The Real Deal Miami

LA investment group drops $16.5M on property next to Miami Worldcenter

Chiron Investments affiliates financed the deal with $10.5M loan from Titan Capital
By Katherine Kallergis | August 14, 2018 01:30PM

90 Northeast 11th Street, Art Falcone, Nitin Motwani and Romie Chaudhari

A Los Angeles-based family office just picked up a piece of the Miami Worldcenter pie.

Romie Chaudhari’s Chiron Investments paid about $16.5 million for the former nightclub building at 90 Northeast 11th Street in Overtown, property records show. The seller is Miami First LLC, led by Miami Worldcenter developer Nitin Motwani.

Chiron affiliates Pug44 and Pug45 LLC financed the deal with a $10.5 million mortgage from Titan Capital. The property includes an 11,250-square-foot building on a 12,500-square-foot lot. The warehouse was built in 1941, according to property records.

Motwani and Art Falcone are the master developers of the 27-acre, mixed-use project. The property they sold is not within Miami Worldcenter, a spokesperson for the project said. It’s immediately west of Block A, the northeasternmost corner of the development site. Block A is part of one of the eight locations in South Florida that Amazon included under the “Miami” umbrella in its search for a second headquarters.

In a statement, Miami Worldcenter Associates said it is seeing “heightened interest among investors and developers hoping to benefit from the new amenities, infrastructure upgrades, and commercial and residential activity” created by Miami Worldcenter.

The complex includes Paramount Miami Worldcenter, a 562-unit luxury condo tower, along with about 450,000 square feet of high street retail, an 1,100-space parking garage and an apartment tower. A 1,700-room convention center hotel and an office tower are also slated to break ground this year. Paramount, which is being co-developed by Dan Kodsi, recently topped off.

Chaudhari founded Chiron in 2007, according to the company’s website. It focuses on real estate in the U.S. through direct investments, joint ventures and non-traditional financing. The firm could not immediately be reached for comment.