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With Average Prices Topping $1M, Residential Development Set to Open Next Year
by Paul Owers
Paramount Miami Worldcenter developers are completing vertical construction on the 60-story residential luxury tower, capping an almost $4 billion project that's changing one of the biggest skylines in the U.S. Southeast.
The last beam was placed Friday atop the highest point in the condominium that’s part of a mixed-use development covering 10 blocks sprawling 27 acres in Miami's downtown. Developers say the project is one of the biggest now under construction in the United States.
During a ceremony for the condo at 129 NE 8th Ave., flags from 50 countries flew atop the building, representing the nationalities of the different buyers. Argentina, Mexico, Russia, Greece and Guatemala are among the countries represented in the buyer pool for a project where the average condo price tops $1 million.
“Miami has become a truly global city and this building is a clear indication of that,” developer Dan Kodsi said in a statement.
The 569-unit building has generated more than $400 million in presales so far, developers said. Units range from 1,180 to 2,350 square feet each, and occupancy is set for early next year.
Amenities include an outdoor soccer field, two tennis courts and a resort-style swimming pool complete with bungalows and villas.
Aside from the condo tower, Worldcenter will have a 444-unit apartment building that is scheduled to open in the fourth quarter of 2018, and an office tower with up to 600,000 square feet slated for 2021.
Nitin Motwani is managing partner of a development team that includes Art Falcone. When completed, the development will feature an open-air retail, dining and entertainment center, a 1,700-room Marriott Marquis and a second apartment tower.