PMG has announced plans to develop the first Delano-branded supertall condominium in Miami, next to its under-construction Waldorf Astoria Hotel & Residences. The new project, called Delano Residences Miami, will be built on a 1.2-acre site at 400 Biscayne Boulevard and is planned to reach 850 feet with 90 stories and 421 units.
According to PMG’s Ryan Shear, construction of the tower is expected to take about five years due to the complexity of supertall buildings. Shear addressed the risks involved with such lengthy developments, stating, “That’s why development is true gambling. We’re not pouring concrete today.” He also commented on market conditions: “The metrics all make sense to us.”
Sales and marketing for Delano Residences Miami will begin in March through PMG Residential, with unit prices starting at $800,000. The design team includes Carlos Ott, Cube 3, and interiors firm Meyer Davis. Units will range from studios to three bedrooms. Amenities are set to include a fitness center, pool, spa facilities under The Source by Delano wellness program, as well as a Delano Members’ Club and Delano Rose Bar.
PMG acquired the site for $53.6 million in 2017 after previously purchasing the neighboring Waldorf Astoria site for $80 million three years earlier.
The original Delano hotel at 1685 Collins Avenue opened in 1947 and became known for its Art Deco architecture and vibrant nightlife following renovations in the mid-1990s by architect Philippe Starck. Owned by Ennismore (a subsidiary of Accor) together with Cain International’s Eldridge Industries, the hotel closed during the pandemic in 2020 but is scheduled to reopen this year.
Ennismore reportedly has plans to extend the Delano brand into New York and London.
Branding partnerships between hospitality companies and residential developers have become an important part of Miami’s current condominium market growth. PMG itself secured a $668 million construction loan for its Waldorf Astoria supertall in early 2024; that project is slated for completion in 2028.
