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.
Maple & Ash Steakhouse will Open at Miami Worldcenter
Photo Credit: Miami Worldcenter Associates
Miami Worldcenter leases its first restaurant, Maple & Ash Steakhouse at the block H retail building. This building, located between 7th Street and 1st Avenue Northeast. Maple & Ash will allocate 15,000 square feet of space on the ground floor of the building.
Former Michelin-starred chef Danny Grant and Michael Beltran are the creators behind the Chicago-based steakhouse. The rent for restaurant space is asking $100 per square foot.
Maple & Ash offers an eclectic menu featuring seafood towers, Waygu beef, Filet Mignon, and raw bar options. The menu will resemble Maple & Ash’s Chicago counterpart.
horseradish, cocktail sauce & champagne mignonetteWild Blue Prawn Shrimp Cocktail
cocktail sauce, drawn butter & aioli
Beef Tenderloin Steak Tartare
smoked egg yolk, white soy & grilled sourdough
Wagyu Beef Carpaccio
Entrees
Ricotta Agnolotti
(pillows of love) winter truffle
Roasted Skuna Bay Salmon
chanterelle, turnip & brown butter apples
Fire-Roasted Chicken
spring onion, potato purée & pan jus
Whole-Roasted Branzino
fennel capers & preserved lemon
I Don’t Give a F*@K
let Maple & Ash take care of you (per person$200.00)
Wood Fired Steaks & Seafood
Petit Filet Mignon 6oz
Filet Mignon 10oz
Bone-In Filet Mignon 16oz
Maple & Ash Surf & Turf
Butcher’s Reserve
The Eisenhower
40+oz porterhouse cooked directly in the coals
Slagel Farms Dry Aged Bone-In NY Strip18oz
45 Day Dry-Aged Tomahawk40oz
Miyazaki Wagyu
Michael Beltran will also be opening two additional restaurants including a Cuban-inspired bistro and a cigar bar. Their locations place them directly across the street from Maple & Ash. All restaurants are expected to open by Winter 2022.
CitizenM at Miami Worldcenter is Getting a Rooftop Bar and Lounge – CloudM
Photo Credit: citizenM.com
Get ready for the newest and hottest Miami rooftop bar and lounge coming to the Miami Worldcenter. CloudM will be located at the new citizenM hotel in downtown Miami at 700 NE 2nd Avenue. The views will be nothing short of spectacular from Biscayne Bay to the Miami skyline and beyond!
CloudM will mirror its original location out of New York bringing a unique experience, visually and socially. Featuring an ultra-modern design with cloudM you will be able to “drink in the clouds.”
Hotel citizenM broke ground in January 2020 with top-off completed in December 2020. The hotel will feature 12-story, 351 rooms that were designed by Gensler. Construction is nearing completion and is expected to conclude in 2021.
Construction Information:
Development Manager: Miami Worldcenter
Design Architect: Concrete
Local Architect: Gensler
General Contractor: Suffolk Construction
Hotel Room Amenities:
Wall-to-wall windows
XL king-size bed
Powerful rain shower
Luxury bedding and towels
iPad room controls for lights, temperature, TV, blinds
