Some people buy a home they can move into next month. Others buy one that won't exist for another four years.
That is exactly what happened on the Miami River. The penthouse will crown one of the two 68-story towers, which are linked by a sky bridge that hangs 700 feet above the ground.
A $30 million penthouse in a future condo tower along the Miami River has been purchased from Argentine developer Alan Faena, even though construction hasn't started. Edgardo Defortuna, who serves as CEO of Fortune International Group and is a co-developer, remarked that buying a penthouse before construction starts is unusual. "But the reality," he stated, "is that buyers know it may not last very long and it is attractive pricing today."
The project is being developed by Fortune International Group, KAR Properties, and Binyan Studios. The development will have 406 units in total, offering condos from one to four bedrooms with prices beginning at $1.5 million.
The design combines a sky bridge with a riverfront location to form a unique elevated community, which Alan Faena has said will bring new energy to the waterfront. Len Blavatnik, the billionaire co-owner of Faena Group, provides substantial financial backing, reducing risk for buyers who commit years in advance. His involvement, along with the $400 million in pre-sales, signals confidence in the project's completion despite the long timeline.
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Buyers so far are mostly in their 30s to mid-50s. About half of them come from outside the United States.
This penthouse deal comes after other record-breaking pre-construction sales nearby, such as $50 million transactions at the future Mandarin Oriental residences a few blocks away.
That vision is backed by serious money. Buyers are locking in today's prices and waiting years to move in.
The development's financial backing underscores its viability.
Pre-construction sales like this one tell you something about where the luxury market is heading. When someone drops $30 million on a home that does not exist yet, they are betting that Miami's high-end real estate will keep climbing.
The development team is engaged in advanced negotiations for a construction loan, with a groundbreaking planned for October 2026.
Beyond this project, Faena Group is building a hotel and residential properties in Tulum, Mexico, along with developments in Sao Paulo, Brazil, and two projects in Saudi Arabia. That signals a long-term bet on luxury travel and urban living in several hot markets.
The Faena Group's global expansion - including projects in Tulum, Sao Paulo, and Saudi Arabia - shows the developer's long-term commitment to luxury markets beyond Miami. The $30 million penthouse sale adds to that narrative, as buyers are essentially investing in the developer's track record and the financial backing of billionaire co-owner Len Blavatnik. This level of pre-sales activity also reflects broader confidence in Miami's continuing rise as a destination for ultra-wealthy buyers, even with a years-long construction timeline.
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