Florida Construction News staff writer
Construction on the tallest residential building south of New York City is about to go vertical, after developers secured a $668-million construction loan – the largest attained for a residential condominium development in Florida’s history.
The Waldorf Astoria Hotel & Residences Miami will be the city’s first supertall structure.
Property Markets Group and its partners secured financing from Bank OZK and Related Fund Management to build the Waldorf Astoria Hotel & Residences Miami. The debt for the 1,049-foot-tall property breaks a record set in February for the largest single-tower construction loan in Florida history.
As the first supertall tower to break ground, 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. A record-breaking foundation pour this week led by the development’s general contractor John Moriarty & Associates alongside CAPFORM, was completed over 36 uninterrupted hours, a continuous rotation of 1,400 trucks delivering more than 13,500 cubic yards of concrete to the development site.
This pour launches vertical construction of the property which is slated for completion in 2028.
“Reaching this important milestone is a testament to the effort and dedication put forward by our respective development organizations,” said Sami Mouaket, Director of U.S. Investments & Development at Greybrook. “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.”
Located at 300 Biscayne Boulevard, the architecturally awe-inspiring Waldorf Astoria Hotel & Residences 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.
