoor pre-function and function event spaces; meetings and boardrooms; a resort-style pool deck with private cabanas; and a holistic wellness spa and fitness center. Private residential amenities will include an owners-only lobby and lounge; hospitality suite for chef’s tastings and intimate soirees; billiard room; kid’s club; and elevated pool deck. Each residence will include the latest smart-home technology with custom mobile app access to concierge services. The app will feature a full menu of available offerings, including dining reservations, 24/7 room service, spa, and fitness treatments, house car reservations, access to valet service, package delivery, and dog walking services. Waldorf Astoria Residences Miami will be managed by Hilton Management Services, providing residents and guests alike a truly refined haven through the brand’s relentless commitment to personalized service and best-in-class experiences.

Renderings via Arx Creative

Largest Penthouse In The United States Sold At Waldorf Astoria Residences Miami

The crown-jewel penthouse at Waldorf Astoria Residences Miami, which will become the largest penthouse in the United States high-atop Miami’s first supertall tower, has sold for an undisclosed price. The five-story, 33,000+ square foot “Mansion in the Sky” will be the tallest residential unit south of Manhattan. The sale was spearheaded by PMG Residential agent Paul Lash, who represented both the developer and the buyer.

The transaction marks an auspicious first for the future of real estate in Downtown Miami. The undisclosed buyer sought out an exclusive residential property, and he worked closely with Lash and the development team to design what will constitute the crown jewel of both the buyer’s personal real estate portfolio and the Miami skyline.

When finished, this one-of-a-kind “Mansion in the Sky,” suspended 1,050 feet in the air, will occupy the top five floors of the tower and enjoy unprecedented views as far as the eye can see. With just under 34,000 square feet, the residence will boast 10 bedrooms, 11 and ½ baths, and ceiling heights as high as 25 feet. Its impressive repertoire of over-the-top amenities will include, but not limited to: a wall-street-style trading room, safe room, billiards entertainment area, private movie theater, screening room equipped with two 90-inch theater screens, 3 wine cellars, full-scale bar, wellness center furnished with state-of-the-art equipment, massage rooms, infrared sauna, and a 20-car garage to house the owner’s extensive car collection. The mega-penthouse also exclusively possesses the tower’s private roof deck. On the roof, one will find: a large pool, swim-up tiki bar, 3 cabanas, an outdoor gym, and a multi-purpose court built for racquetball, pickleball and basketball. As of today, other features are being finalized for the owner.

“This penthouse sale is an indicator of the strength and tenacity of the luxury real estate market in Miami, and just how special Waldorf Astoria is to buyers and brand enthusiasts,” said Ryan Shear, Managing Partner of PMG. “We are confident in the continued momentum at Waldorf Astoria Miami, and know the property will completely elevate the standard of luxury living as we know it.”

Waldorf Astoria Residences Miami officially broke ground on October 27th, 2022 with completion slated for 2026.

PMG, along with partners Greybrook, Mohari Hospitality, S2 Development and  global hospitality company Hilton, have set out to create a landmark beacon for the city of Miami, marking Waldorf Astoria’s first entry into the Miami market. The vision is to bring an architecturally stunning structure to Miami’s iconic Biscayne Boulevard with meticulously designed residences and unparalleled services for residents and future guests of the hotel to enjoy. As the first supertall tower in Florida and the tallest residential building south of New York, Waldorf Astoria Miami looks forward to anchoring a new era for this magic city.

Located at 300 Biscayne Boulevard, the architecturally awe-inspiring Waldorf Astoria Miami will feature nine spiraling, offset glass cubes designed to be evenly stacked and wrapped in what can be referred to as a “glass skin,” distinguishing the property’s architecture from anything else on the East Coast. The tower’s concept design is led by Sieger Suarez Architects, in collaboration with renowned architect Carlos Ott, who worked in tandem to create an iconic structure in Downtown Miami offering 360-degree views of Downtown Miami, Miami Beach and the Atlantic Ocean. The developers also partnered with award-winning interior design firm BAMO, which prides itself on creating captivating environments that flow, function and make people feel welcome, at ease and inspired to live and dream more fully. The property will consist of 360 private residences, in addition to guestrooms and suites within the five-star hotel. Signature spaces will include Peacock Alley; a specialty restaurant; indoor/outdoor pre-function and function spaces; meetings and boardrooms; a resort-style pool deck with private cabanas; and a spa and fitness center.

Waldorf Astoria Hotel & Residences Miami Becomes First Supertall Tower to Break Ground In Miami

The first supertall tower to come to Miami has broken ground as the developers of Waldorf Astoria Hotel & Residences Miami have begun drilling and foundation work for the luxury mixed-use tower which is set to rise 1,049 feet in Downtown Miami. Waldorf Astoria Hotel & Residences Miami is being developed by PMG, along with partners Canadian private equity firm Greybrook, global investment company Mohari Hospitality, S2 Development and global hospitality company Hilton (NYSE: HLT). Located at 300 Biscayne Boulevard, the soaring tower will rise 100 stories and 1,049 feet above Biscayne Bay, marking Miami’s first supertall tower and the tallest residential building south of New York City. This also marks the debut of one of the world’s most iconic hospitality brands, Waldorf Astoria, in the Miami and South Florida market.

After coming to market in the spring of 2021, Waldorf Astoria Residences Miami has reached 87% sold, with over 50% domestic buyers, followed by significant activity from Latin American markets and other international markets. Remaining inventory primarily includes the Sky Collection within the eighth cube of the tower and penthouse residences within the ninth cube. The sales team, led by in-house firm PMG Residential, has leveraged its unrivaled knowledge of the Miami market and international expertise to complete over $1 billion in sales to date.

“The highly-anticipated groundbreaking of Waldorf Astoria Hotel & Residences Miami sets a new tone and new standard for development here in Miami. The market is thriving and projects like this are coming to life to meet the demand from our luxury audience,” said Ryan Shear, Managing Partner of PMG. “Working with our partners and the Hilton team behind Waldorf Astoria has been incredibly rewarding, and we look forward to continuing our upward momentum.”

The architecturally awe-inspiring Waldorf Astoria Hotel & Residences Miami will feature nine spiraling, offset glass cubes designed to be evenly stacked and wrapped in what can be referred to as a “glass skin,” distinguishing the property’s architecture from anything else on the East Coast. The tower’s concept design is led by Sieger Suarez Architects, in collaboration with renowned architect Carlos Ott, who worked in tandem to create an iconic structure in Downtown Miami offering 360-degree views of Downtown Miami, Miami Beach and the Atlantic Ocean. The developers also partnered with award-winning interior design firm BAMO, which prides itself on creating captivating environments that flow, function and make people feel welcome, at ease and inspired to live and dream more fully.

“The groundbreaking of the Waldorf Astoria Hotel & Residences Miami is a very exciting milestone in this landmark project,” Sasha Cucuz, CEO Greybrook Securities Inc. “The success that has been achieved thus far is a testament to the caliber of our partners and the teams working on this development. We look forward to seeing this incredible building come to life and to be bringing the Waldorf Astoria to Miami.”

Known as the pioneer of elegant service and timeless luxury dating back to 1931, Waldorf Astoria’s arrival in Miami and commitment to building one of the world's most extraordinary landmarks is evidence of the city's continued growth amongst some of the world's most elite cities. Waldorf Astoria is known for providing unforgettable experiences in landmark destinations across the world, a tradition that strongly resonates with PMG’s core principles of creating innovative ways to offer a unique luxury living and lifestyle experience.

“Welcoming the Waldorf Astoria brand to the Miami market for the first time in our growing pipeline is an incredible milestone for us. The city has set the precedent for elevated experiences and rich culture, continuing to attract diverse and discerning travelers from around the world,” Dino Michael, Senior Vice President and Global Head, Luxury Brands, Hilton. “Residents and guests of the property are poised for an incredible one-of-a-kind experience, knowing that Miami is synonymous with luxury.”

Waldorf Astoria Hotel & Residences Miami will consist of 360 private residences, in addition to 205 guestrooms and suites within the luxury hotel, which will be located in the first three cubes of the tower along with the hotel’s signature spaces and private amenities. Hotel guests and residents will have access to the Waldorf Astoria brand’s world-famous Peacock Alley; a specialty restaurant; indoor/outdoor pre-function and function event spaces; meetings and boardrooms; a resort-style pool deck with private cabanas; and a holistic wellness spa and fitness center. Private residential amenities will include an owners-only lobby and lounge; hospitality suite for chef’s tastings and intimate soirees; billiard room; kid’s club; and elevated pool deck. The residences will also offer the latest smart-home technology with custom mobile app access to concierge service. The app will feature a full menu of available offerings, including dining reservations, 24/7 room service, spa and fitness treatments, house car reservations, access to valet service, package delivery and dog walking services. Waldorf Astoria Hotel & Residences Miami will be managed by Hilton Management Services, offering residents and guests alike a truly refined haven through the brand’s relentless commitment to personalized service and best-in-class experiences.

“The groundbreaking of Waldorf Astoria Hotel & Residences Miami signifies much more than the property’s vertical construction. As Miami’s first supertall tower and Waldorf Astoria’s first entry into the city, this achievement further designates Miami as a global destination and sets a new benchmark for luxury real estate paired with superior hospitality,” said Kevin Maloney, President and Chief Executive Officer at PMG. “We could not be more honored to continue transforming Miami’s skyline with the iconic Waldorf Astoria Hotel & Residences Miami alongside our partners and prominent industry leaders.”

With luxury residential developments nationwide, PMG delivers impeccable attention to detail throughout each of its projects. The developer is notable for meticulously designed condominium developments such as 111 West 57th Street, Walker Tower, Stella Tower, 111 Leroy in New York City, Echo Aventura, Muse Residences Sunny Isles, Echo Brickell and Mei in South Florida, as well as E11EVEN Hotel & Residences Miami and The Elser Hotel & Residences in Miami. Currently, PMG is developing more than five million square feet of new development that will deliver sophisticated design, high-end finishes and premium quality.

Florida's First Supertall Tower Waldorf Astoria Miami Reaches 72% Sold Just Months After Launching Sales

PMG, along with partners Greybrook Realty Partners, Mohari Hospitality, S2 Development and global hospitality company Hilton (NYSE: HLT) have announced that Waldorf Astoria Miami has sold 72% of its residential inventory in 9 months since launching sales. Rising 100 stories and 1,049 feet above Biscayne Bay as the tallest residential and hotel building south of New York City, Waldorf Astoria Miami will become a landmark beacon for the city and an architectural wonder in Florida. The development also marks the debut of one of the world’s most iconic hospitality brands, Waldorf Astoria, in the Miami market.

Buyers at Waldorf Astoria Residences Miami hail from across the globe with 55% of buyers being domestic, specifically from the Northeast, California and South Florida, and 45% of buyers coming from outside of the United States. The top international markets include Mexico, Russia, Colombia and Turkey. The sales and marketing success has been led in-house by PMG Residential, including Aura Aragon, Alejandra Castillo, Karine Carvalho, Daiana Quiceno and Christian Tupper, in collaboration with Fredrik Eklund, Julia Spillman and John Gomes of Douglas Elliman’s Eklund | Gomes Team.

“We could not have reached this incredible sales milestone without the help of our dedicated sales team and our development partners who have worked together to create a truly unique property that will set the standard for luxury living in South Florida,” said Ryan Shear, Managing Partner at PMG. “This achievement is a testament to the strength of Miami’s real estate market and the demand for the next generation of luxury condominium developments in South Florida. Miami is booming and quickly entering a new development cycle, and we are thrilled to be part of the Waldorf Astoria Miami’s legacy, which will forever transform the city’s skyline.”

Located at 300 Biscayne Boulevard, Waldorf Astoria Miami will feature nine spiraling, offset glass cubes that distinguish the property’s architecture from anything else on the East Coast. The tower’s concept design is led by Sieger Suarez Architects, in collaboration with renowned architect Carlos Ott, who worked in tandem to create an iconic structure in Downtown Miami. The developers also partnered with award-winning interior design firm BAMO, which prides itself on creating captivating environments that flow, function and make people feel welcome, at ease and inspired to live and dream more fully.

The property will consist of 360 private residences as well as 205 guestrooms and suites within the five-star hotel. Signature spaces will include Peacock Alley; a specialty restaurant; indoor/outdoor pre-function and function spaces; meetings and boardrooms; a resort-style pool deck with private cabanas; and a spa and fitness center. Waldorf Astoria Hotel & Residences Miami will be managed by Hilton Management Services, offering residents and guests alike a truly refined haven through the brand’s relentless commitment to personalized service and best-in-class experiences.

Waldorf Astoria Hotel & Residences Miami is expected to break ground in Q1 of 2022, with completion slated for 2026.

Images via ArX Solutions/ Waldorf Astoria Miami

Amenities

Sky Collection Residences:

Residences

For more information about Waldorf Astoria Residences Miami, private showings or purchasing/ leasing information please fill out the form below:

PMG Reveals Sky Collection At Waldorf Astoria Residences Miami

PMG has revealed the Sky Collection at Waldorf Astoria Residences Miami, a luxury supertall on Downtown Miami’s Biscayne Boulevard. Situated nobly above the clouds, the exclusive Sky Collection at Waldorf Astoria Miami is adorned with the most pristine, modern and luxurious touches synonymous with Waldorf Astoria’s legacy, reimagined for a home that exceeds even the highest of expectations. In collaboration with conceptual artists Carlos Ott and Sieger Suarez Architects, along with the brilliant minds at award-winning design firm BAMO, the team of visionary experts joined forces to craft a home that defies design tradition by paving a new path with unbridled elegance.

The Sky Collection is located within the eighth cube of the 100-story, 1,049’ tower. Sky Collection residences range from 2,454 square feet to 3,575 square feet and start at $4.9M. Sky Collection residences include primary suites with five-fixture en suite bathrooms, and media and entertainment breakout spaces. Residences will offer vast scenic views from floor-to-ceiling windows, french balconies and expansive terraces with summer kitchens. Down to the smallest details and finishes, each and every drop of this unit has been considered with the utmost of scrutiny and concern. BAMO has scoured the globe to source only the most coveted and brilliant textiles for floors, walls, countertops and beyond.

The Waldorf Astoria Residences Miami is located at 300 Biscayne Boulevard and is being developed by PMG, Greybrook Realty Partners and Mohari Hospitality, S2 Development. The soaring tower will rise 100 stories and 1,049 feet above Biscayne Bay as the tallest residential building south of New York City, offering expansive unobstructed views and a new architectural wonder in South Florida. This tower marks the debut of one of the world’s most iconic hospitality brands, Waldorf Astoria, in the Miami market.

The property will consist of 360 private residences as well as 205 guestrooms and suites within the five-star hotel. Signature spaces will include Peacock Alley; a specialty restaurant; indoor/outdoor pre-function and function spaces; meetings and boardrooms; a resort-style pool deck with private cabanas; and a spa and fitness center. Construction is estimated to begin in March 2022 with completion in 2025.

Sales for the Sky Collection are led by PMG Residential.

Images via ArX Solutions

For more information about Waldorf Astoria Residences Miami, private showings or purchasing/ leasing information please fill out the form below:

PMG and Miami Parking Authority Announce New Green Initiative for Downtown Miami

Miami-based developer PMG announced a collaboration with the Miami Parking Authority (MPA) to create a new green community initiative in Downtown Miami. The two blocks of green space, located steps away from PMG’s recently launched Waldorf Astoria Residences Miami, will function as a transition from the city hardscape to a lush oasis that will exude nature, warmth and beauty, as well as encourage walkability. PMG and MPA have collaborated with international landscape architecture company Enea to curate the space design. 

“The new Green Initiative is part of PMG’s continued commitment to the city of Miami. We’re creating an inviting sanctuary in the center of this dynamic, energetic downtown,” said Ryan Shear, Managing Partner of PMG and developer of Waldorf Astoria Residences Miami. “The environment will be reflective of the welcoming experience we hope to instill throughout Waldorf Astoria Residences Miami and the surrounding neighborhood.”

Sponsored by PMG, the green space will beautify the centerline of Biscayne Boulevard, where a series of interconnected MPA parking lots currently sit along 3rd and 5th Streets. Aimed at enhancing the well-being of the Downtown community, the green installation will integrate parking with native trees and shrubs, inviting benches, decorative lighting and pavers. The design plans also include an elegant teahouse with beverages, pastries and other prepared food. 

“This project is a quality-of-life enrichment expected to foster a sense of place for the enjoyment of the community,” said Alex Argudin, Chief Executive Officer of the Miami Parking Authority. “We are pleased to collaborate with a world-class design team to create a green-space intervention that will foster social interaction and a healthier lifestyle.”

This announcement follows the commencement of sales of the highly anticipated Waldorf Astoria Residences Miami, which is the brand’s debut in the Miami market. Developed by PMG, Toronto-based private equity firm Greybrook Realty Partners and S2 Development, the hotel and residential tower will rise 1,049 feet as the tallest U.S. residential and hotel tower south of New York City. The property will consist of 360 private residences as well as 205 guestrooms and suites within the five-star hotel and an array of signature spaces and culinary establishments. Waldorf Astoria Residences Miami will be located at 300 Biscayne Boulevard. 

By Katya Demina

Multifamily Development Site For Approved M Tower Sells For $10 Million In Downtown Miami

The New York-based Lions Group has acquired a development site in Downtown Miami for $10 million which has a project known as M Tower approved to be built. M Tower is planned to rise 53-stories and offer 440-unit apartment units, located at 56 SW 1st St and 65 SW 2nd Street. Colliers' Urban Core Division Executive Managing Director Mika Mattingly and Associate Cecilia Estevez represented the seller, the Aventura-based S2 Development, and EP Realty’s Estrella Perez represented the buyer, Lions Group, in the transaction.

“The downtown Miami market has never been more active than it is right now,” Mattingly said. “This market is poised to see the largest influx of investors ever from other states and this transaction highlights that trend. New York-based Downtown 1st Street LLC’s purchase of this development site proves that the migration from the Northeast has only accelerated as the vibrant downtown neighborhood continues to evolve.”

M Tower will consist of 622,783 SF of gross building area, with 25,732 SF of office space and 1,089 SF of retail. The development site also includes a parking garage owned by the Miami Parking Authority (MPA), located at 70 SW 1st St. The 16,718 SF site includes air rights, waivers, and the ability to build residential units over the adjacent parking garage. The proposed units are targeted toward students and young professionals looking for a connected urban experience, currently the largest market of downtown residents.

The project has Urban Development Review Board (UDRB) approval, which it obtained through an extensive RFP process. The entitlement provides additional air rights, waivers, and the ability to construct a residential tower over the adjacent Miami Parking Authority (MPA) garage.

Downtown Miami continues to experience robust demand as it attracts a younger, wealthier and more educated population. Downtown is the largest employment center in Miami-Dade, with more than 175,000 employees and a day-time population of 235,000. The city is home to the highest concentration of banks and financial institutions outside of Manhattan, and tourism is at an all-time high with more than 6 million visitors per year. M Tower stands to benefit from the area’s rapid population growth. Since 2010, the population of Downtown Miami has increased approximately 52% and is expected to increase another 16% by 2024.

PMG, Greybrook Realty Partners & S2 Development Lock Down $33 Million Pre-Construction Loan For Waldorf Astoria Hotel & Residences

Property Markets Group, Greybrook Realty Partners and S2 Development have locked down a $33 million pre-construction loan which will be financed by the Miami-based BridgeInvest. The financing will be used to obtain final permits and approvals as well as market the property and launch sales of the residential luxury condominium component. The developers are currently building out the on-site sales center at 300 Biscayne. PMG had initially put sales on hold pending the Miami condo market stabilizing but now is gearing up introduce the luxury condos to the market.

When complete the Waldorf Astoria Hotel & Residences will be Miami’s tallest tower, rising 1,049’. The tower is being designed by Sieger Suarez and is expected to have a sell-out over $1 billion. The Waldorf Astoria Hotel & Residences will feature 140 hotel rooms and 400 condos. The project will be the first in Miami to feature the Waldorf Astoria brand which is owned by Hilton Worldwide Holdings, Inc. Downtown Miami has seen a surge in luxury condos in the past few years with a selection of high-end offerings since the completion of Ten Museum Park in 2007, which the first of its kind in the neighborhood which now includes One Thousand Museum, Aston Martin Residences, Marquis Residences, Epic Hotel & Residences, amongst others.

For more information about The Waldorf Astoria Hotel & Residences, private showings or purchasing/ leasing information please fill out the form below: