Miami Worldcenter Welcomes Sports & Social-New Bar by Live! Hospitality and Entertainment
Miami Worldcenter and Live! Hospitality & Entertainment has a deal to bring its widely regarded Sports & Social concept to the $4 billion, 27-acre mixed-use development that is reshaping Downtown Miami.
Live! Entertainment’s premier dining, entertainment, sports viewing, and social concept is called Sports & Social. One of the biggest restaurant and entertainment concept creators and operators in the US is Hospitality & Entertainment. The company’s main goal is to build iconic venues near prestigious sports arenas, world-class resort casinos, and popular entertainment and lifestyle areas around the nation.
The Sports & Social Miami Worldcenter location will occupy about 20,000 square feet in the development’s glass-encased “Jewel Box” retail building and will feature an open-air third level and a rooftop restaurant overlooking the World Square public park and plaza. It will be situated just steps from Miami’s FTX Arena.
The establishment will provide sophisticated food and drink options, including made-from-scratch gameday favorites, handmade cocktails, and specialty drinks, like its iconic Crush selection, and a variety of beers from popular local and national beers. A number of special food-related events will be held at Sports & Social, including a brunch experience you won’t want to miss on Saturdays and Sundays that will feature its renowned #brunchtails table drinks and menu favorites like avocado toast, savory breakfast skillets, and its signature Chicken & Bliss.
Sports & Social in addition to offering some of the top sporting events in the area, Miami will host a range of live music performances and unique events throughout the week. With cutting-edge technology throughout, the venue will include a striking 53-foot LED display as its focal point, which will simultaneously stream different athletic events and games.
Additionally, visitors can take part in a variety of games like shuffleboard, Beirut, skeeball, foosball, pop-a-shot, and arcade games. Each location of Sports & Social is uniquely designed with careful attention to every detail by some of the highest profile firms in the world including ICRAVE, Jeffrey Beers International, and Knauer Incorporated. ICRAVE, a highly regarded and award-winning strategy, design, and development company, is creating Sports & Social at Miami Worldcenter. ICRAVE, a Miami- and New York-based company, has been in charge of designing Sports & Social’s nationwide expansion.
Three residential towers, Paramount Miami Worldcenter, Caoba, and Bezel Miami, as well as about 175,000 square feet of retail space, were among the phases of the project that were already finished. A 351-room citizenM hotel and an additional 125,000 square feet of retail space are slated to debut at Miami Worldcenter before the end of the year.
The Legacy Hotel & Residences, a 50-story mixed-use tower with 310 branded residences atop a hotel and 50,000 square feet of medical office space, as well as the second phase of Caoba, which will encompass an adjacent 40-story tower with 420 apartments, are also under construction. The 52-story Miami World Towers, which will have 550 apartment units, is also under construction.
The Witkoff Group’s three-tower mixed-use project, which will include up to 2,000 residential units as well as 550,000 square feet of office space and an additional 50,000 square feet of retail, is one of the planned developments. The Crosby, a 450-unit turn-key condominium by Related Group and Merrimac Ventures, two “supertall” residential towers by New York-based Naftali Group, and The Crosby are a few other projects that are in the works
‘Sports & Social’ will add to Miami Worldcenter’s alluring list of recently revealed tenants, which also includes Sephora, Bowlero, and Lucid Motors as well as two food and beverage concepts, Brasserie Laurel and El Vecino, that will soon open under the direction of Michelin-starred Chef Michael Beltran. Around 110,000 square feet of leased retail space are shared by these seven businesses and the newest tenant of the property in Downtown Miami.
Co-Owner of E11even Nightclub and Partner at Titan Capital Acquired Land at Miami Worldcenter
For $30 million, Lynd Living acquired a Miami Worldcenter development site from a business run by Marc Roberts, co-owner of the E11even nightclub, and Ira Saferstein, a partner at Titan Capital.
The $4 billion master-planned mixed-use project spanning 27 acres in the Park West neighborhood of downtown Miami has added the San Antonio-based company as the newest multifamily developer to the group of apartment builders.
According to public documents, a Lynd associate purchased the roughly 0.5-acre parcel of land at Northwest 10th Street and North Miami Avenue and secured a $22.7 million financing through TIG Romspen US Master Mortgage. According to a news statement, Kevin O’Grady and Justin Neelis from Concord Summit Capital handled the finance and Lynd has hired the company to find a construction loan. Additionally, Concord Summit mediated the sale.
IRR Parkwest Investments, led by Roberts and Saferstein, was sold by the Miami-based legal firm Adams Gallinar, which was represented by attorneys Michael Gallinar and Jason Camps.
A 650-unit apartment building is permitted on the site of the development. A residential tower is being planned, according to David Lynd, CEO of Lynd. “For the time being, we are keeping it quiet. We’ll release more information as we prepare to enter the market.
According to records, the vacant property was a component of a 1-acre assemblage that IRR purchased in 2020 for $26.7 million. The remaining property is still owned by Roberts and Saferstein. Roberts, a former boxing promoter, joined master developers Art Falcone and Nitin Motwani as an early investor in the Miami Worldcenter project in the early 2000s.
In March, the Miami Worldcenter development property at 1016 Northeast Second Avenue was purchased for $40.5 million by the New York-based Naftali Group and Chicago-based Akara Partners. The CEO of Naftali, Miki Naftali, is constructing two residential towers, but the company hasn’t said whether the structures would house condos or apartments.
Adam Neumann, a co-founder of WeWork, received $108 million in construction financing in February for a new apartment building on a bare lot at Miami Worldcenter. It shares a boundary with Caoba, a 40-story apartment complex at 698 Northeast First Avenue. Both the development site and Caoba’s ownership organization were purchased by Neumann.
New York Developers Purchase Site to Build a Two Tower Residential Project for $40.5 Million
The Namdar Group recently purchased a development site for $40.5 million with plans to construct a two-tower residential and apartment project in downtown Miami.
According to county records, the New York-based company purchased 1.3 acres in two agreements at 50 and 60 Northeast Third Street and at 222 and 234 Northeast First Avenue.
Namdar additionally obtained a $195 million loan for the purchase and development of the skyscrapers. Scale Lending, a subsidiary of Slate Property Group, supplied the funding.
A 41-story structure with 640 units and a 43-story building with 714 units would make up the proposed Namdar Towers, which would have combined square footage of more than 1.2 million.
According to records, entities led by Daniel Stone paid $30.5 million for the parking lot and land at 50, 60, and 222 Northeast First Avenue as well as the parking lot at 50 and 60 Northeast Third Street.
The retail building at 234 Northeast First Avenue was sold for $10 million by a partner of Jaime and Esther Waserstein, who founded the ShoeGallery company in Miami. There is a ShoeGallery store on the premises.
According to its website, Namdar is a family-owned development company that was established in 1979. Ephraim Namdar, who has previously been named in media sources as the company’s founder and CEO, is in charge of running the LLC that bought the Miami property.
Igal Namdar’s commercial real estate investment company, Namdar Realty Group, which buys bankrupt retail centers, also has a New York address that is shared by Namdar.
The Journal Square district of Jersey City has seen activity from the corporation. According to the real estate website Jersey Digs, Namdar completed the tops of two mixed-use towers with a total of 27 stories and 667 residences in July.
Namdar Towers would be the newest development in downtown Miami, which has attracted the attention of multifamily developers.
A 48-story tower with 1,200 flats is what Jorge and Jon Paul Pérez’s Related Group and ROVR Development hope to erect at the site of the College Station Garage at 190 Northeast Third Street. The Namdar Towers location is direct across the street from this one.
The 57-story, 675-unit M Tower is what Lions Group NYC and Fortis Design + Build hope to erect at 56, 70, and 65 Southwest Second Street.
Hyatt and Gencom plan to transform the James L. Knight Center and adjoining Hyatt Regency Miami hotel into a three-tower complex called Miami Riverbridge as part of another downtown redevelopment. 1,500 apartments, a new Hyatt hotel with 615 rooms and 264 service-branded flats, as well as a 190,000-square-foot conference center are all part of the plans.
A referendum on the plan will be held in November.
Related Group Requesting Permission to Develop Mixed Use Project on Miami River
The Related Group’s affordable housing division, Related Urban Development Group, is requesting permission to develop a mixed-income housing development on Miami-Dade County property close to the Miami River.
The ground lease and development agreement with the Miami-based developer for the 1.05-acre site at 395 N.W. 1st St. and 25 N.W. River Drive will be up for consideration by the County Commission on September 1. There is a two-story county office building there right now.
The site is close to Interstate 95 to the west, Flagler Street Bridge to the north, and Lummus Park to the south.
In January 2021, the county released a request for proposals (RFP) to find a developer for the land, and Related Group was selected as the successful bidder.
The developer would lease the land from the county under the proposal for 75 years in exchange for a $1.54 million down payment and annual fee equal to 16.5% of the project’s revenue flow. Over the course of the lease’s 75-year term, the county calculated that the payments would total $238.8 million.
The Gallery at Lummus Parc was a project that Related Group predicted would cost $151.7 million to complete.
It would include 439 apartments in two 30-story towers, as well as 5,400 square feet of retail space, a 478-place parking garage, and a cultural installation showcasing Lummus Park’s heritage. An overpass over Northwest First Street would connect the towers.
On the eleventh floor, there would be an amenities deck with a pool, a club room, a workout facility, Zoom rooms, a game room, and a lounge.
Some of the apartments would have cheaper rents and be income-restricted. According to the agreement, 20% of the flats would be reserved for residents earning up to 50% of the area median income and another 20% for residents earning up to 140%. There would be no constraints on income for the remaining flats.
Miami’s average household income is $44,268. The Gallery at Lummus Parc is anticipated to fill some of that demand as local workers have found it more and more difficult to afford residences in the city due to recent double-digit rent increases.
The sizes of the flats would be between 495 and 1,220 square feet. There would be 28 three-bedroom homes, 99 studios, 177 one-bedroom units, and 135 two-bedroom units.
The Related Group representatives declined to comment. According to the proposal, a federal opportunity zone investment fund, Charlotte, North Carolina-based Grandbridge Real Estate Capital, and low-income tax credit equity from JPMorgan Chase and Raymond James would all contribute to the project’s partial funding.
The concept was created by Miami-based CFE Architects. The developer is represented in the application by Miami attorneys Terry M. Lovell and Al Dotson Jr.
Miami River Dream Hotel Officially Approved by Voters
Voters in Miami approved a new 100-year lease for the builders of a proposed mixed-use project on the Miami River with the Dream Hotel as its anchor in a low turnout election.
The restaurant and entertainment complex Wharf Miami is currently located on a 1.5-acre city-owned site at 114 Southwest North River Drive. MV Real Estate Holdings, led by Alex Mantecon and Guillermo Vadell, and its partner Driftwood Capital, led by Carlos Rodriguez Jr., can now move forward with their plans to transform the location.
A majority of 34,745 voters approved the referendum, allowing the Miami City Commission to forgo competitive bidding and negotiate the lease with MV and Driftwood.
Voters had approved a deal in 2016 providing Riverside Wharf a 30-year lease with the possibility of two additional 10-year lease terms. MV agreed to construct a 30,000-square-foot entertainment center in exchange for paying the city a minimum of $195,000 in rent each year and spending at least $7 million to rehabilitate public space, including a new riverwalk in front of the construction.
Under the Dream brand, the joint venture plans to construct a $185 million mixed-use development anchored by a 165-key hotel. The 200,000 square-foot Riverside Wharf project, designed by John Cardello of Cube3 architects, would also have 16,000 square feet of eateries, a 12,000 square-foot event hall, a 30,000 square-foot nightclub, a rooftop day club, and 600 feet of river frontage. The new building would house Wharf Miami as a tenant.
MV and Driftwood agreed to pay 50 percent more rent than the city was expected to receive in a previous development proposal that was approved by Miami voters in 2016 in exchange for the new lease and development rights. They also agreed to raise the minimum amount of private investment from $7 million to $30 million.
According to campaign finance disclosures, the developers invested $311,000 in advertising, phone banks, and other voter turnout initiatives. The Riverside Wharf political action committee inundated voters’ mailboxes with pamphlets touting the project in the weeks running up to Tuesday’s primary election.
According to the mailers, Riverside Wharf will generate 600 new jobs and is a “state-of-the-art sea level rise program for future generations.” Before election day, there was not much opposition to the idea.
Because MV and Driftwood drastically altered the scope and size of the development that voters initially approved six years ago, the project—which never got off the ground—needed another referendum.
Highest Penthouse at Paramount Miami Worldcenter is Now For Sale at $10.71 Million
At the current price of $10.71 million, the tallest penthouse in RPC’s Paramount Miami Worldcenter is now for sale.
With sweeping views of Miami from the 57th and 58th floors of the tower, Penthouse 5700 has 5,225 square feet spanning throughout four bedrooms, five and a half bathrooms, and a den that can be utilized as either a home office or a library in the unit. An open-style chef’s kitchen, floor-to-ceiling windows, double-height ceilings, and plenty of space for entertaining are included in the amenities of the property.
Penthouse 5700 will have access to the building’s 46 amenity spaces, which are the most residential amenities in the world and include the nation’s first outdoor soccer field in a high-rise residential building, resort-style swimming pools, tennis courts, a Tai Chi deck, and a boxing studio.
The purchaser will be residing among celebrities thanks to Paramount’s comprehensive array of sporting amenities, which has drawn a wide range of professional athletes.
Located in Miami Worldcenter, an entire city within a city and the second largest master-planned urban project in the country, Paramount offers walkable access to the best restaurants, cultural and entertainment venues in town.
The 58-story Paramount Miami Worldcenter, which was completed in August 2019, has 569 condo homes with studio, one, two, and three-bedroom floor layouts, as well as penthouses.
The Paramount Miami Worldcenter’s ordinary tower residences have interior square footage of 1,294 to 2,376 plus balconies, whilst its penthouse residences have interior square footage of 3,509 to 6,000 plus balconies.
The typical condo homes at Paramount Miami Worldcenter have either 11-foot- or 14-foot-deep terraces, private elevators, and 10-foot high ceilings with floor-to-ceiling glass windows.
Eight magnificent bi-level penthouses at Paramount Miami Worldcenter include 20-foot high ceilings, floor to ceiling glass windows, and panoramic views of the city and lagoon.
Elkus Manfredi Architects created Paramount Miami Worldcenter, which was created by Paramount Ventures. ID & Design International created the lobby and common areas.
New Research Shows Miami is on the Way to Being the Next Silicon Valley
According to recent research from Moody’s Analytics, a division of New York-based Moody’s Corporation, the expansion of Miami-Dade County’s finance and technology sectors significantly boosted the region’s office market throughout the pandemic leaving the potential for Miami to replace Silicon Valley.
Miami has the potential to develop into a prosperous tech center, according to Lu Chen, a senior economist at Moody’s and co-author of “The Growing Power of Tech on Miami’s Commercial Real Estate Market.”
Fintech companies have found The Magic City to be the most alluring. According to the survey, businesses from New York are increasingly choosing to relocate to Miami due to high taxes, building/office costs, as well as housing.
For instance, the report stated that the fintech business FundKite moved its headquarters from New York to Miami “because it has become a solid hub for the financial industry and has a lot of good expertise and manpower accessible.”
This continued pattern has allowed the office landlords in Miami-Dade County to raise rent demands faster than the national average, including in San Francisco, California.
According to the survey, incomes for STEM (science, technology, engineering, and math) workers in South Florida have not increased as much as asking rents in Miami-Dade.
The average salary for STEM workers nationwide increased by 6.8% in 2021 compared to the previous year. San Francisco saw a 1.9% increase in STEM earnings. Their increase in South Florida was only 0.9%.
As of August 13, the typical STEM job nationwide paid $53,428 per year. STEM jobs in Florida typically pay $40,081 a year. In California, STEM salaries pay an average of $48,899 annually.
In contrast to the San Francisco Bay area and other well-established technology centers, South Florida has a very small proportion of the total number of tech jobs.
According to Chen, only 3% of jobs in South Florida are in the high-tech sector, compared to 23.5% in the San Francisco area.
Other challenges for Miami’s expanding technology sector, according to Moody’s, include the impact of climate change, South Florida’s transportation infrastructure, the underrepresentation of minorities in higher-level positions, and concerns about educational standards.
The San Francisco Bay area has significantly more prestigious universities that develop technology talent, according to the study on education. The report states that “Miami must attract more students interested in tech.”
However, the survey noted that there is cause for hope because there are regional initiatives like Computer Equity Miami that seek to increase accessibility to tech education for all of its citizens. Miami’s advantages also include a high concentration of banks and businesspeople.
South Florida ranks sixth in the nation for the proportion of all U.S. entrepreneurs. Moody’s attributed this ranking to the region’s 150 banks and 500,000 accredited investors, which offer a variety of choices for raising financing.
Miami is attracting a lot of interest from bitcoin businesses as a result of Miami Mayor Francis Suarez and other local leaders placing significant bets on the technology.
Suarez’s efforts to establish Miami as a crypto hub, according to David Caputo, a commercial real estate data quality analyst for Moody’s, have aided in luring crypto businesses to that city, including Blockchain.com, which has reportedly facilitated more than $1 trillion in crypto transactions since its establishment in 2011.
According to Moody’s research, the future of cryptocurrencies may very well determine Miami’s status as a global tech hub. Although the value of cryptocurrencies has fallen recently, the report’s co-author Caputo claimed there isn’t much of a negative for Miami.
New York Developer Acquires Belmar Condominium in Edgewater for a Potential New Development Site
Another potential development site in Miami’s Edgewater neighborhood has been acquired by a New York condo and multifamily developer.
According to public documents, a company managed by Joseph Stern, the principal of SB Development, paid $12 million for all 13 apartments of the Belmar Condominium at 419 Northeast 19th Street. The price per condo for the group purchase is $923,076. To pay for the transaction, the buyer got a $14 million loan from Rok Lending, a company based in Aventura.
Between the 1970s and the 1990s, several of the sellers who bought units made substantial profits on their purchases. In 1973, when Belmar was finished, Francesca, Monica, and David Vila paid $36,000 for a two-bedroom apartment, according to documents. Leopoldo Colon and Kenneth Merker, who are on the board of the Belmar condominium, paid $40,00 and $41,00 for their respective apartments in 1993 and 1994. After Stern’s company completed the bulk sale, the condo association was disbanded, according to records.
The five-story Belmar, which is tucked up against the Cité on the Bay Condominium, might be SB Development’s upcoming renovation endeavor in Edgewater. There are no plans on file with the city of Miami.
For $12.2 million, SB and its joint venture partner Hazelton Capital Group purchased a five-bedroom home at 480 Northeast 29th Street as well as two nearby vacant properties. The land is zoned for up to 38 floors, and the partnership aims to build a boutique apartment tower with a bayfront restaurant on the ground floor.
According to the company website, SB, which was founded in 2010, has more than 500,000 square feet of projects in various stages of development, from townhomes to high-rise buildings. For a construction site in Long Island City where the company intends to construct a $70 million, 24-story apartment tower, SB paid $15.2 million in 2019. SB also contributed to the development of Williamsburg’s Dime, a mixed-use housing and retail complex.
Cipriani Residences Miami Reveals New Interior Renderings
With the newest condominium project in Miami, Cipriani Residences Miami is adding to its illustrious portfolio once more with its exclusive first glimpse at the exquisite interiors of the highly anticipated development.
The renowned hospitality organization chose the internationally renowned studio 1508 London to design the interiors of Cipriani Residences Miami, which is the group’s first residential skyscraper built from the ground up. 397 homes with one to four bedrooms will be available in the building, all of which have views of Coconut Grove, Brickell, and Biscayne Bay.
The Cipriani Residences Miami exudes a stylish, contemporary ambiance, similar to the burgeoning Brickell district, but with a European flair. Consider furniture covered in Italian leather, chandeliers from Venice, and rooms with beautiful walnut finishes. The enormous curved glass high-rise by Arquitectonica blends seamlessly with the city’s financial district’s skyline.
The double-height foyer, which modernizes Venetian design, is one of the building’s most alluring aspects. The elegant area is layered with Italian terrazzo floors, oak accents, and an actual Murano glass chandelier. It was designed to transition from day to night. The color scheme combines distinctive Cipriani tones with warm camel and blue tones.
Each house, which ranges in size from 1,213 square feet to 3,495 square feet, includes floor-to-ceiling glass windows, large terraces, and lofty 10-foot ceilings as standard features. Among the opulent features you’ll discover inside are open eat-in chef kitchens, integrated Wolf Sub-Zero appliances, and light pendants with Art Deco influences, as well as Dornbracht fixtures in the main bathroom and, of course, handcrafted Italian cabinetry designed to reflect the Cipriani aesthetic.
CEO and Founder of Mast Capital stated, “The interior design of Cipriani Residences Miami demonstrates a fundamental richness that recalls the timeless elegance of four generations of the Cipriani family. 1508 London has envisioned an offering that captures both the inherent spirit of Cipriani and the sophisticated lifestyle of Miami.”
The developer is expecting a sellout of approximately $1 billion. The groundbreaking is anticipated for the end of 2022 with a top-off date in 2025 with a completion date in 2026. Reservations are expected to be converted to contracts next month which will coincide with the launch of their sales center.
If you or someone you know have an interest in purchasing at Cipriani Residences Miami, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
A New Speakeasy Bar to Open in Downtown Miami-Freddys
Freddys, a speakeasy-themed bar, will debut on August 25 in the heart of downtown Miami and is located right within the InterContinental Miami hotel.
Take the escalator up to the lobby, then search for a plain white door leading to the Chopin ballroom towards the rear of the building. You will be given instructions on how many times to tap (think morse code) and how to accomplish it after receiving your desired reservation.
According to the website, “Our host will permit entrance to those with the correct knock.”
You’ll discover a romantically lit treasure box with soft chairs, elaborate Oriental rugs, and a candlelit bar behind the embellished curtains. Here, you may order drinks that evoke the Prohibition era and are created with herbs, house-made bitters, and freshly squeezed juices.
Due to Freddy’s limited seating capacity of 12 people, reservations are required only for seatings at 5 p.m., 7:30 p.m., and 10 p.m. on Thursday, Friday, and Saturday nights.
This quiet, inconspicuous lounge is perfect for the gram. There’s also a coat rack brimming with flapper-inspired accessories located at the entryway to dress like you’re in the actual era.
Freddy’s is located at 100 Chopin Plaza at the InterContinental Miami. For more information, click here.
