ZOM Living buys land, scores financing for Luma at Miami Worldcenter

Zom plans a 43-story apartment tower with 434 units

TRD MIAMI /
Apr.April 18, 2019 11:36 AM

Greg West CEO of ZOM Living and a rendering of Luma (Credit: LinkedIn)

ZOM Living bought the land and scored a $119 million construction loan to build a 43-story apartment tower at Miami Worldcenter.

Records show ZOM bought the property near Northeast First Avenue and Northeast Eighth Street for $19.5 million.

The Orlando-based developer secured the loan from the New York-based Moinian Group, records show. The Moinian Group will also be a partner in the project, according to a press release.

The new apartments will be a center point of the 27-acre, $4 billion Miami Worldcenter project, led by developers Nitin Motwani and Art Falcone.

Luma will have 434 apartments, which will span 556 square feet to 1,808 square feet. Amenities will include a wellness center, a sundry shop, speakeasy, dog salon, fitness club with a classroom, and a pool.

Construction is expected to begin in July and will take about 30 months, according to ZOM Living CEO Greg West.

The development group behind Miami Worldcenter also secured a $34.7 million loan from Bank OZK for a parking garage that will be used for the Luma.

Cushman & Wakefield Robert Given and Robert Kaplan secured equity and debt financing on behalf of ZOM Living and the Moinian Group.

Miami Worldcenter, a mix of retail, residential, hotels and office space, is among the biggest real estate projects on the East Coast.

Paramount Miami Worldcenter, a 60-story condo tower is expected to be completed in July and will have more than 500 residential units.

Chicago-based Fifield is proposing a 47-story, 738,000-square-foot building with about 15,000 square feet of retail space on the northeast corner of Northeast 10th Street and Northeast First Avenue as part of the project. Other components of Miami Worldcenter include a 1,700-room convention center hotel from MDM Development Group and an office tower built by Hines with up to 500,000 square feet of office space.

ZOM Living is also the developer of Solitair Brickell, a 50-story, 438-unit luxury apartment building at 86 Southwest Eighth Street.

The Moinian Group has a portfolio of more than 20 million square feet throughout the country, according to its website, including the Sky residential tower at 605 West 42nd Street in New York City.


Related Articles

arrow_forward_ios
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
Dan Kodsi and Legacy Hotel & Residences

For future pandemics, Miami Worldcenter plans $60M health center

For future pandemics, Miami Worldcenter plans $60M health center
Ira Saferstein and Marc Roberts, with a rendering of Miami Worldcenter

E11even owner Marc Roberts returns to Miami Worldcenter with $27M purchase

E11even owner Marc Roberts returns to Miami Worldcenter with $27M purchase
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

TIAA sells Weston warehouse for $33M
2131 South Bayshore Drive (Credit: Realtor)

Isaac Kodsi trades Miami Beach pad for Grove estate

Isaac Kodsi trades Miami Beach pad for Grove estate
Daily Digest Miami

FINCEN renews order looking at cash purchases, Barry Sternlicht is eyeing an economic slowdown: Daily digest

FINCEN renews order looking at cash purchases, Barry Sternlicht is eyeing an economic slowdown: Daily digest
Rendering of Legacy Hotel and Residences with Dan Kodsi and Peggy Olin

Developer Dan Kodsi plans hotel-condo tower at Miami Worldcenter

Developer Dan Kodsi plans hotel-condo tower at Miami Worldcenter
arrow_forward_ios

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

Loading...