Neumann’s Flow Plans Offices, Retail, Apartments in Miami

Flow, the apartment startup founded by billionaire Adam Neumann and backed by venture capital firm Andreessen Horowitz, has three projects in various stages of development at Miami Worldcenter.

The buildings are valued at about $450 million, according to a source. Neumann’s purchases at Miami Worldcenter date back to at least 2021, but additional details about his projects at the 27-acre mixed-use development were recently revealed in a bond offering memorandum for the $6 billion master-planned community.

Flow’s properties include the 444-unit Caoba rental tower, which CIM Group and Falcone Group completed in 2019; as well as the second, 422-unit phase of Caoba that is under construction; 1,000 parking spaces; and a proposed 40,000-square-foot office building that could include a co-working component. Neumann purchased the first Caoba tower by acquiring the company that owned the real estate, records indicate.

Flow’s plans at Miami Worldcenter also call for 28,000 square feet of retail along the promenade, which includes about 9,000 square feet that’s already completed. Technogym is designing and outfitting a fitness center that the complex will share.

Neumann also has been working on purchasing WeWork, the co-working company he founded that ousted him, and which is now in bankruptcy, the New York Times reported about a month ago.

Nitin Motwani and Art Falcone’s Miami Worldcenter Associates has led the development of Miami Worldcenter, selling off or partnering on individual projects within the larger development over the years. Miami Worldcenter calls for several condo and apartment towers and more than 300,000 square feet of retail, the latter of which includes an 80,000-square-foot glass-encased Jewel Box building across the street from a future 15,000-square-foot Apple store. Other developers that are building or have completed projects at Miami Worldcenter include Related Group, Dan Kodsi, Aria Development Group and Naftali Group.

According to an updated fact sheet for Miami Worldcenter, the development could eventually include nearly 11,000 condos and apartments, more than 1,100 hotel rooms, nearly 600,000 square feet of office space, and about 300,000 square feet of retail. The assemblage runs from Northeast Second Avenue to parts of Northwest First Avenue, and from Northeast 10th Street to Northeast Seventh Street.

Miami Worldcenter is seeking to raise about $243 million through a bond offering, according to the memo dated March 8, as first reported by Bloomberg. Flow’s projects could have an assessed value of about $290 million once completed, according to an estimate by the Concord Group. But a source told The Real Deal the buildings’ valuation is closer to $450 million.

As part of his exit package from WeWork, Neumann received a $245 million stock award in early 2021 and $200 million in cash. Neumann, who lives in Bal Harbour with his family, is worth about $2.3 billion, according to Forbes.