PMG is launching a Delano-branded supertall in downtown Miami, next door to its under-construction Waldorf Astoria Hotel & Residences supertall.
The planned Delano Residences Miami marks the first branded condo project for the hotel, according to a news release. Slated for the 1.2-acre site at 400 Biscayne Boulevard, the project is set to rise 850 feet, or 90 stories with 421 units.
PMG’s Ryan Shear said the development will likely take about five years to complete. Supertalls, due to their height, are more complex construction projects and take longer to build than other kinds of developments. Shear acknowledged the longer timeline can leave developers open to more risk.
“That’s why development is true gambling,” he said. “We’re not pouring concrete today.”
Despite others’ concerns about possible oversaturation in the market, Shear said PMG sees this as a prime moment to launch its second supertall.
“The metrics all make sense to us,” he said.
PMG Residential will lead the sales and marketing effort kicking off in March, with prices starting at $800,000, the release shows.
The supertall’s design team includes Carlos Ott, Cube 3 and interiors firm Meyer Davis. Units will span from studios to three bedrooms, and amenities in the tower will include a fitness center, a pool and spa facilities through the hotel’s The Source by Delano wellness program, the release states. The project will also have a Delano Members’ Club and Delano Rose Bar.
PMG bought the Biscayne Boulevard site for $53.6 million in 2017, three years after buying the adjacent Waldorf Astoria site for $80 million.
The original Delano at 1685 Collins Avenue is one of Miami Beach’s iconic Art Deco hotels. First opened in 1947, it became a hub of nightlife and celebrity after a mid-1990s renovation by architect Philippe Starck. The hotel, owned by a partnership of Accor’s Ennismore and Cain International’s Eldridge Industries, closed during the pandemic in 2020, and is slated to reopen this year, according to published reports.
Ennismore is looking to expand the Delano brand to New York and London, Hotel Dive reported this fall.
Hospitality branding has played a key role in Miami’s current condo boom and PMG’s own portfolio in the region. It landed a $668 million construction loan for the Waldorf Astoria supertall in 2024, which is set to be complete in 2028.