Miami Worldcenter Completes Construction on 255,000 Square Feet of Retail Space
The Miami Worldcenter’s “Jewel Box,” which has a contemporary design and is enclosed in floor-to-ceiling glass, is situated at the intersection of the 7th Street Promenade and World Paseo open-air retail pedestrian streets, directly west of the development’s upcoming CitizenM boutique hotel and north of the finished luxury apartment tower Bezel Miami.
Approximately 255,000 square feet of retail space have now been finished at Miami Worldcenter with the completion of F-East as tenants actively finish out their spaces.
Another 80,000 square feet of lifestyle-focused retail space has been constructed by Miami Worldcenter’s developers. Block F-East, a standalone structure that is part of the $4 billion mixed-use complex in the center of Downtown Miami, is one of the last retail components of the 27-acre project to be completed.
Sephora, lululemon, Savage x Fenty, Ray-Ban, Posman Books, and Lucid Motors are among the impressive list of recently opened and upcoming tenants at Miami Worldcenter. Other dining and entertainment options include Bowlero, Sports & Social, Michelin-starred Chef Michael Beltran’s Brasserie Laurel, El Vecino, and Chicago’s Maple & Ash and Etta restaurants.
The 300,000 square feet of retail, restaurant, and entertainment space at Miami Worldcenter, one of the largest private urban real estate developments in Florida, will be complemented by a variety of residential, business, and hospitality applications.
Miami Worldcenter Associates, directed by Principal Art Falcone and Managing Partner Nitin Motwani, and CIM Group are the project’s master developers.
Three finished residential towers—the PARAMOUNT Miami Worldcenter, Caoba, and Bezel Miami—can now be found in Miami Worldcenter. The 351-room CitizenM hotel is now finished with construction and is scheduled to debut at Miami Worldcenter in the first quarter of 2023.
In addition, work is being done on phase one of the 52-story Miami World Towers, which will include 550 apartment units, Legacy Hotel & Residences, a mixed-use building with 310 branded residences atop a hotel and 50,000 square feet of medical office space, and Caoba’s second phase, which will include a nearby 40-story tower with 420 apartments.
There are several planned projects, including The Crosby, a 450-unit turn-key condominium by Related Group and Merrimac Ventures, and 600 Miami Worldcenter, a 579-unit fully furnished condominium by Aria Development Group and Merrimac Ventures, a mixed-use residential and commercial development by Abbhi Capital, a residential development by the New York-based Naftali Group, and a three-tower mixed-use project by The Witkoff Group that will have up to 2,000
World Square, a 20,000-square-foot outdoor public plaza and park, will complement Miami Worldcenter’s shopping streets. With its abundance of open space, shade trees, and spacious, pedestrian-friendly sidewalks lined with food, entertainment, and retail concepts, World Square is intended to act as the hub of the development.
A $5 million public art project at Miami Worldcenter, organized by the Miami-based curatorial collective PRIMARY and renowned art dealer Jeffrey Deitch, would turn the 27-acre “city within a citystreets “‘s and buildings into a permanent outdoor art museum. Large-scale murals, paintings, and sculptures produced by internationally renowned artists such as Nina Chanel Abney, Woody De Othello, Viktor El-Saieh, Nick Cave, Trenton Doyle Hancock, Hernan Bas, Serge Toussaint, Zadok Ben-David, and Franz Ackermann will be included in the program once it is finished.
Ten city blocks make up Miami Worldcenter, which is next to Museum Park, which is home to the Frost Museum of Science and Pérez Art Museum Miami, as well as the FTX Arena, Adrienne Arsht Center for the Performing Arts, and Wolfson Campus of Miami Dade College. Miami Worldcenter is the largest and best-connected transit-oriented development in Florida thanks to its proximity to Brightline’s MiamiCentral station, which provides direct train service to Fort Lauderdale, West Palm Beach, and Orlando and access to Tri-Rail, the Metromover, and the Metrorail.
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.
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.
Spinning Pan Am Globe Installed at Miami “World”center
Since the Miami Museum of Science closed its South Miami Avenue building in 2015, the enormous 1934 Pan Am globe of the world that once welcomed guests to the museum. The massive and vibrant sphere has since undergone substantial restoration, and it has been placed in its new, permanent outdoor location at the massive Miami Worldcenter complex in the Park West neighborhood.
In South Florida, the globe is a significant historical item. The former Pan American station on Dinner Key, which is now Miami City Hall, is where the 31-foot-5-inch, 6,500-pound globe was began.
Since moving it to the Frost Museum’s new facility would have been too difficult, the Miami Worldcenter will start spending $700,000 starting in 2020 to restore and weatherproof the globe with its original “approximately 1934” era lines.
A representative of the Miami Worldcenter stated “The Pan-Am globe depicts the world at a critical point in history – prior to World War II and when Miami was first realizing its position as a gateway for tourism and transportation.”
“It was important to the museum to find a partner that would care for this historic piece and ensure that the community can continue to enjoy this local icon,” stated the President and CEO of the Frost Museum.
Once complete, the Miami Worldcenter will feature 27-acres of retail, restaurants, shopping venues, and entertainment destinations. Retail will include 300,000 square feet of space and 40+ businesses.
Some notable retailers have already signed leases for the Miami Worldcenter which include Bowlero, Lucid Motors, and Sephora. Two luxurious restaurants are also named as the new lease holders, Maple & Ash and Laurel Brasserie. Maple & Ash is a famous Chicago restaurant that has now expanded to Arizona and now Miami. Laurel Brasserie is Miami Chef’s Michael Beltrans creation, with an anticipated opening date this summer.
New-York Developer Proposes Two Super Tall Towers at Miami Worldcenter
New York-based developer, Naftali Group, recently announced their plans to build two residential buildings at the Miami Worldcenter. Naftali is entering the height of the Miami construction boom where the demand for residential units is so great, that they hope to relieve some of the market stress with this new development.
The proposed site located at 1016 Northeast Second Avenue expands over 44,500 square feet which will include retail, co-working space and residential units. The Naftali Group paid $40.5 million for the property after the seller, Akara Partner paid $18.8 million in July 2020. The deal has been in the works since last year.
Pre-sales for the two ‘supertall’ towers are planned to begin by the end of the year. Naftali has stated they they are not sure whether that the project will include condos, apartments, or both.
In a statement released by the developer, they have be actively looking at sites in Miami for the past 9 months and the owner believes the property is “a truly unique opportunity to develop in the downtown Miami urban core.”
Additional details about the development will be released in the next few months.
Naftali Group has also purchased an 8,227 square foot lot on Eleventh Street across from the Metromover Station. This lot will allow a project up to 1.3 million square feet. Naftali Group has a mixed portfolio including 37 residential project totaling $12 billion in value.
The Miami Worldcenter is designed around several projects which encompass residential towers, commercial properties, entertainment, and retail that spans 27 acres.
1.3 Million Square Foot Development is in the Works for Aventura
In Aventura, developer Dan Kodsi is planning to build a large mixed-use building featuring residences, offices, and high-end residential shopping. Kodsi’s company paid $39.1 million for 9.6 acres on the northwest corner of Biscayne Boulevard and Northeast 213th Street that they plan on building this mixed-use property.
Not only is this site being used for this massive mixed-use project but other lots in the area are currently under contract. These lots include 10 acres surrounding the development site.
Kodsi hasn’t named partners in the project or for the additional sites but stated that the project would cost over $500 million. According to Kodsi, the total site now consists of land and tiny residential structures that Aventura-based Rieber Developments successfully rezoned to allow for 1.3 million square feet of mixed-use development.
Aventura commissioners approved the zoning amendment in June 2021, permitting a 693-unit high-rise residential building; a 120-key hotel; 67,743 square feet of workplaces; 161,270 square feet of retail; and a 120-bed assisted-living facility.
Kodsi has yet to determine whether he would adhere to these guidelines or revise the development plans. According to him, the basic concept is for multifamily, offices, some of which will be used for medical purposes, and high street retail, which will serve as an alternative to the neighboring Aventura Mall.
The retail side of this development will be similar to the Miami Worldcenter but not as large. Kodsi constructed the Paramount Miami Worldcenter and is now building the Legacy Hotel & Residences at Miami Worldcenter.
Just Revealed: Related and Merrimac Announces New Tower The Crosby Miami Worldcenter
Related Group and Merrimac Ventures are now teaming up to develop a residential tower with no rental restrictions in the heart of Miami, The Crosby Miami Worldcenter.
The Crosby Miami Worldcenter will sit on 0.55 acres in the Park West neighborhood of Miami. Rising 31 stories tall, the residential tower will feature 450 condo units. The units themselves will be fully furnished and finished from studios to two-bedroom floor plans. Square footage will range from 350 to 825 square feet and pricing will begin in the low $300,000. Interiors will be curated by AvroKo.
Residence Features Include:
9-foot-high ceilings with floor to ceiling glass windows
Balcony with every residence
Finished interior and exterior flooring
Gourmet kitchens featuring custom Italian cabinetry
Bosch appliances, including paneled refrigerator/freezer, dishwasher, built-in convection oven/microwave, and cooktop
Rain showers in primary bathrooms and custom Italian vanities
Full-size washer and dryer in unit
Fully built-out closets
Contemporary lighting packages, including recessed lighting, dimmers, and lighting control
Brilliant smart-home system offering seamless personalization with the touch of a button, including the ability to control audio, climate, window treatments, and lighting systems
Smart keyless entry system allowing you to unlock your door via smart app, door code, keycard, or Apple Watch
The Crosby will be designed by Cohen Freeman Encinosa (CFE) Architects. The design of the tower appears modern with floor-to-ceiling glass windows on every floor and expansive terraces throughout. The Crosby features over 22,000 square feet of luxury amenities from a rooftop pool to a ground-floor restaurant.
Tower Amenities Include:
Expansive rooftop resort-style pool with jacuzzi, cabanas, and grilling stations perfect for entertaining
Private rooftop restaurant/bar Italian inspired trellis garden
Inviting fire pit lounge with breathtaking views of the Biscayne Bay skyline
State-of-the-art fitness center featuring saunas and plunge pools
Clubroom with private dining and stunning water views
Convenient juice and coffee bar
Spacious coworking center
Gaming lounge
Curated museum quality art throughout all common areas
24/7 security services, high-speed elevators, and controlled property access
24/7 concierge services European porcelain flooring
According to Nick Pérez, a Senior Vice President at Related, it took around two years to come to terms for the project with the managing partner at Merrimac and a co-developer, Nitin Motwani. The developers paid $12 million for the site.
The Crosby will have no rental restrictions and the buyers are able to rent out their units using any available platform for as many days as they would like. In the announcement, Related expects the buyers to be mostly investors due to there being no restrictions.
According to Motwani of Merrimac, “This will be the only for-sale product at Miami Worldcenter.”
The construction costs have not been disclosed and construction is expected to begin in 2023 with a completion date of 2025.
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
Photo Credit: Miami Worldcenter Associates
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.
Photo Credit: Miami Worldcenter Associates
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.
