Miami Developers Build Big Projects Outside 305
Land scarcity and high costs push PMG and KAR toward Denver, Utah and Iceland, while an $817M Faena loan lands.
Updated on Nov. 6, 2026 in Commercial
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Miami developers PMG and KAR Properties are taking their projects beyond the 305, building in Denver, St. Petersburg, Utah and Iceland as land in Miami grows scarcer and costlier. KAR and Fortune International Group also secured an $817 million construction loan for Faena Residences Miami.
Why it matters
For Miami residents, the shift signals that the local pipeline is crowded, land is scarce and construction costs are high, so developers are looking for projects that pencil more easily elsewhere. What that means for future Miami supply, prices and the character of new buildings is not addressed in the reporting.
The $817 million Faena Residences Miami loan is the largest condo construction loan ever in Florida, and PMG's Waldorf Astoria downtown Miami loan reached $668 million in 2024. KAR's 2000 Ocean, a 38-story, 64-unit tower in Hallandale Beach, was completed in late 2021 and followed by a $128 million condo inventory loan. The reporting does not say how many outside-Miami projects are planned.
The players
PMG
A Miami developer building the Waldorf Astoria Residences in Denver and St. Petersburg and the One Twenty Brickell Residences in Miami.
KAR Properties
A Miami developer that completed 2000 Ocean in Hallandale Beach and is building projects in Utah and Iceland, as well as Faena Residences Miami.
Fortune International Group
A development partner with KAR Properties on the $817 million Faena Residences Miami construction loan.
Tyko Capital
The lender that provided the $817 million construction loan for Faena Residences Miami.
The details
PMG is developing the Waldorf Astoria Residences in Denver and St. Petersburg, while KAR Properties is building in Utah and Iceland. Developers say they are expanding through selective projects where the economics are easier to pencil, and branded projects are being used to attract buyers in new markets. Construction costs in Denver rival New York City, and Miami is affected by land scarcity, high construction costs and an exploding development pipeline.
Timeline
Late 2021: KAR Properties completed 2000 Ocean in Hallandale Beach.
2024: PMG and partners secured a $668 million construction loan for the Waldorf Astoria Hotel & Residences in downtown Miami.
2025: PMG secured a $413 million construction loan for One Twenty Brickell Residences.
October 2026: KAR Properties and Fortune International Group secured an $817 million construction loan for Faena Residences Miami.
November 5, 2026: Panelists discussed out-of-Miami development at a TRD forum.
Beyond the 305
The $817 million Faena loan is the largest condo construction loan ever in Florida, and it follows PMG's $668 million Waldorf Astoria and $413 million One Twenty Brickell loans. The developers' move toward Denver, St. Petersburg, Utah and Iceland shows the Miami pipeline is now being weighed against other markets.
If you rent or own in Miami, the shift means the local pipeline is competing with projects elsewhere, which could shape future supply and pricing in the county. The reporting does not spell out any near-term change to rents, insurance, or commutes.
The takeaway
Keep an eye on where Miami's big developers put their next dollars, because projects built elsewhere can signal how much new supply the county will see. Watch future commercial loan and permit filings for signs of how the local pipeline is changing.
Further reading
For more on the commercial side of the market, explore Commercial real estate coverage across Miami-Dade.
Source note: This article includes information reported by The Real Deal New York.
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