Developers Edgardo Defortuna and Shahab Karmely are partnering to bring a new Faena District to the Miami River. The project, Faena Residences, will introduce a 440-unit luxury condominium development across two towers connected by a sky bridge at 90 Southwest Third Street in Miami—the site formerly planned for KAR Properties’ One River Point.

The twin towers, designed by the late architect Rafael Viñoly, will feature a range of sophisticated residences, with Fortune International Group joining as co-developer in late 2022. Sales are set to begin later this year, with units starting around $1 million and premier residences priced above $4 million.

“We’ll be in full force by the time Art Basel rolls around,” Defortuna said, indicating a high-profile launch aligned with the art fair.

This development marks Alan Faena’s second project in South Florida, following the success of the Faena District in Miami Beach, which features Faena House, Faena Hotel, Faena Forum, and more. Expanding Faena’s vision to the Miami River, this new district will span three blocks and include a private park, wellness facilities, a marina, and public art installations. The towers’ sky bridge will feature a 45,000-square-foot, two-story amenity space, programmed by Faena, dedicated to wellness and social activities.

“Alan [Faena] has done an incredible job envisioning a new lifestyle for this area, focused on longevity, wellness, and well-being,” said Defortuna.

Construction is anticipated to begin as early as 2026. In late 2022, Fortune and KAR Properties secured a $38 million line of credit from Bank OZK to support sales and marketing efforts.

A recent analysis by The Real Deal highlighted that developers have over a dozen projects along the Miami River at various stages of development, from proposals to near-completion, which could add a total of 10,500 condo and apartment units. On the river’s south side, Related Group is planning a notable 75-story tower known as Baccarat at 99 Southeast Fifth Street, part of a three-building complex with 355 units.

Karmely’s original vision for the 60-story twin towers, first introduced in 2014, included distinctive features such as an 85-foot waterfall, a floating glass skybridge, and a 55th-floor, members-only Sky Club, offering exclusive dining, a cigar lounge, wine cellar, and a screening room.