The developers of the proposed $1 billion supertall Waldorf Astoria Hotel & Residences tower in downtown Miami have obtained a pre-construction loan as they prepare to launch sales.
Property Markets Group, Greybrook Realty Partners and S2 Development were granted a $33 million loan, according to CPExecutive. BridgeInvest of Miami is the lender.
The funds will be used to finalize approvals, market the property and launch residential sales.
A sales center is now under construction at 300 Biscayne Boulevard, where the tower is planned to be built.
The Waldorf will rise 98 stories, or 1,041 feet – much taller than Miami’s current tallest, the 868-foot Panorama Tower. It will be the tallest residential tower south of New York.
When completed, there will be 140 hotel rooms, 400 condos and “top culinary destinations.”
Sieger Suarez is the architect, with Carlos Ott the conceptual architect.