Dan Kodsi’s firm pays $34M for site of 50-story tower at Miami Worldcenter

Legacy project will include hotel, condos, and healthcare center

Miami /
Dec.December 03, 2020 02:30 PM
 Miami Worldcenter Associates developers Art Falcone and Nitin Motwani and RPC’s Dan Kodsi with a rendering of the project (Royal Palm Companies)

Miami Worldcenter Associates developers Art Falcone and Nitin Motwani and RPC’s Dan Kodsi with a rendering of the project (Royal Palm Companies)

The master developers of the 27-acre Miami Worldcenter mixed-use project sold a plot of land to Dan Kodsi’s Royal Palm Companies.

Miami Worldcenter Associates, the joint venture between Art Falcone and Nitin Motwani, sold the 1.5-acre site at 942 Northeast First Avenue for $33.9 million, according to a press release.

Royal Palm Companies plans to build Legacy Hotel & Residences, a 50-story, mixed-use tower with 274 branded residences atop a 256-room hotel.

It will mark the second building at Miami Worldcenter for Kodsi, who partnered with the Worldcenter developers on Paramount Miami Worldcenter, a luxury condominium tower that was completed last year.

Royal Palm Companies expects to break ground on Legacy early next year, according to the release. Cushman & Wakefield’s Robert Given, Troy Ballard and James Quinn represented the seller in the land deal.

The amenities at the Legacy tower will include a cantilevered pool and the largest hotel pool deck in downtown, set on 1 acre; a 100,000-square-foot medical and wellness center; and the first enclosed rooftop atrium in the city on the top seven floors.

The $60 million healthcare center is called Center for Health + Performance.

When completed, Miami Worldcenter will span 10 city blocks. Worldcenter projects still in the works include a 348-room CitizenM hotel and a 434-unit rental tower by ZOM Living, an office tower by Hines with 500,000 square feet of Class A office space and a 1,700-room Marriott Marquis hotel and adjacent 600,000 square foot expo center by MDM Group.

Caoba, a 444-unit apartment tower, opened last year.

Earlier this year, the Worldcenter developers sold a parcel at the $4 billion development to Abbhi Capital for $24 million. In July, the developers also sold a site at the megaproject for $18.9 million to Akara Partners.






    Related Articles

    arrow_forward_ios
    Saeed Amidi and Moishe Mana (Getty, iStock)
    Plug and Play to open downtown Miami office
    Plug and Play to open downtown Miami office
    Renderings of the project with Michael Simkins and Ryan Shear (PMG)
    PMG, E11even Partners plan 65-story condo-hotel tower in downtown Miami
    PMG, E11even Partners plan 65-story condo-hotel tower in downtown Miami
    Blackstone's Jon Gray and 2MiamiCentral (Getty)
    Blackstone inks lease at MiamiCentral in downtown Miami
    Blackstone inks lease at MiamiCentral in downtown Miami
    Photo of the new Aston Martin DBX and the Aston Martin Residences (Aston Martin)
    Aston Martin Residences unveils DBX SUV, included with purchase of luxury condo
    Aston Martin Residences unveils DBX SUV, included with purchase of luxury condo
    Placeholder image
    Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal
    Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal
    Jon Paul Perez and Russell Galbut with renderings of the projects
    Related, Crescent Heights and Melo Group seek approval for Miami projects
    Related, Crescent Heights and Melo Group seek approval for Miami projects
    Blackstone's Jonathan Gray and Stephen Schwarzman (Getty, iStock)
    Blackstone to open office in South Florida
    Blackstone to open office in South Florida
    Jared Galbut, Bodega Taqueria
    Menin plans major expansion of Bodega Taqueria
    Menin plans major expansion of Bodega Taqueria
    arrow_forward_ios

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

    Loading...