Miami’s Faena Forum is nearing completion, with architects OMA revealing new construction images of the culturally-inspired real-estate initiative.

The 50,000sq ft (4,600sq m) project, which is central to the development of Miami Beach, is made up of a connected cylindrical and cubic structure. The first of these offers flexible spaces for dance, theatre, arts and debate space. The second will house a hotel and condominiums.

A central assembly hall on the third floor unites the two buildings, but the spaces can also be divided into two halves and used as separate wings.

Below the cylinder, an exterior plaza along Collins Avenue is formed by removing a wedge from the front of the building. The strip is shaded by a cantilever, which is supported by white concrete with glazing panels.

In a statement, OMA said: “The solid cast-in-place concrete elements of the façade both accommodate the structural needs of the building and orchestrate key views to the surrounding buildings and the waterfronts.”

The Faena Forum has been overseen by Argentine developer and hotelier Alan Faena, who also has his own fashion label. He previously founded Faena Buenos Aires, which regenerated a disused docklands in Buenos Aires into a residential complex with a Philippe Starck-designed Faena Hotel.

The model is now being replicated in Miami as part of a billion dollar waterfront project that also includes new residential properties by Foster + Partners and the revamp of the art deco Savoy Hotel – with interiors by film director Baz Luhrman and Oscar-winning costume designer Catherine Martin, and a spa developed by consultant Inge Theron.

Faena described the overall scheme as “a new kind of cultural enterprise” that “encourages thinkers and practitioners from across a range of disciplines to collaborate and creatively collide in ways that push their practices and produce new works, new experiences, and new ideas.”

OMA partner Shohei Shigematsu said: “Culture is at the core of Faena’s vision. By curating their neighbourhood with programmatic diversity, Alan’s sphere of influence will likely extend beyond this development to the rest of Miami Beach.”

The opening of the project was originally scheduled for Q1 2016, but this has been slightly pushed back.

OMA’s most recently completed building is the Pierre Lassonde pavilion – an extension of Quebec’s Musée national des beaux-arts.