With little room for horizontal footprints in Miami, developers are almost literally reaching for the stars, with several planning on towers that would be among the tallest in the city. Property Markets Group recently filed plans for a 1,036-foot hotel and condo tower, 300 Biscayne Residences, that it says will be the tallest residential building south of New York City, The Miami Herald reported. Another, Panorama, reaches 868 feet, making it Miami’s current tallest building. How high do you think developers will go?

Elsewhere in Miami real estate this week:

• A new linear park, The Underline, recently received $15 million in funding from Coral Gables City Commission on top of the $50 million it previously received from Miami City Commission. The urban trail, which is currently planned to stretch 10 miles, has the potential to transform the cityscape, just as the High Line did in New York and The 606 is doing in Chicago.
• A new Edgewater condo building shaped like a telescope is scheduled to break ground next week. The 57-story, waterfront Elysee will have 100 half-floor residences ranging from 2,300 to 4,000 square feet and starting at $1.5 million, according to Curbed. A sky lounge on the 30th floor will have a dining room, bar, chef’s kitchen, library, game room and wine room.
• Art Basel is in full swing right now in Miami, with star-studded, glamorous parties happening wherever you turn. But The Real Deal reports that many of the city’s top luxury agents are hosting more intimate cocktail parties at their properties in an effort to catch the eye of an art lover who might also be in the market for a new home.