Construction on Block F West and World Square to the Right
The $4 billion and 300,000+ square foot multiple use development also known as Miami Worldcenter is ramping up construction. Miami Worldcenter is a vibrant location where you will soon be able to enjoy some of Miami’s finest foods, shopping, and entertainment! This new urban area is will be home to both national and local favorites as well as prestigious international companies.
One of the long-awaited retail locations is the glass cube known as Block F West, which is set to begin construction soon along with the World Square building. It is situated immediately west of Block F East also known as the “Jewelry Box”, which is now under construction and nearly completed.
Along with Sephora, Lucid Motors, and Bowlero, Lululemon is also expanding its retail chain to World Square with their space currently under construction.
These companies join other tenants that have already been revealed, such as Maple & Ash and Etta from Chicago which will both take up 2 stories of retail Space. According to Nitin Motwani, general partner of Miami Worldcenter Associates, these together with the most recent tenants have leased a total of around 90,000 square feet of retail space in the last 90 days.
According to Motwani, “On the heels of announcing an award-winning lineup of restaurant concepts slated to open at Miami Worldcenter, we are upping the ante with a trio of nationally and globally recognized lifestyle brands. These tenants exemplify the diversity we are offering throughout our residential, hospitality, and office developments across Miami, and bringing to life the retail components of Miami Worldcenter’s master plan is critical to transforming our 27-acre site into a thriving open-air destination.”
Lucid Motors is creating a multi-use building that will occupy almost 23,000 square feet. Bowlero will take up more than 31,000 square feet in the glass-enclosed “jewelry box” retail structure at Miami Worldcenter that looks out over the World Square plaza.
With the building permit issued in March 2022 for remodeling, Lululemon will occupy more than 6,000 square feet at the World Square plaza along Block H. The construction cost for Lululemon is an estimated $132,000 which will include remodeling and repairs.
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 Renderings Revealed for Baccarat Residences Miami
The newest pre-construction tower in downtown Miami, Baccarat Residences Miami, will soon adorn the Miami skyline with its stunning glass facade, and now the developers have released some very impressive renderings that show what the Baccarat brand truly represents.
Rising 75 stories located at 444 Brickell Avenue, the collection includes 324 residences that will begin on the 15th level. The top 3 floors will feature 8 penthouses with immaculate ocean and skyline views. In addition, there will also be 28 riverfront flats and duplexes of your choosing.
Units will range from 1,330 square feet to over 7,000 square feet, with each unit featuring integrated purified air and water filters, impact-resistant floor-to-ceiling glass doors, 8-foot deep private terraces, and 10-foot high ceilings. Kitchens will be top-of-the-line with high-end appliances, granite counters, and custom cabinetry.
Interior Designed by Meyer Davis Studio, the building design incorporated a mixture of 18th-century French and 1930s Art Deco. The developer includes the Related Group with the landscape architecture designed by Enzo Enea.
The elevated waterfront amenities deck will include an infinity pool with killer views of Miami and Biscayne Bay. Enjoy fine dining at the 10,000-square-foot restaurant that will be announced once construction continues. Additional amenities include a state-of-the-art fitness center, spa, wine cellar, and tasting room.
DEVELOPMENT OVERVIEW
Privileged Brickell waterfront position, where the Miami River meets Biscayne Bay
A dazzling contemporary 75-story glass tower
Collection of 324 tower residences, 8 penthouses, and 28 riverfront flats and duplexes
Panoramic views of Biscayne Bay, the Miami River, and the Miami city lights and skyline from every residence
Artful service and amenities impeccably curated by Baccarat Hotels & Residences and expertly managed by SH Hotels & Resorts
Lushly landscaped waterfront promenade and private marina
Lushly landscaped secluded private entrance leading to the riverfront arrival court and elegant porte-cochere entrance
Exquisitely appointed entrance lobby with grand high ceilings leading directly to three banks of double private elevators to each residence
Permanent installation of curated museum-quality art collection throughout the building’s public spaces
Elevated 12th-level amenities resort deck loaded with a dramatic zero-entry heated saline swimming pool, outdoor spa, pool-side cabanas, summer kitchen area, and beautifully landscaped sun terrace
Glamorously designed Grand Salon, set as the ideal location for both intimate gatherings and grand celebrations
Luxurious Clubroom with bar and billiards, catering kitchen, and multimedia facilities
State-of-the-art fully equipped fitness center curated by Altitude
Fitness with cardio theater, spinning room, yoga, and meditation rooms, all overlooking the pool deck resort area
Hammam spa with men’s and women’s steam and sauna facilities, luxurious treatment rooms, and a spa shop
Private screening room with cutting-edge audiovisual equipment and theater-style seating
Game room with multimedia facilities and children’s playroom
Business Center with conference facilities and private workspaces
Gourmet market
Wine Cellar and Tasting Room
State-of-the-art Chef’s Kitchen and Private Dining room
Pet-friendly community with Pet Spa, Grooming, and Walk Service
Hair Salon & Barber Station
High-speed internet access in all public areas
Electric vehicle charging stations
Air-conditioned storage rooms
Bicycle storage spaces
BACCARAT GLOBAL MEMBER PRIVILEGES
Baccarat Owners Circle Services include private shopping, discounts on Baccarat crystal, discounted engraving and gilding, and priority status for custom production
Exclusive tour package to Baccarat France, available only to owners of Baccarat Residences
Invitations to Baccarat events worldwide
Preferred service and privileges at Maison’s Baccarat (Paris and Moscow), BBar (Tokyo), and Crystal Rooms worldwide
Hotel privileges in Baccarat Hotels and SH Hotels & Resorts worldwide
Baccarat Residences has an estimated completion date of 2026. If you or someone you know have an interest in purchasing one of the units at Baccarat Residences Miami, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
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.
Location Ventures Proposes a 16 Story Condo Tower in Coral Gables
Coral Gables’ continued growth is being hinted at by Rishi Kapoor’s, Location Ventures’ proposal for a 16-story condominium. According to documents submitted to Coral Gables, Location Ventures plans to construct an 87 condo tower on a 1.6-acre plot at 1505 Ponce De Leon Boulevard, as well as at 122 and 126 Menores Avenue.
According to the minutes of the June meeting of the Coral Gables Planning & Zoning Board, the developer has a contract with the seller, who is a partner of Tibor Hollo’s Florida East Coast Realty, to purchase the land.
At its meeting on Tuesday, the municipal commission is anticipated to vote on the request. In the event that the proposal is authorized, commissioners will vote on it a second time at the next meeting.
According to documents, Coral Gables-based Location Ventures intends for seven of the units to be live-work condos on the lower levels of the structure and the other 80 would be located on the upper levels. A 319-car garage, 10,500 square feet of retail space, 20,144 square feet of open space, and a public dog park would also be included in the project.
According to property records, the site is mostly empty save from a two-story, eight-unit apartment structure. According to the minutes of the planning & zoning board meeting, the historic structure, built in 1925, will be maintained and integrated into the project, maybe as retail space.
The finished 13-story, 39-unit Villa Valencia condominium at 515 Valencia Avenue is one of the company’s developments in Coral Gables. In 2018, Location Ventures had invested $16 million in the property.
The business spent $20 million buying a pair of commercial structures in Miami Beach at 1260 and 1234 Washington Avenue last year. Under Location Ventures’ Urban co-living brand, the 1260 Washington Avenue property will be refurbished, while the 1234 Washington Avenue building will be rehabilitated.
Edgewater Tower Proposed by Aimco is Denied Approval
After a city of Miami board refused to recommend approval of Aimco’s plans for a luxury rental tower in Edgewater, the developer is determined to revaluate the development plans and come up with a solution to get these plans moving forward.
After identifying a number of “serious concerns” with the design, members of the Miami Urban Development Review Board voted on Wednesday to reject plans for the proposed mixed-use development across from Aimco’s Hamilton on the Bay tower. Despite the board’s rejection, Aimco can still seek approval for the project.
The board was initially split on whether or not to recommend acceptance of the proposals with conditions, with three members voting in favor and three voting against. As a result, the developer can either withdraw its application and start the process all over again, or the board can vote to decline the recommendation, allowing the developer to submit amended plans to the planning director for final approval.
Aimco’s attorney, Tony Recio, a partner at Weiss Serota Helfman Cole + Bierman, said the developer is examining the board’s ideas and looks forward to “addressing their criticisms with the planning director” as the project moves further. Recio submitted the concept to the board of directors on Wednesday.
Though they praised the project’s overall design, board members expressed concerns about circulation on the ground level, including how residents and restaurant customers would access parking, apartments, and the restaurant, as well as loading and trash collection, landscaping, and an oversized mail room.
At 555, 560, 600, 610, 620, 630, and 640 Northeast 34th Street, Aimco, a publicly traded multifamily real estate investment company located in Denver, has proposed a 60-story, 241-unit tower. On more than an acre of land, the construction would include a new parking structure and 4,700 square feet of commercial space for a restaurant on the bottom level facing the water.
Aimco has made a significant investment in Edgewater. It paid over $90 million for the Hamilton on the Bay rental complex, which is currently undergoing substantial renovations, nearly two years ago. A nearby vacant lot and a modest rental building were included in the purchase.
Following the cancellation of its tenants’ leases at the Hamilton last year, Aimco purchased premises across the street, where the new project would be built.
New Development Revealed- Surf Row Residences
Surf Row Residences, a new ultra-luxury residential property located at 8800 Collins Avenue in Surfside, is being developed by Lineaire Group, Miami-based real estate development, and investment firm.
Featuring a collection of eight private beach homes designed by award-winning firm Rene Gonzalez Architects (RGA), the development offers refined interiors, the utmost privacy, and unparalleled indoor-outdoor living adjacent to the beach. Only a few residences have been released and sales are currently by invitation only.
Through the careful use of skylights, layered glass, and double-height ceilings, each villa emphasizes the indoor-outdoor link. Three- to five-bedroom residences with 3,500-5,600 square feet of internal space are available. Each residence will feature almost 2,000 square feet of private outdoor living space, including a rooftop with a plunge pool, a summer kitchen, and a large gazebo. Each property will also include a private garage and a front yard that is enclosed. Prices start at around $5 million for a single-family home.
“Surf Row Residences provides buyers with an incredible opportunity to own a one-of-a-kind, exclusive villa, that lives like a single-family home given the sprawling layouts and private outdoor space,” said Alejandro Bonet, Partner at Linéaire Group. “Today’s buyers are seeking a blend of suburban space without sacrificing location, and we believe this development offers an exciting sense of both community and privacy that meets those demands.”
The 0.65-acre development property is located between Collins Avenue and Harding Avenue on 88th Street’s northern frontage. The property was purchased from the previous owner for $7.3 million by an associate of Lineaire Group in August 2021.
The plot of land is listed as 8809 Harding Avenue in property records, but the change to a Collins Avenue address is thought much more acceptable for marketing purposes.
Residence Features
European kitchen with custom-designed wood cabinetry, imported marble countertops, and professional-grade appliances
Large format coral stone flooring with natural wood inlay designs
Floating staircases made with cantilevered solid wood slabs & glass panel railings
Spa-inspired master bathroom furnished with a luxurious rain shower, oversized freestanding tub, and finished with imported fluted marble walls
Skylights flood the interior with natural light via a central light shaft spanning all levels
Rooftop with summer kitchen and plunge pool
Two-car indoor garages, plus one open-air parking space
Latest smart home automation by Savant
Top-of-the-line security system with exterior surveillance cameras
Private elevator
Service/laundry room Upgrades
Kosher kitchen
Elevator lift for additional parking
Interior surveillance package
The project is expected to begin construction in the spring of 2023 and with a completion date in 2024.
$110k Loss for Singer Trey Songz After Selling his Miami Condo
In 2017, singer and songwriter, Trey Songz purchased a condo in Miami’s Brickell Heights East for $1.09 million. In January 2022, Songz listed the unit for $1.2 million and ended up selling the unit in March for $980k to an undisclosed buyer.
The property itself features 2 bedrooms, and 3 bathrooms, with over 1,356 square feet. With 12-foot ceilings, floor to ceiling heigh impact glass windows, and a modern kitchen that opens to the living room.
These specific units showcase elegant entry foyers, wrap-around terraces, and custom bathrooms with designer porcelain tile. The bathroom rooms also feature porcelain tile and custom vanities.
Amenities for Brickell Heights East
Equinox Fitness Club & Spa with high-performance fitness programs
3,500 square foot SoulCycle studio
24-hour concierge
24-hour valet parking
Rooftop pool
9th-floor pool terrace with swimming and lap pools
Screening room
Two beautifully designed entertainment rooms available for private events
Kids’ playroom
WiFi access in all amenity areas
Songz previously purchased a unit in the same building in 2010 for $473k and sold it for $710k right before purchasing the second unit.
Trey Songz, whose real name is Tremaine Aldon Neverson, is an American songwriter, singer, record producer, and actor. Songz released his first album in 2005 with Atlantic Records, I Gotta Make It. One of Songz’s highest charting songs to date is Bottoms Up which featured Nicki Minaj. Songz has released a total of 8 albums.
