$850 Million Brickell Luxury Tower Breaks Ground, Promises 400 New Waterfront Residences

One of Miami’s most ambitious real estate projects officially broke ground Thursday morning when Miami-based developer Coral Development Group began construction on a $850 million luxury residential tower in the heart of Brickell’s financial district.

The 65-story Meridian Brickell will bring 400 new residences to the neighborhood, including 45 penthouses, according to plans filed with the City of Miami. The project’s mixed-use podium will include 15,000 square feet of retail space and a two-level spa designed by luxury hospitality firm Aman Resorts.

“This groundbreaking represents our confidence in Miami’s future as a global luxury residential market,” said Coral Development Group CEO Patricia Martinez during the ceremonial first shovel ceremony attended by Miami Mayor Tomás Regalado and hundreds of construction workers.

Pricing for the project ranges from $2.8 million for lower-floor two-bedrooms to over $15 million for select penthouses with private rooftop gardens and infinity pools. The building will be sold by luxury real estate brokerage Sotheby’s International Realty, which has already pre-sold 34 units.

The development follows a nationwide trend of luxury tower construction in Miami. Five major luxury residential projects totaling over $4 billion have broken ground or begun pre-sales in South Florida since 2024, according to real estate data firm CoStar Group.

“What’s different about Meridian Brickell is the location,” explained Grant Rothstein, head of residential sales for Sotheby’s Miami. “This is blocks from the financial district, walking distance to shops and restaurants, and right on the Miami River with direct water views. We’re seeing serious interest from international buyers, particularly from Brazil, Colombia, and Europe.”

The tower’s design, created by renowned architect Herzog & de Meuron, features floor-to-ceiling windows, private balconies on 80 percent of units, and shared amenities including a 25,000 square-foot wellness center, wine vault, and private cinema.

Construction is expected to take approximately 36 months, with first occupancy anticipated in late 2028. Coral Development Group will invest approximately $120 million in local labor costs and has committed to using minority and women-owned subcontractors for 25 percent of all construction contracts.

The project will also generate an estimated $18 million in ad valorem taxes annually once fully occupied, according to a fiscal impact analysis commissioned by the developer.

“Projects like this demonstrate why Brickell remains Miami’s premier address for luxury living,” Mayor Regalado said. “This is good news for employment, for our tax base, and for families and investors who want to call Miami home.”