The topping off of the Una Residences tower in Miami’s Brickell neighborhood, under development by OKO Group and Cain International and nestled in the neighborhood’s residential southern edge, marks a new step in the construction of the first such structure built along the waterfront in more 20 years.

Miami is in the midst of a building boom. The city’s neighborhoods have seen dozens of proposed projects in areas like Wynwood, Park West, home to Miami Worldcenter, and Brickell, the city's financial center. Brickell has seen the lion’s share of newly proposed offices and more than a few luxury branded condominiums. Many of those projects lie along the northern half of the neighborhood, the area most typically known as the city’s financial district.

South of 15th Road and along Brickell Avenue, however, the neighborhood referred to as South Brickell by some is shifting into a high-end residential enclave lined by multimillion-dollar homes and condominiums. It’s an area that’s about to see its first new addition in over a decade — the now topped-off Una Residences.

Construction at the 47-story condo is expected to finish in 2025 after breaking ground in May 2020. Located at 175 NE 25th Road, it is the first new waterfront condominium in Brickell in over 20 years — the last tower built in the area was Bristol Tower, developed by Ugo Colombo’s CMC Group, that opened in 1993.

OKO Group and Cain International secured a $128 million construction loan from Bank OZK for Una Residences.

Una Residences will include 135 two- to five-bedroom units ranging from 1,100 square feet to 4,786 square feet. Only a “handful” of units remain available for sale at the tower, according to a joint statement from the developers, with prices ranging from $4 million to $10 million. Sales have been driven largely by buyers from across the United States, the developers said in a prepared statement.

The tower’s two penthouse units measure just over 7,000 square feet. Both sold in 2022 for $17.75 million each, the highest ever recorded in the Brickell submarket.

The combination of location, demand and amenities that include a private marina, three swimming pools, children’s playroom, movie theater and on-site dining has “enabled the project to command market-leading premiums in Miami” while helping set a new standard for the area, said Vlad Doronin, chairman and CEO of OKO Group, and Jonathan Goldstein, CEO of Cain International, in the release.

The luxury condo is the latest from OKO Group and Cain International, who last year completed Missoni Baia in Edgewater, a rapidly gentrifying Miami neighborhood about three miles farther north. The pair are also in the final stages of developing 830 Brickell, a nearly complete and fully leased office tower hosting a number of major corporations such as Microsoft and billionaire Ken Griffin’s hedge fund Citadel, in the neighborhood's northern half, closer to its business center.

Una Residences was designed by Adrian Smith + Gordon Gill, with Revuelta Architecture International serving as the architect of record. Civic Construction and Ant Yapi are serving as the project's general contractors in a joint venture. Fortune Development Sales is the exclusive sales team for Una Residences.