Miami Developers Build Projects Beyond City Limits
PMG and KAR Properties are expanding into Denver, St. Petersburg, Utah and Iceland as Miami's land and construction costs climb.
Updated on Nov. 6, 2026 in Commercial
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Miami developers PMG and KAR Properties are pursuing projects outside Miami, with KAR and Fortune International Group securing an $817 million construction loan for Faena Residences Miami. The $817 million loan is the largest condo construction loan ever in Florida.
Why it matters
Land scarcity, high construction costs and an exploding development pipeline in Miami are pushing developers to seek projects where the economics are easier to pencil. Branded projects are also being used to attract buyers in new markets.
KAR Properties completed the 38-story, 64-unit 2000 Ocean in Hallandale Beach in late 2021 and then closed a $128 million condo inventory loan. PMG secured a $413 million construction loan last year for One Twenty Brickell Residences, while the outside-Miami projects remain in development.
The players
PMG
A Miami developer expanding its Waldorf Astoria Residences projects into Denver and St. Petersburg.
KAR Properties
A Miami developer that completed 2000 Ocean in Hallandale Beach and is developing projects in Utah and Iceland.
Fortune International Group
A development partner of KAR Properties on the Faena Residences Miami project.
Tyko Capital
The lender that provided the $817 million construction loan for Faena Residences Miami.
The details
PMG is developing the Waldorf Astoria Residences in Denver and St. Petersburg, where construction costs in Denver rival New York City. KAR Properties is developing projects in Utah and Iceland alongside its Faena Residences Miami financing.
Timeline
Late 2021: KAR Properties completed 2000 Ocean in Hallandale Beach.
2024: PMG secured a $668 million construction loan for the Waldorf Astoria Hotel & Residences in downtown Miami.
2025: PMG secured a $413 million construction loan for One Twenty Brickell Residences.
October 2026: KAR Properties and Fortune International Group secured the $817 million Faena Residences Miami loan.
November 5, 2026: Panelists discussed out-of-Miami development at a TRD forum.
Market Landscape
Developers are looking beyond Miami as its land scarcity and construction costs rise alongside a record $817 million Faena Residences Miami loan, the largest condo construction loan ever in Florida. Expansion into Denver, St. Petersburg, Utah and Iceland reflects a shift toward selective projects where economics are easier to pencil.
For Miami residents, the shift means developers may direct more capital and attention to projects in other states and countries, which could affect the local condo supply. Buyers and investors watching the Miami market should note that high construction costs and limited land are shaping where new housing gets built.
The takeaway
Developers are weighing land scarcity and construction costs against opportunities in other markets, so watch where capital flows as Miami's pipeline grows. Buyers and investors can track these loan announcements to gauge which projects are moving forward.
Further reading
Explore more Commercial real estate coverage from Miami developers and their expanding projects.
Source note: This article includes information reported by The Real Deal New York.
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