Miami Real Estate: The Supertall Boom

The Waldorf Astoria Hotel & Residences in Miami will stand at 1,049 feet upon its completion in 2028. This height makes it the first structure in Florida to meet the international definition of a supertall building, a category reserved for towers exceeding 300 meters or 984 feet. The development marks a shift in the state's construction profile, moving from standard high-rises to structures that rival global skyscrapers.

Ryan Shear, managing partner at developer PMG, described the design as an artistic departure from the norm. The building, designed by Carlos Ott and Sieger Suarez, consists of nine unevenly stacked cubes. Shear noted that while the core and elevators run vertically, the visual effect creates an optical illusion of instability. The goal was to create a structure that immediately signals it is not a typical building.

The site occupies one acre across from Bayside Marketplace. The unobstructed view of the waterfront and Port Miami remains a key selling point for investors. The lot previously held plans for SkyRise Miami, an observation needle, but those plans were abandoned. The Waldorf Astoria now secures a permanent view of the bay and Miami Beach.

Construction is currently employing approximately 600 workers daily in shifts. Stead, a partner at PMG, expects the building to top out in 2026. This milestone will see the cranes removed and the workforce reduce to between 400 and 500. The lower three cubes will house a 205-room hotel, while the upper six cubes contain 360 private residential units. Most of these units have already been sold.

The top four floors are designated as a single penthouse, listed at $50 million in 2023. The unit features a private gym, spa, and movie theater, with wraparound windows providing a 360-degree view. A private court for basketball and pickleball, along with a pool and cabanas, will sit on the fourth floor. Shear confirmed the penthouse sold to a previous client but withheld the buyer's name.

PMG is already preparing the next phase of this vertical expansion. The Delano Residences Miami is planned for the block north of the Waldorf Astoria on SE 3rd Street and Biscayne Boulevard. This project will also qualify as a supertall building.

Other developers are moving into the same height tier. One Bayfront Tower, located at the former VITAS building site, is expected to break ground soon with a 2030 completion date. The Miami RiverBridge project, approved by voters in 2022, will rise from the site of the Knight Center and Hyatt Hotel, also targeting completion in 2030. Dolce & Gabbana is preparing to begin construction on 888 Brickell Miami, with an expected finish in 2029.

The Federal Aviation Administration limits these towers to 1,049 feet to protect the flight path for Miami International Airport, located five miles away. This cap ensures that the new supertall cluster will not exceed the height of the Waldorf Astoria. Stead attributed the rapid increase in supertall projects to Miami's growing international reputation as a world-class city comparable to London or New York.

Kheir Al-Kodmany, an urban planning professor at the University of Illinois Chicago, observes that Miami is following an unplanned development path similar to New York's Billionaire Row. Unlike Dubai or Shenzhen, where supertall towers act as planned hubs, Miami's towers appear as isolated pencil structures. Al-Kodmany warned that this approach can disrupt skyline harmony and create visible markers of socioeconomic disparity, with public access to the upper floors remaining limited to private residents.