Waldorf Astoria Hotel & Residences Downtown Miami Construction Update

 
Site work for the Waldorf Astoria Residences in Downtown Miami is well underway and on track with the developer’s construction timeline, according to an update received today. In addition, a construction loan has been issued for the project provided by Mack Real Estate Credit Strategies.

The issuance of the construction loan is a notable milestone in any development, indicating the strength of the developer as well as the project itself. Most construction loans are collateralized by contracts and deposits on the pre-sold  residences, which are typically offered at more reasonable prices to those investors who are able and willing to make a purchase decision from a simple plan and set of renderings.

Construction lenders also keep an eye on the portfolio of an active developer in order to hedge their risk against the project being started and not completed. Given the fact that Waldorf Astoria was nearly halfway sold far before groundbreaking, the strength of PMG’s portfolio and the fact that a timeless brand such as Waldorf Astoria is putting its name on the building, the construction loan was practically a no-brainer.

“The outpouring of support we’ve received so far from our partners and key lenders has been nothing short of outstanding. It once again underscores Miami’s unprecedented demand for luxury residences and the eagerness from our buyers to explore truly revolutionary projects. We are looking forward to seeing Waldorf Astoria Hotel & Residences evolve in the coming years and bringing this remarkable living experience to the heart of Miami.” said Ryan Shear, Managing Partner of Property Markets Group.

Rendering Of Waldorf Astoria Miami Over Clouds

To prepare for vertical construction, the deep soil mix (DSM) work should be completed by May. From there, foundation piles will go in. The underground infrastructure for temporary power is complete and ready for FPL to activate. We should see the vertical structure begin to rise by the start of 2024.

High rises such as these typically rise at a rate of 1 floor per week, followed by a year to trim out the structure with all of the luxurious finishes you can see pictured in the brochure and have come to expect from a brand like Waldorf Astoria. When all is said and done, closings should begin in early 2027, just in time for the opening of the new Miami Signature Bridge nearby. Prices are set to range from $3.8 million for studios to upwards of $43 million for a penthouse so high, it looks down upon incoming jets.

We are incredibly eager to see this architectural gem come to fruition in our skyline and will keep you abreast of construction updates as the development team progresses.

For more information including pre-construction sales of Waldorf Astoria Miami, please contact Douglas Elliman Real Estate broker Michael Light at 786-566-1700 or via email at michael@miamiluxuryhomes.com.