Florida
Oct 15, 2026
Three Luxury Towers Are Nearly Done as Miami's $10M Market Hits a Record
Miami-Dade recorded 194 sales over $10 million through August, a 14% increase compared to all of 2025, with three luxury towers—The Perigon, Shell Bay, and Tula—set for 2027 occupancy.
Image credit: iStock | Dee Liu
Traded Media
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4 min read
- Miami-Dade logged 194 sales above $10M through August, already 14% past all of 2025.
- The Perigon, Shell Bay and Tula have all topped out and target 2027 occupancy.
- Together they add 234 residences, from about $2M to $12.55M and up.
- Vertical construction is done on all three; interiors and amenities come next.
The Buyers Are Here. Most of the New Buildings Aren't.
Miami-Dade's top-end buyers are on pace for a record year. The county recorded 194 home sales above $10 million through August, according to MIAMI REALTORS®, already 14.1% more than all of 2025. The association projects about 291 by year-end, well past the 2021 record of 230. The supply of new construction those buyers can actually move into is much thinner. Most of this cycle's trophy towers are still years from occupancy. A small group is not: three luxury buildings that have finished going vertical and are now in the last stretch before move-ins in 2027.
Where Each Tower Stands
| The Perigon | The Residences at Shell Bay | Tula Residences | |
|---|---|---|---|
| Location | 5333 Collins Ave., Mid-Beach | 501 Diplomat Pkwy., Hallandale Beach | 7918 West Dr., North Bay Village |
| Stories / residences | 17 / 72 | 20 / 108 | 21 / 54 |
| Construction started | 2024 | 2025 | 2023 (restarted 2025) |
| Topped out | March 2026 | March 2026 | Fall 2026 |
| Occupancy target | 2027 | 2027 | Q3 2027 |
| Pricing | Remaining from $12.55M | From about $2M | From about $2M |
All three have been through their topping-out ceremonies (The Perigon and Tula were both covered here). What's left is finishing the residences and building out the amenities buyers paid for. For anyone shopping now, that is the difference between buying a rendering and buying a home you can move into next year.
The Perigon: The First Oceanfront Delivery of the Cycle in Mid-Beach
Mast Capital and a Starwood Capital affiliate say The Perigon will be the first new oceanfront condominium of this cycle to deliver in Mid-Beach. That matters because the beach has a long list of announced oceanfront projects and very few close to finished. Buyers who want something new on the sand in 2027 have a short list, and this building is at the top of it. What is left to sell sits at the top of the market. Remaining residences start at $12.55 million, including four-bedroom units from 4,869 square feet with another 1,512 square feet of terraces. The developers say the building is on pace to sell out before completion, which would put it in the same price band as the $10 million-plus sales driving this year's record.
Shell Bay: A Finished Tower Inside a Community Still Opening
Shell Bay is one tower in a 150-acre private club community, so the residences are only part of what gets completed. Witkoff and PPG Development got the 20-story building from the start of vertical work in fall 2025 to topping out in March 2026. The 48-slip marina will join the Greg Norman-designed golf course and Racquet Club, with Auberge Collection running service.
"This offering would be extraordinarily difficult to replicate."
Alex Witkoff said that at the topping out. Shell Bay sits just over the Miami-Dade line in Broward County, but it sells to the same buyers: people who want a finished building with the club already up and running around it.
Tula: North Bay Village's First New Condo in More Than a Decade
Tula is the smallest of the three developments but is also one of North Bay Village's most anticipated new residential arrivals. With Bayshore Grove Capital at the helm following the closing of a $67 million construction loan from S3 Capital, the 54-unit tower has now topped out and is targeting the third quarter of 2027. When it opens, Tula will be the first new condominium completed in North Bay Village in more than a decade. Every unit is a corner residence. Pricing starts around $2 million, which makes it the most accessible of the three for buyers who want a new waterfront building between Miami and Miami Beach.
What Comes Next
The next milestones are temporary certificates of occupancy and the first closings, all scheduled for 2027. Together these three buildings bring 234 new residences to market just as Miami-Dade's $10 million-plus sales head toward a record. How fast they close, and how much of The Perigon's remaining inventory sells before move-in, will be the first real read on whether this cycle's earliest deliveries can keep pace with the buyers already waiting for them.
Published: Oct 15, 2026Last updated: October 15, 2026