PMG To Build Another Supertall Next To Waldorf Astoria
Property Markets Group is building what will one day soon be Florida's tallest tower in Downtown Miami. On Thursday, it announced plans to build a neighboring tower nearly as high.
Miami-based PMG has struck a deal with hospitality company Ennismore to develop a 90-story Delano-branded condo tower, the companies announced Thursday.
The 421-unit building is planned to reach 985 feet at its apex and rise a three-minute walk away from PMG's 1,096-foot-tall Waldorf Astoria Hotel & Residences Miami, which started construction in 2022 and is expected to reach its full height by the end of this year.
"I thought I knew how to build a high-rise because I've done enough of them in my career, and then we championed the Waldorf, and it was an entirely new education," PMG Managing Partner Ryan Shear told Bisnow on Thursday. "Because of that, you get that knowledge and that wisdom, and it's so important approaching a second supertall."
Sales are expected to launch in March for the units in the building, which are being offered at a far lower price point than the Waldorf Astoria. Residences will start at $800K and range from studios as small as 410 SF to three-bedroom units. Some residences will come with a deeded, glass-encased, fully furnished office suite.
The project is set to rise at 400 Biscayne Blvd., the site of a sales gallery for the Waldorf Astoria, which will include 387 condos and 205 luxury hotel rooms. That project landed a $668M construction loan from Bank OZK and Related Fund Management in 2024, which was Florida’s largest construction loan at the time.
More than 90% of the units have been sold at the 100-story supertall at 300 Biscayne Blvd., with delivery expected in the beginning of 2028. One of five penthouses in the building was listed for $50M.
Every aspect of developing a supertall is different, Shear said. PMG also co-developed the world's skinniest tower, 111 W. 57th St. in Manhattan, which reaches 1,428 feet and overlooks Central Park.
While a lot of the challenges stem from the height and the mechanics and permits of building a supertall, the selling, financing and delivering process is a new and challenging process, too, Shear said.
"We feel incredibly equipped to say, 'OK, this is right next door [to the Waldorf Astoria]. We bought it, we financed it, we did it. We know exactly what to do,'" he said.
The Delano tower is being designed by architectural firm Cube 3 and conceptual artist Carlos Ott, who also designed the stacked-cube look of the Waldorf Astoria. The Delano will have a markedly different look, resembling a torpedo pointed to the sky.
It will also have Southeast Florida’s first observation floor, with a glass deck 850 feet above the city, as well as a Delano Members Club with a pool deck and wraparound pool. The developer is also planning an all-day signature restaurant, a Delano-branded bar and a sky restaurant on the building's upper floors.
London-based hospitality company Ennismore owns the Delano brand after teaming up with Cain International in 2024 to renovate the Delano Miami Beach and chart a global expansion for the iconic South Beach brand.
There are now Delano hotels in Dubai and Paris, and Ennismore and Cain have plans for seven more.
Cain and Ennismore's planned updates to the 171-room hotel and its restaurants, bungalow and fourth-floor pool were supposed to be done last year but are now slated for reopening in March.
"The launch of Delano’s first branded residences marks a defining moment for the brand, extending its legacy of authentic hospitality, cultural relevance and exceptional design into the residential experience," Ennismore Deputy Group CEO Phil Zrihen said in a statement. "Miami has always been central to Delano’s evolution, and there is no place better suited to translate the brand’s ethos, creative energy and emphasis on human connection into everyday living."
