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

Zom plans a 43-story apartment tower with 434 units

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
Marc Roberts (Photo by Sonya Revell)
The fall and rise of Marc Roberts, Miami nightclub and condo impresario
The fall and rise of Marc Roberts, Miami nightclub and condo impresario
Naftali buys Miami Worldcenter development site for $41M
Naftali buys Miami Worldcenter development site for $41M
Naftali buys Miami Worldcenter development site for $41M
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Adam Neumann (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
Adam Neumann scores construction loan for Miami Worldcenter apartments, revealing site ownership
Adam Neumann scores construction loan for Miami Worldcenter apartments, revealing site ownership
Witkoff CEO Steven Witkoff, Monroe Capital CEO Theodore Koenig and 700 North Miami Avenue in Miami (Google Maps, Witkoff, Monroe Capital, Kobi Karp)
Witkoff, Monroe plan three 57-story towers on Miami Worldcenter site
Witkoff, Monroe plan three 57-story towers on Miami Worldcenter site
A rendering of The Crosby, Related's Nick Pérez and Merrimac's Nitin Motwani
Motwanis, Related to develop 450-unit condo tower at Miami Worldcenter
Motwanis, Related to develop 450-unit condo tower at Miami Worldcenter
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
arrow_forward_ios

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

Loading...