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Construction of Paramount condo tower, retail and apartment building underway
Katherine Kallergis, therealdeal.com
Developers Nitin Motwani and Art Falcone just closed on nearly $33 million in financing for the Miami Worldcenter development site.
Property records show Bank of the Ozarks provided a $9.42 million loan for the southeast block of Northeast First Avenue and Northeast 11th Street; a $7.5 million loan for 80 Northeast 10th Street; and a $15.71 million loan for 725 Northeast Miami Avenue, which is across the street from the convention center hotel component. Affiliates of Miami Worldcenter Associates also transferred ownership of the parcels to other Worldcenter companies, records show.
Motwani, managing principal, said in a statement that the developer received interest from lenders with “favorable financing terms” to fund ongoing construction of the mixed-use project, as well as upcoming phases of development.
Construction of the 27-acre, mixed-use project is underway, including Paramount Miami Worldcenter, a 360,000-square-foot high-street retail component and the Seventh Street Apartments. Crews were working on the 21st story of Paramount, a 60-story, 562-unit condo tower, during the last week of September.
The $1.2 billion project will also have a 1,700-room Marriott Marquis Miami Worldcenter Hotel & Expo, to be built in two phases, and a 600,000-square-foot office tower. Earlier this year, the project’s community development district announced it issued private placement bonds that will fund $74 million of infrastructure upgrades to the project. Paramount Ventures, which includes developer Dan Kodsi, Falcone and Motwani, closed on $285 million in construction financing for Paramount in March.