By Anna J KaiserFebruary 19, 2026 at 10:53 AM EST

• Property Markets Group plans to break ground on a 985-foot tower in downtown Miami next year and will partner with The Delano, a historic art deco hotel in Miami Beach.
• The Delano Residences project will target snowbirds and people looking for turnkey second homes with hotel amenities, with units starting at $800,000 and as small as 410 square feet.
• The tower will include an observation deck, a swimming pool, and a “sky restaurant”, and residents will be able to use the facilities at The Delano hotel in Miami Beach.

The real estate developer building a 1,049 foot-tall Waldorf Astoria-branded condo tower in Miami is now proposing a second supertall skyscraper down the block.

Property Markets Group, the Miami-based firm which also co-developed the super-slender building at 111 W. 57th St. on Manhattan’s Billionaires’ Row, plans to break ground on the 985-foot tower in downtown next year and will partner with The Delano, a historic art deco hotel in Miami Beach.

“In Miami, there are a lot of planned supertall towers, but it’s a heavy lift to get them out of the ground,” said Ryan Shear, PMG’s managing partner. 

Miami is undergoing a boom in new skyscrapers, but many of the tallest projects are still years off completion. Developers see the need to build vertically as the city, squeezed in between the Atlantic Ocean and Everglades, runs out of land.

Projects like Citadel’s office headquarters and the Dolce and Gabbana-branded condos haven’t officially broken ground yet. Turkish developer Bekir Okan has been working on a proposed 900-foot tower since 2017.

PMG’s own Waldorf Astoria project, which will be the city’s tallest building, is still under construction with about 90% of the units already sold. Currently, Miami’s tallest building is the mixed-use Panorama Tower, standing at 868 feet tall.

With the market for luxury condos in Miami saturated, PMG is marketing their Delano Residences project to a different demographic than the Waldorf Astoria down the street.

The Delano’s 421 units will start at $800,000 and are as small as 410 square feet (38.1 square meters). By comparison, some of the Waldorf Astoria’s more spacious condos that haven’t yet been sold start at $4.9 million.

The penthouse for the 90-story Delano building will be marketed at $50 million.

The Delano condos will target snowbirds and people looking for turnkey second homes with hotel amenities, Shear said. Ennismore, a joint venture with hotel giant Accor that manages The Delano hotel, will be responsible for the building’s amenities.

The tower will include an observation deck and a swimming pool at the 800-foot mark, as well as a “sky restaurant.” Residents will be able to use the facilities at The Delano hotel in Miami Beach — which is currently undergoing a renovation.