Related Group and Merrimac Ventures are partnering to develop a project at Miami Worldcenter, after paying $12 million for land.
Records show an affiliate of Jorge Pérez’s Related Group bought the lots at 601 North Miami Avenue and 25 Northeast Sixth Street. The adjacent parcels total 0.6 acres.
The Motwani family’s Merrimac Ventures is a joint venture partner in the purchase and development, according to a statement released by the two firms. Spokespersons for the firms declined to disclose details of the planned project.
Records show the selling entity is tied to Miami Worldcenter Associates, the master-developer of the 27-acre, 10-block mixed-use project.
Separately, Motwani is managing partner at Fort Lauderdale-based Merrimac, along with his brother, Dev Motwani. Their mother, Ramola Motwani, chairs the company.
The deal is for one of the last remaining available sites at Miami Worldcenter. Several developments are already completed or in the works at the $4 billion development, including the 60-story Paramount Miami condo tower, the 43-story Caoba apartment tower and roughly 150,000 square feet of planned retail. Dan Kodsi’s Royal Palm Companies is building a 50-story Legacy Hotel & Residences, which will have 310 condos atop a 219-key hotel and a 10-story Blue Zones Medical and Wellbeing Center.
Still more development is coming, as New York-based Witkoff and Chicago-based Monroe Capital paid $94 million in July for a 4.7-acre site at 700 North Miami Avenue that previously was planned as the Marriott Marquis Miami Worldcenter Hotel. Seller MDM Group, through its MDM Hotel Group, canceled the 1,700-key hotel and 600,000-square-foot expo center, citing the pandemic’s toll on the convention market.