Miami Developers Build Beyond City Limits
Miami condo buyers and renters should watch how these shifts affect future local condo supply and pricing.
Updated on Nov. 6, 2026 in Commercial
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Miami developers PMG and KAR Properties are increasingly building projects outside Miami, in markets such as Denver, St. Petersburg, Utah, and Iceland. The shift comes as KAR and Fortune International Group secured an $817 million construction loan for Faena Residences Miami, the largest condo construction loan ever in Florida.
Why it matters
For Miami homebuyers and renters, a developer pipeline moving elsewhere can shape how much new inventory is built locally and at what price. Land scarcity, high construction costs, and an exploding development pipeline in Miami make projects easier to pencil in other markets, which is why these firms are looking beyond the city.
KAR and Fortune International Group secured an $817 million construction loan for Faena Residences Miami, the largest condo construction loan ever in Florida. PMG secured $668 million in 2024 for Waldorf Astoria downtown Miami and $413 million last year for One Twenty Brickell Residences.
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.
Fortune International Group
A developer partnering with KAR Properties on Faena Residences Miami.
Tyko Capital
The lender that provided the $817 million construction loan for Faena Residences Miami.
The details
Developers are expanding into other markets through selective projects where the economics are easier to pencil. Branded projects, such as PMG's Waldorf Astoria Residences in Denver and St. Petersburg, are used to attract buyers in new markets. Construction costs in Denver rival New York City, so the appeal of these markets is not simply lower costs. PMG says it is constantly looking for development opportunities and ways to stay ahead.
Timeline
Late 2021: KAR completed 2000 Ocean in Hallandale Beach.
2024: PMG secured a $668 million loan for Waldorf Astoria downtown Miami.
2025: PMG secured a $413 million loan for One Twenty Brickell Residences.
October 2026: KAR and Fortune secured the $817 million loan for Faena Residences Miami.
November 5, 2026: Panelists discussed out-of-Miami development at a TRD forum.
The Home Front
The record $817 million loan for Faena Residences Miami, Florida's largest condo construction loan, comes as Miami's land scarcity and high construction costs push developers toward other markets. Denver and Utah are now among the destinations where Miami firms are placing projects.
If you are weighing a Miami condo purchase or rental, check whether nearby pipeline projects are moving forward or shifting to other markets, since that affects future supply. Speak with a licensed real estate agent or lender before making any purchase or financing decision.
The takeaway
Miami's developers are looking outside the city because land is scarce and building costs are high, and that shift can affect future condo supply. Before committing to a Miami property, ask your agent about the local development pipeline and how it may change inventory.
Further reading
For more on the projects shaping the city's skyline, see the Commercial section.
Source note: This article includes information reported by The Real Deal New York.
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