Faena Residences Miami River Reveals $39.5M Crown Penthouse
The two-story flagship tops a penthouse tier the developers are pricing above a $30 million unit that already sold at a record for the block.
Fortune International Group and KAR Properties have unveiled a penthouse collection at Faena Residences Miami, led by a $39.5 million two-story unit called the Crown Residence, the highest price yet attached to the 434-condo project rising in two 60-story towers at 90 SW 3rd Street along the Miami River.
Why it matters
The $39.5 million ask lands on top of a project that already set a neighborhood record: the developers presold an 8,200-square-foot duplex penthouse in the same towers for $30 million, or nearly $3,700 a square foot, according to The Real Deal. That the builders are now marketing an even pricier flagship, without yet disclosing its square footage, signals they believe the Miami River submarket can absorb a further jump above that benchmark rather than a repeat of it. For a corridor that spent years priced behind Brickell and Edgewater, a second record attempt at the same address is a bet the branded-residence premium, not just water frontage, is what buyers are paying for. Track the wider pipeline at the South Florida hub.
The numbers
The Crown Residence occupies the top of a penthouse tier spread across three levels, floors 61 through 64, roughly 700 feet above the river, with interiors from Faena Design Studio and Bryan O’Sullivan Studio. Neither PROFILEmiami’s unveiling nor the developers have published the Crown Residence’s square footage, so no price-per-square-foot figure can be calculated for the new listing. The comparison point that does exist is the $30 million penthouse The Real Deal reported presold earlier this year, at 8,200 interior square feet plus 7,000 square feet of outdoor space, a deal that outlet described as a record for the area on both price and price per square foot. The wider building was originally planned with standard units of roughly 700 to 3,300 square feet, before this penthouse tier was layered on top.
What’s next
The next disclosure to watch is whether Fortune International and KAR release floor plans or square footage for the Crown Residence itself, which would let brokers and rival developers benchmark the $39.5 million ask against the $3,700-a-foot precedent already set in the building. Any signed contract at or near that price would mark a second consecutive record for the Miami River corridor within a single project.