One Thousand Museum is well underway in downtown Miami, but it was missing one key component to ensure the $450 million project’s completion — permanent construction financing.

The high-end condominium tower, which has been deemed an icon even before its delivery, is rising simultaneously with several other luxury condo and apartment buildings across South Florida. Its 83 residences are competing with a big inventory of newly built condos and existing units up for resale, as well as thousands under construction.