With a new generation of skyscrapers rising around Miami, two notable towers have hit construction milestones as the city's skyline reaches higher into the clouds.
In the city’s Brickell financial district at 1420 S. Miami Ave., Cipriani Residences surpassed the 872-foot mark, officially making it the tallest residential tower south of New York City, developer Mast Capital said in a statement. Previously, the record was held by Florida East Coast Realty’s Panorama Tower, an 868-foot-tall luxury apartment developed just a few blocks away.
Slated to reach 950 feet tall once it tops off later this year, construction at Cipriani Residences has now moved on from building standard units to the Canaletto Collection of penthouse suites. A spokesperson for Mast Capital declined to provide a sales update on the tower’s remaining units.
“As global wealth, leading financial institutions, and major companies establish a permanent presence here, expectations around design, service, and overall quality have fundamentally evolved,” said Camilo Miguel Jr., CEO of Mast Capital, in a statement from the group. “What we are seeing is not only the physical rise of Cipriani Residences Miami, but the continued ascent of Miami itself," he added.
As of November, the building was 70% sold with prices for standard units starting at $1.8 million, while Canaletto units start at $4.1 million. Sales are led by Fortune Development Sales. With 397 residences, the 80-story condominium is expected to be the tallest tower in the Brickell financial district upon completion in 2027.
A little over a mile north by downtown Miami’s Worldcenter district, Turkish developer Okan Group hit a milestone at Okan Tower, the company's first U.S. development. The 72-story tower reached the 75% completion mark as construction ascends past the 50th floor. The developer secured a $200 million Commercial Property Assessed Clean Energy loan in January to help drive the final stretch of construction.
Plans for the tulip-shaped Okan Tower include a 316-room Hilton hotel, another 236 condo-hotel units managed by Hilton, 163 Sky Residences and 64,000 square feet of high-end office space at 555 North Miami Ave. Both Okan Tower and Cipriani Residences are advancing at about a floor a week.
Okan Tower is currently 70% sold, a spokesperson for the developer told CoStar News via email, with sales led by Fortune Development Sales. Completion is expected sometime in 2028.
South Florida has become a magnet for high-net worth individuals and company relocations that has driven developers to build taller, more luxurious towers throughout the region. While Cipriani Residences and Okan Tower are among the tallest currently under construction, PMG's Waldorf Astoria Hotel and Residences in downtown Miami will be the tallest when completed in 2028 at 100 stories and 1,049 feet tall.
