The Real Deal Miami

Paramount Miami Worldcenter is converting to contracts

Demolition work to begin in two to three weeks

July 29, 2015 06:00PM
By Sean Stewart-Muniz

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Renderings of the Paramount Miami Worldcenter project

Renderings of the Paramount Miami Worldcenter project (Credit: ArX Solutions)

Paramount Miami Worldcenter, the upcoming condo tower attached to the massive Miami Worldcenter development, has begun converting its reservations to contracts.

So far 40 percent of the 60-story building’s 513 units have been sold, developer Daniel Kodsi told The Real Deal during an interview at the tower’s sales center Wednesday.

Contracts are being mailed out to buyers, who have primarily hailed from countries like Brazil, Venezuela, Turkey and Russia.

Developer Daniel Kodsi

Developer Daniel Kodsi

“We feel that we’re going to have a really strong conversion,” Kodsi said. “We’ve had brokers who have made a commitment to revolve their business around Paramount Miami Worldcenter.”

The project’s sales model follows the 50 percent deposit structure that has been popularized during this cycle. Payments are staggered with 10 percent down at varying stages, from reservation all the way to topping off. Units will range in size from 1,180 square feet to 2,300 square feet, with an average price of $700 per square foot.

Interestingly, Chinese buyers make up 13 percent of the building’s current sales. Realtors and developers have been looking to Asia for sales after weakening Latin American currencies have softened those countries’ involvement in the South Florida market.

Kodsi told TRD that his development is no different: Peggy Fucci of OneWorld Properties, which is marketing and selling the project, has been traveling to China for years. And the group has even brought on a Feng Shui consultant to bolster the building’s appeal to clients from China.

The first buyer to receive and sign a contract at Paramount Miami Worldcenter is the same Colombian investor who purchased basketball star Kevin Durant’s penthouse in downtown Miami earlier this year. His agent, Michael Light of Miami Luxury Homes, echoed Kodsi’s statement that buyers at the property have hailed from around the world.

“I’ve had people com from Egypt, Colombia,” Light said. “I have the ability to sell at any building I want; this is the very first building I suggest.”

On the construction side, Kodsi said that he has most of the required demolition permits to begin clearing the site at 950 Northeast 2nd Avenue, which houses the now-closed Mekka nightclub. That work will begin within the next two-to-three weeks, followed by foundation pouring and an official groundbreaking ceremony. Estimates put completion at 36 to 38 months after groundbreaking, which equates to late 2018 or early 2019.

Meanwhile, the 30-acre Miami Worldcenter project as a whole is gearing up to break ground on its first phase this quarter.

Miami Worldcenter is being developed by a partnership between Nitin Motwani and Art Falcone. Its first phase will include Paramount, a Marriott Marquis Hotel and Convention Center, a rental tower from Orlando-based developer ZOM, and the project’s centerpiece — a 765,000-square-foot shopping center.