Developers for Legacy Hotel & Residences Receives Third Largest Construction Loan Ever in Florida

Developer Dan Kodsi’s Royal Palm Companies recently received a $340 million construction loan for Legacy Hotel & Residences. New York-based real estate lending joint venture Silverstein Capital Partners, provided the loan for a condo-hotel construction tower that will be located in Downtown Miami at Miami Worldcenter.

According to a press release, the financing is the third-largest construction loan ever made in Florida, behind two others for projects in Miami-Dade. The other two loans were for the building of The Estates at Acqualina in Sunny Isles Beach ($558 million) and Five Park in Miami Beach ($345 million).

Legacy Hotel & Residences began selling in late 2019 and despite the pandemic, it is already entirely pre-sold, with $160 million in sales.

The luxury tower located at 942 Northeast First Avenue, will rise 50 stories at 668 feet tall making it the second tallest tower at Miami Worldcener. This mixed-use development will feature 312 residential units, 262 luxury hotel rooms, a business center, medical office, retail space, and rooftop atrium.

The residences will include studio to 2 bedroom floor plans with 368 to 964 square feet options. The units will be fully finished and furnished. One of the unique things about Legacy is that residents will be able to rent their units without any restrictions. This includes utilizing a short-term rental company, whether its the Legacy’s rental program, Airbnb, or VRBO.

Not only is this loan one of the largest construction loans in Florida but this is also Silverstein Capital Partner’s first South Florida loan. Larry Silverstein of Silverstein Properties is an affiliate of the financial group and also led the development of the World Trade Center after 9/11.

Kobi Karp Architects, Design Agency, and ID & Design International designed the structure.

The ground-breaking for Legacy Hotel & Residences occurred in August 2021 and is expected to reach top-off in 2024.

Construction on Miami World Center ‘Jewel Box’ Begins

Miami Worldcenter is a 27-acre urban destination development that will bring new businesses, real estate opportunities, and most of all a new energy to downtown Miami. This site will be a unique blend of commercial and residential towers including Paramount Miami Worldcenter, Miami Worldtower, and Legacy Tower.

Construction for the signature “Jewel Box” in the middle of Miami Worldcenter will feature a retail building that will be located at 150 N.E. Eighth Street. The 2-story tower will boast 78,000 square feet of retail space with a rooftop terrace and public gathering space.

Developed by Miami-based Miami Worldcenter Associated and Los Angeles-based CIM Group. The Jewel Box will be designed by Coral Gables-based Nichols Brosch Wurst Wolfe & Associates.

Managing partner of Miami Worldcenter Associates stated, “The final elements of this world-class retail development plan are coming together, and the design and concept for the signature ‘Jewel Box’ element reflects the strong feedback we’ve received from brands from around the world and across South Florida.”

The jewel box will feature floor-to-ceiling glass that will reflect the outside elements that will create a jewel-like effect. Mixing the designs of a boutique retail space and diverse entertainment, the jewel box will be the “go-to” place for all Miami residences.

Construction for the jewel box is currently underway and the anticipated completion date is scheduled for the summer of 2022. Once the full Miami Worldcenter project is complete, the developers are estimating that the cost of the project is $4 billion.

The jewel box is a part of the 130,000 square feet of retail that is already under construction at the Miami Worldcenter with another 150,000 square feet already completed.

Legacy Hotel & Residences Breaks Ground

The highly anticipated Legacy Hotel & Residences finally broke ground today at the development site located at 942 NE 1st Avenue in the heart of downtown Miami. In attendance was Ken Russell (City of Miami Commissioner), representatives of Royal Palm Companies, and Peggy Olin (Owp Property representative).

Also known as Legacy Miami Worldcenter, Legacy is one of the newest pre-construction residential towers located in Park West Miami. The luxury tower will rise 50 stories at 668 feet tall making it the second tallest tower at Miami Worldcener. This tower sold out of all the units prior to the groundbreaking and is the first development to sell out prior to construction.

This mixed-use development will feature 312 residential units, 262 luxury hotel rooms, a business center, medical office, retail space, and rooftop atrium with all of the luxury amenities a 5-star hotel could offer.

The residences will include studio to 2 bedroom floor plans with 368 to 964 square feet options. The units will be fully finished and furnished. One of the unique things about Legacy is that residents will be able to rent their units without any restrictions. This includes utilizing a short-term rental company, whether its the Legacy’s rental program, Airbnb, or VRBO.

CONSTRUCTION INFORMATION

• DEVELOPER: ROYAL PALM COMPANIES
• ARCHITECT: KOBI KARP
• DESIGNER: ID & DESIGN INTERNATIONAL

HOTEL AREAS (GROUND LEVEL AND PEDESTAL)

• SPECTACULAR 40 FT. HIGH LOBBY WITH GLASS ELEVATORS
• SIGNATURE INTERNATIONAL RESTAURANT
• FULL-SERVICE CAFÉ WITH LOCALLY SOURCED BAKED GOODS
• FIRST OF ITS KIND INTERNATIONAL BUSINESS LOUNGE
• GRAND BALLROOM AND EVENT SPACES
• SHUL WITH KOSHER KITCHEN

ONE ACRE POOL DECK (9TH FLOOR)

• LARGEST DOWNTOWN HOTEL POOL DECK
• MULTIPLE WATER FEATURES AND FULL-SERVICE POOL
• SIGNATURE RESTAURANT SERVING ALL MEALS
• BAR AND LOUNGE
• LUXURIOUS DECK FURNITURE
• LUSH LANDSCAPING
• PLUSH CABANAS

ROOFTOP ATRIUM AND EVENT SPACE

• DECADENT LOUNGE WITH SEATING AMIDST GARDENS
• FULL-SERVICE BAR FOR INDOOR AND OUTDOOR SEATING
• CANTILEVERED, INFINITY-EDGE, SINGAPORE INSPIRED POOL
  500-FEET IN THE AIR
• ROOFTOP SUNDECK WITH ENDLESS DOWNTOWN VIEWS
• PLENTIFUL EVENT SPACE

CENTER FOR HEALTH & PERFORMANCE

• 50,000 SQ FT MEDICAL CLINIC WITH SUITES
  FOR HEALTH AND PERFORMANCE
• DIAGNOSTICS AND TECHNOLOGY
• VIP HEALTH CLUB WITH OPERATING ROOMS
  AND PRIVATE VIP ENTRANCE
• ADVANCED PERFORMANCE TESTING CENTER

WELLNESS (SOME COSTS MAY APPLY BASED ON USAGE AND PROCEDURES)

• MEDICAL FITNESS WITH PRESCRIPTION FOR HEALTH
• VITALITY SPA
• FITNESS STUDIOS
• SPORTS MEDICINE/PHYSICAL THERAPY
• EUROPEAN STYLED STEAM ROOM
• RELAXING SAUNA
• ALTITUDE TRAINING ROOM
• CRYOTHERAPY CHAMBERS
• JUICE/BEVERAGE BAR
• IV NUTRITION THERAPY

All but 2 of the 312 units have sold for a combined value of $212 million. Average prices range between $350,000 to $2 million. Royal Palms closed on the construction loan in May 2021. Legacy Hotel & Residences is expected to be completed by 2024.