You’ve probably seen the photos. That stark, white curved silhouette hugging the coastline at 3315 Collins Avenue. It looks like a high-end radiator or maybe a futuristic cruise ship that accidentally docked on the sand. Honestly, though? Most people talk about Faena House in Miami Beach like it’s just another playground for the ultra-wealthy to park their cash.
They aren’t entirely wrong.
But if you look at the actual bones of this place—the "Aleros" that wrap around the building like giant concrete ribbons—you realize it’s actually an architectural experiment that worked. Developed by Alan Faena and designed by Foster + Partners, this 18-story tower didn't just break price records. It changed how developers think about the "Mid-Beach" neighborhood.
The Alero Obsession
In Argentina, an alero is basically a deep porch or an overhang. At Faena House, it’s the whole point of the building. Lord Norman Foster didn't just stick balconies on the side of a glass box. He engineered these massive, wraparound terraces that range from 4 to 37 feet deep.
That is huge.
It’s deep enough to have a full outdoor living room without feeling like you're teetering on a ledge. Because the glass walls—some of them 12 feet wide—slide completely out of the way, the interior floor (often White Venetian Terrazzo) flows right into the terrace. There’s no lip or track to trip over.
It’s seamless.
The building is also aerodynamic. It’s designed to funnel the Atlantic breeze through the units so you don’t have to blast the AC 24/7. Whether people actually turn off their climate control is a different story, but the tech is there.
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Who Actually Lives Here?
The "billionaire bunker" label stuck for a reason. In 2015, Ken Griffin (Citadel) famously dropped $60 million for the penthouse and the unit below it. He never even moved in. He eventually sold the penthouse for $35 million in 2020.
A $25 million loss. Ouch.
But the roster of owners hasn't really lost its luster. You've got (or had) Lloyd Blankfein of Goldman Sachs, Larry Gagosian the art dealer, and British billionaire Alan Howard. Even Kanye West reportedly bought a unit for Kim Kardashian as a Christmas gift back in 2018 for around $15.5 million.
The building only has 47 residences. That is tiny for a 18-story tower in Miami.
It makes the place feel more like a private club than a condo. You aren’t fighting for a spot at the fitness center or waiting ten minutes for an elevator. The elevators, by the way, are finished with Japanese silk paper and Bendheim glass. They move at 500 feet per minute. Fast.
It’s Not Just a Building, It’s a District
You can't really understand Faena House in Miami Beach without talking about the Faena District. Before Alan Faena showed up, this stretch of Mid-Beach was kind of... sleepy. A bit run down.
He didn't just build a condo; he built a neighborhood.
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- Faena Hotel: The one with the $15 million 24-karat gold woolly mammoth skeleton (by Damien Hirst) in the garden.
- Faena Forum: A massive, white cylindrical arts center designed by Rem Koolhaas and OMA.
- Faena Bazaar: A weirdly cool retail space that feels more like a gallery.
Residents get access to all of it. If you live at the House, you have a private beach club, but you can also wander over to the hotel for a show at the Faena Theater or dinner at Los Fuegos. It’s a "curated life," which is marketing speak for "everything is taken care of for you."
The Real Cost of Living
Let's talk numbers because they're wild. The HOA fees are not for the faint of heart. We are talking roughly $3.60 to $4.00 per square foot per month.
If you have a 4,000-square-foot unit, you’re paying $15,000 a month just to keep the lights on and the pool clean.
But what do you get? A 24-hour doorman, five-star concierge, and a spa that looks like it belongs in a Bond villain’s lair. The kitchens are custom Molteni Dada with glossy white lacquer and Miele appliances. The master bathrooms have radiant heated floors (yes, in Miami) and Bianco San Carlo marble.
Unit Breakdown (General)
- 1-Bedroom: Around 1,300 square feet.
- 2-Bedroom: Roughly 2,200 square feet.
- 4-Bedroom: Up to 4,700 square feet.
- The Penthouse: Over 8,000 square feet of interior space and nearly as much exterior space.
The 2026 Market Reality
If you're looking at Faena House today, the market is a different beast than it was in the "everything-goes-up" era of 2021. Interest rates have stabilized, but they aren't back to the floor. High-end inventory in Miami is still tight, but buyers are way more selective.
They want "perfect."
Faena House still holds its value because it’s "trophy real estate." It’s like owning a Picasso. It doesn't really matter what the house next door sold for; there is only one Faena House. That said, the days of flipping these for a $10 million profit in six months are mostly over.
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It’s now a long-term play for people who actually want to be in the district for Art Basel and the social season.
Actionable Insights for Potential Buyers
If you are actually considering a unit here, don't just look at the floor plan. Check the alero orientation. Units facing south get great light, but the wind can be intense on the higher floors.
Also, look into the "staff quarters" options. Some units come with them, and in a building like this, having that extra space for a nanny or private chef is a major resale factor.
Finally, walk the neighborhood at night. The Faena District is lively, especially during the winter months. If you want "quiet and secluded," this might not be it. If you want to be at the center of the cultural universe for two weeks a year, there’s nowhere better.
Current resale status: Expect to see fewer than five units on the market at any given time. Inventory is low because once people get in, they usually realize that nothing else in Miami offers quite this much outdoor space.
Next steps: Verify current assessment schedules with the HOA. Older luxury towers in Miami are facing stricter inspections and higher insurance premiums in 2026, and while Faena is relatively new, the salt air is relentless. Request a full "Estoppel Letter" to see exactly what the monthly carry looks like before signing anything.