The project is valued at $580 million, the report said.
As previously reported, condos will be located on the top half of the tower, and will have a separate entrance and amenities.
Completion of the project will take around four years.
Developer Naftali Group is said to have a strong following in New York, and is known for building luxury residential products with ‘robust amenities’ and beautiful lobbies. “He always gets financing,” a broker told the paper.
Miki Naftali told the paper that now is a good time to build condos in Miami, with the city now “competing head-to-head with any major city around the world.” Construction prices appear to be also now be softening, he noted.