Investors have committed over $800 million to build two ultra-luxury condominium towers in Miami, signaling continued confidence in the city’s high-end real estate market. Tyko Capital, backed by Elliott Investment Management, is providing a record $817 million loan—the largest in Florida’s history—for the development of Faena Residences Miami by Fortune International Group and KAR Properties. The project features an infinity pool overlooking the Miami River, private yacht docks, and members-only amenities.
Despite a slowdown in pandemic-era migration, luxury demand persists, driven by Florida’s zero income tax and high-profile relocations like Ken Griffin’s move of Citadel’s headquarters. About 45% of units are already sold, including a $30 million penthouse. Miami-Dade County recorded 24 home sales above $30 million in the past year, up from 21 the previous year.
While daily migration to Florida fell from 1,640 in 2022 to 551 in 2025, wealth concentration remains strong. Tyko also financed 830 Brickell, home to Citadel and Microsoft, as Citadel builds a $2.5 billion headquarters. Developers cite a new sense of permanence among wealthy buyers from the Northeast and West Coast, not just Latin America.
Source: Financial Times Companies · Summarized by HeadlinesBriefing