Property Markets Group is doubling down on Downtown Miami's emerging supertall corridor with plans for a 90-story Delano-branded condominium tower at 400 Biscayne Boulevard, directly adjacent to its under-construction Waldorf Astoria Hotel & Residences.

The 421-unit building, developed in partnership with London-based hospitality company Ennismore, will reach 985 feet at its apex — just 111 feet shorter than PMG's 1,096-foot Waldorf Astoria tower, which is on track to become Florida's tallest building when it reaches full height later this year. The Delano Residences Miami marks the iconic South Beach brand's first foray into branded residences.

"I thought I knew how to build a high-rise because I've done enough of them in my career, and then we championed the Waldorf, and it was an entirely new education," PMG Managing Partner Ryan Shear told Bisnow. "Because of that, you get that knowledge and that wisdom, and it's so important approaching a second supertall."

Sales are expected to launch in March with residences starting at $800,000 — a significantly lower entry point than the Waldorf Astoria, where one penthouse was listed at $50 million. Units will range from studios as small as 410 square feet to three-bedroom layouts, with select residences offering deeded, glass-encased office suites.

The tower, designed by Cube 3 and conceptual artist Carlos Ott, will feature a torpedo-like silhouette that contrasts with the stacked-cube aesthetic Ott created for the neighboring Waldorf. Amenities include Southeast Florida's first observation floor with a glass deck 850 feet above street level, a Delano Members Club with wraparound pool, a sky restaurant, and a signature speakeasy-style bar.

For Downtown Miami, the project signals continued developer confidence in the supertall format despite elevated construction costs and interest rates. PMG has already demonstrated strong absorption at the Waldorf Astoria, where more than 90 percent of units have sold ahead of its early 2028 delivery. The Delano's lower price point could broaden the buyer pool for Miami's nascent supertall segment, bringing attainable luxury to a corridor previously reserved for ultra-high-net-worth purchasers.