Miami Worldcenter convention hotel to be redesigned

Miami /
Mar.March 15, 2016 11:15 AM

MDM Development Group is reportedly going back to the drawing board for its convention center hotel in downtown Miami.

The $525 million project, officially named the Marriott Marquis Miami Worldcenter Hotel & Expo, was originally planned to house about 365,000 square feet of convention space and an 1,800-room hotel.

MDM was to build the entire project in one phase. But now that the markets have shifted, the developer plans to build the project in two phases, the Miami Herald reported.

The hotel portion will now be split into two towers — one with 1,100 rooms, the other with 600 rooms — so that construction financing can be quickly obtained, an attorney representing MDM told the Herald.

MDM might have to gain new city approvals for the redesigned project, according to the Herald, and is still in the midst of vying for an incentive package that would award the developer $115 million worth of tax credits if it agrees to hire local workers at certain wages.

The news comes two months after Miami Worldcenter scrapped its original closed mall design in favor of “High Street Retail” similar to that of Miami Beach’s Lincoln Road. Developers Nitin Motwani and Art Falcone cited a shifting retail market as one major reason why their plans for a 760,000-square-foot mall were downsized by roughly 400,000 square feet. The project has since broken ground. [Miami Herald]Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Related's Jorge Pérez and Jon Paul Pérez, Teddy Sagi and a rendering of the White House Inn
Related, billionaire Teddy Sagi partner to acquire waterfront North Miami site
Related, billionaire Teddy Sagi partner to acquire waterfront North Miami site
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
Las Vegas developer bets on hot multifamily market with first Miami ground-up project
Las Vegas developer bets on hot multifamily market with first Miami ground-up project
Las Vegas developer bets on hot multifamily market with first Miami ground-up project
Developer of Pompano Beach apartments scores $62M construction loan
Developer of Pompano Beach apartments scores $62M construction loan
Developer of Pompano Beach apartments scores $62M construction loan
Raimundo Onetto, CEO of Alta Developers, with a rendering of the project (Behar Font & Partners, Alta)
More apartments on tap: Alta nabs $77M loan for project near Pinecrest
More apartments on tap: Alta nabs $77M loan for project near Pinecrest
Melo’s second downtown Miami apartment project scores $75M construction loan
Melo’s second downtown Miami apartment project scores $75M construction loan
Melo’s second downtown Miami apartment project scores $75M construction loan
Big win: A-Rod prevails on civil RICO, theft claims tied to multifamily empire
Big win: A-Rod prevails on civil RICO, theft claims tied to multifamily empire
Big win: A-Rod prevails on civil RICO, theft claims tied to multifamily empire
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...