Developers are racing to Miami Worldcenter.
The 27-acre master-planned development is partially completed, but much more is on tap.
Seventeen towers are proposed, approved or under construction, promising to transform a 10-block stretch in the heart of Miami into a canyon of skyscrapers. In total, the projects would add 8,473 condos and apartments, 499 hotel keys and nearly 800,000 square feet of commercial space, according to an analysis by The Real Deal.
Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, in partnership with Los Angeles-based CIM Group, are the master developers of the $6 billion complex at the intersection of downtown Miami and the city’s Park West neighborhood. Over the years, they have sold off buildable lots to developers, while also building on their own or partnering with others on projects.
CIM and Falcone’s eponymously named real estate firm completed the 43-story, 444-unit Caoba apartment building at 698 Northeast First Avenue in 2019, marking the first Miami Worldcenter tower.
Developer Dan Kodsi’s Royal Palm Companies finished the 60-story, 569-unit Paramount Miami Worldcenter condo on the northeast corner of Northeast First Avenue and Northeast Eighth Street, also that year. New York-based Moinian Group and Orlando-based ZOM Living completed the 43-story 434-unit Bezel apartment tower at 650 Northeast Second Avenue in 2021. And Dutch hotel chain citizenM opened the 12-story, 351-key hotel on the southwest corner of Northeast Second Avenue and Northeast Eighth Street early last year.
In addition, Miami Worldcenter Associates has completed and nearly fully leased 300,000 square feet of retail.
Miami became the epicenter of in-migration to South Florida during the pandemic, but the influx of out-of-state residents and businesses has since slowed, raising questions as to whether the entirety of the massive pipeline will be leased and sold.
Yet, developers are confident. Among those planning Miami Worldcenter projects are Adam Neumann’s Flow, New York-based Naftali Group and Witkoff, and the Pérez family’s Related Group, among others.
Here is the pipeline of projects:
Going with the Flow
Adam Neumann, the co-founder of embattled WeWork and its ex-CEO, is joining the Miami Worldcenter development bonanza.
Neumann’s Flow plans 40,000 square feet of offices and 19,000 square feet of retail along the 7th Street Promenade, across the street from the completed Caoba tower. Neither project is approved, according to a $243 million Miami Worldcenter bond offering memorandum.
Neumann’s has had an ownership stake in portions of Miami Worldcenter since at least 2021. Through affiliates, Flow has a stake in Caoba and the adjacent second Caoba, a 40-story, 422-unit apartment tower that’s under construction. Flow, Boca Raton-based Falcone Group and the Motwani family’s Fort Lauderdale-based Merrimac Ventures are developing the second Caoba project at 697 North Miami Avenue.
Flow is backed by venture capital firm Andreessen Horowitz.
Leaving a legacy
Kodsi’s second bet on Miami Worldcenter is the 50-story Legacy Hotel & Residences.
The tower will consist of 310 condos atop a 219-key hotel, which will be operated by Accor under its Morgans Original brand, as well as 11,000 square feet of retail and 230,000 square feet of offices, including medical offices. Blue Zones will run a medical and wellness center spanning 10 stories and 120,000 square feet at the tower.
The condos are fully pre-sold, according to the developer.
Royal Palm is expected to complete the tower at 942 Northeast First Avenue in the second quarter of 2026, Kodsi said.
Short-term rental condos
The block on Northeast Sixth Street between North Miami and Northeast First avenues is poised to become a short-term friendly condo haven.
Related and Merrimac are developing The Crosby, a 33-story tower with 450 units at 601 North Miami Avenue. Immediately to the east, Merrimac and Miami-based Aria Development Group, led by David Arditi, are developing the 32-story, 579-unit 600 Miami Worldcenter.
Both towers are expected to be completed in 2026, according to a Miami Worldcenter spokesperson.
Quadruple threat
New York-based Lalezarian Properties appears to have the most buildings in the pipeline at Miami Worldcenter.
The company is developing a 52-story, 550-unit apartment tower on the southwest corner of Northeast Eighth Street and Northeast First Avenue, immediately north of Flow’s planned retail and office space.
Last fall, Lalezarian revealed it will supersize its Miami Worldcenter plan with three towers of 68 stories, 67 stories and 31 stories immediately west of the project it has under construction. The firm scored approval in September for the project that would add roughly 2,040 apartments, combined. The 68-story and 31-story towers would rise from the same podium.
Lalezarian didn’t return a request for comment on the expected timeline to complete the 52-story tower and the expected start of construction on the rest of the project.
Witkoff
Not too far behind Lalezarian is Witkoff.
Led by father-son team Steven and Alex Witkoff, the firm proposes a 3.4 million-square-foot project with three 54-story towers. Last summer, the Miami Urban Development Review Board approved the project, which is expected to bring over 2,346 apartments, meeting records show.
The project is planned for the 4.7-acre site at 700 North Miami Avenue, formerly the home of the now-demolished Miami Arena. The development site is across the street from Lalezarian and Flow’s planned projects.
Witkoff didn’t return a request for comment, including on when construction is expected to start and whether the firm still plans 540,000 square feet of office space at the towers, as originally planned.
Offices on tap
While the future of office leasing is in doubt due to remote work, inflation and a slowdown in the influx of out-of-state businesses to South Florida, Abbhi Capital still is betting on the market.
The Coral Gables-based developer plans a 33-story tower with 370,000 square feet of offices and 7,000 square feet of retail at Miami Worldcenter. The firm also wants to build an adjacent 59-story, 558-unit apartment tower.
In September, the Miami Urban Development Review Board approved development of both towers on the northeast corner of Northeast First Avenue and Northeast 10th Street. The site is across the street from the Paramount condo.
The firm’s preliminary plan is to start construction of the office tower and pre-construction work of the apartment tower in the second half of next year, an Abbhi representative said. Completion of both projects is expected to take three and a half years.
Abbhi is led by Sankesh Abbhi.
Falcone’s piece
Falcone also plans a 53-story condo-hotel at the complex.
Last month, the Miami Urban Development Review Board approved the projects with 351 condos, 280 hotel keys and roughly 15,000 square feet of commercial space. The tower is planned for 155 Northeast 10th Street, adjacent to the Paramount condo.
Construction is expected to start next year, and completion is slated for late 2027, Falcone said.
The New Yorkers keep coming
Naftali Group, led by Miki Naftali, launched sales in October of its Miami Worldcenter condo and apartment project.
The 67-story tower will have 535 apartments up to the 42nd floor, and 259 condos, called JEM Private Residences, starting at the 43rd floor at 1016 and 1044 Northeast Second Avenue, immediately east of Abbhi’s towers. Naftali’s project also will have 5,000 square feet of commercial space, according to a Naftali spokesperson.
Construction is expected to start this month, and completion is slated for early 2028, the spokesperson said.
Read more
Development
South Florida
Family secrets: Inside the Damaghis’ South Florida buying spree
Development
South Florida
Aria JV scores $81M construction loan for downtown Miami condo project
Commercial
South Florida
Downtown Miami Airbnb-branded hotel-condo project launches sales
Lynd coming in
San Antonio-based Lynd Group is making a double play at Miami Worldcenter.
On the southeast corner of Northwest 10th Street and North Miami Avenue, the firm wants to build a pair of 63-story, 551-unit towers –– one with condos and the other with apartments.
In 2022, Lynd paid $30 million for the half-acre development site for the apartments, records show. It is now under contract for roughly $35 million to add an adjacent half-acre parcel where the condo tower would rise, according to sources at Lynd.
The preliminary plan is for the projects to include about 100,000 square feet of retail and possibly 20,000 square feet of offices, including co-working spaces, the sources said.
The projects are not yet approved. If greenlit by the city, the retail is expected to be completed in 2027. Lynd is expected to launch condo sales late this year and start construction of the apartment tower in the second half of next year. Both towers are expected to be completed in 2028, according to the sources.