First tower at $4B Miami Worldcenter project completed

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

Miami /
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


Related Articles

arrow_forward_ios
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Miami Worldcenter Associates' Nitin Motwani, Abbhi Capital founder Sankesh Abbhi and a rendering of the site (Photos via Miami Worldcenter, Abbhi)
Miami Worldcenter developer sells 1-acre lot to Abbhi Capital, doubling its site
Miami Worldcenter developer sells 1-acre lot to Abbhi Capital, doubling its site
 Miami Worldcenter Associates developers Art Falcone and Nitin Motwani and RPC’s Dan Kodsi with a rendering of the project (Royal Palm Companies)
Dan Kodsi’s firm pays $34M for site of 50-story tower at Miami Worldcenter
Dan Kodsi’s firm pays $34M for site of 50-story tower at Miami Worldcenter
Nitin Motwani, Sankesh Abbhi and 1016 Northeast Second Avenue (Google Maps)
Miami Worldcenter developer sells site to Abbhi Capital for $24M
Miami Worldcenter developer sells site to Abbhi Capital for $24M
Miami Worldcenter Managing Principal Nitin Motwani and a rendering of the project
Developer buys Miami Worldcenter site for mixed-use project
Developer buys Miami Worldcenter site for mixed-use project
arrow_forward_ios

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

Loading...