First tower at $4B Miami Worldcenter project completed

Rents start at $1,800 for a studio at 444-unit rental building

Jan.January 15, 2019 05:00 PM

Rendering of Caoba at 698 Northeast First Avenue in Miami

The first building at Miami Worldcenter, a 27-acre, mixed-use project in downtown Miami is now completed.

CIM Group and Falcone Group completed Caoba, a 444-unit rental tower, at 698 Northeast First Avenue, according to a press release. Rents start at $1,774 for a 349-square-foot studio apartment, which would be considered a micro unit in Miami, information on Caoba’s website shows.

Caoba is about a block away from MiamiCentral, which also has an apartment component to it.

Next to be delivered is Paramount Miami Worldcenter, a 60-story condo tower with more than 500 residential units, which is 85 percent sold with about $400 million in sales. 

Art Falcone and Nitin Motwani are leading the development of the mixed-use project with a number of partners, like CIM Group, Paramount developer Dan Kodsi, citizenM and others.

CitizenM, a Netherlands-based hotel chain, recently paid $10.75 million for the site of their 12-story hotel at Worldcenter.

Miami Worldcenter will also have 450,000 square feet of high street retail, a 1,100-space parking garage, a 1,700-room convention center hotel from MDM Development Group and an office tower being built by Hines.

The project provided one of the sites submitted as part of South Florida’s bid for Amazon’s second headquarters. Amazon ultimately decided against Miami, choosing to split the mega project between Long Island City and Arlington, Virginia. – Katherine Kallergis

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