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Miami Worldcenter Associates affiliate issued $13M purchase money mortgage as part of deal
An affiliate of Miami Worldcenter Associates has sold the land for Paramount Miami Worldcenter to its partner, Dan Kodsi, for $26.275 million.
Records show Miami A/I Parcel 2 Subsidiary LLC sold the 2.25-acre site on Northeast 10th Street and Northeast First Avenue to Tower 2 LLC, led by Kodsi. The seller also issued a nearly $13 million purchase money mortgage to the Kodsi-led company. Kodsi told The Real Deal he expects to close on a construction loan sometime over the next two months.
Nitin Motwani and Art Falcone are the master developers of Miami Worldcenter, a $1.7 billion mixed-use project in downtown Miami and Overtown.
Construction workers poured the foundation for Paramount in October, pouring 13,000 cubic yards of concrete for the 700-foot, 60-story condo tower. Kodsi is leading development of the 513-unit luxury condo building. More than 55 percent of the units are presold, Kodsi said. Prices average about $700 per square foot.
“A lot of people still see us a great value for what we’re offering,” he said, citing the project’s amenities. “Now that we’re going vertical, we’re at a point where we’re maintaining sales.”
When completed at the end of 2018, Paramount will sit directly next to Worldcenter’s 450,000 square feet of high street retail space, and the project as a whole will also feature a 429-unit apartment project from Orlando developer ZOM. MDM Development Group scored approvals earlier this year for its redesign Worldcenter’s hotel component, the Marriott Marquis Miami Worldcenter Hotel & Expo, which is slated to bring 1,700 hotel rooms to the area.
Kodsi said more retail announcements will be coming next year, but declined to name them.