Downtown Miami on the rise

Downtown Miami on the rise


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Miami Worldcenter and PARAMOUNT celebrated the groundbreaking of an open-air retail shopping center and condos in downtown on Thursday, March 3, 2016. The sites are slated to be completed by 2018.

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Developers Nitin Motwani, left, Art Falcone, center, and Daniel Kodsi, right, hold a press conference during Miami Worldcenter and PARAMOUNT's open-air retail shopping center and condo groundbreaking in downtown on Thursday, March 3, 2016.

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Ramola Motwani, left, Commissioner Audrey M. Edmonson, center, and Nitin Motwani, right, talk after taking a helicopter ride around the groundbreaking site of the Miami Worldcenter and PARAMOUNT's open-air retail shopping center and condo in downtown on Thursday, March 3, 2016.

Downtown Miami continues to morph. Thursday, developers broke ground on Miami Worldcenter and Paramount, the mixed-use development’s signature residential tower. The 27-acre development at 10th Street and NE Second Avenue will include retail, hotel and residences. The 60-story Paramount Miami Worldcenter is slated for completion in 2018. The project is being developed by Daniel Kodsi, Art Falcone and Nitin Motwani.

The Worldcenter launch comes just two weeks after the ground breaking for Canvas, at 90 NE 17th Street in downtown Miami’s Arts & Entertainment District. In a release, developer NR Investments said 58 percent of the 513 units have been sold.

Both projects are within walking distance of the Adrienne Arsht Center for the Performing Arts, now celebrating its 10th season. The 38-story, 497-unit Melody Tower, under construction across the street from the Arsht Center by the Melo Group, expects to open in May. More than 100 units rented out within 10 days of launch, according to a spokesman.

Read more here: http://www.miamiherald.com/news/business/real-estate-news/article63905682.html#storylink=cpy