Miami Worldcenter sells condo site for $26M to partner

Miami Worldcenter sells condo site for $26M to partner

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Brian Bandell, South Florida Business Journal

The condominium site at the 27-acre Miami Worldcenter project sold for $26.28 million as construction on the project continues.

The $1.5 billion Miami Worldcenter is slated to bring residential, retail, a hotel convention center and a large amenity deck on the north side of downtown Miami. The master developer is Miami Worldcenter Associates and it’s funded by Boca Raton-based Falcone Group and Los Angeles-based CIM Group.

In the recent deal, Miami Worldcenter Associates affiliate Miami A/I Parcel 2 Subsidiary sold 2.5 acres at southeast corner of Northeast 10th Street and Northeast 1st Avenue for $26.28 million to Tower 2 LLC, managed by Daniel Kodsi. The transaction included seller financing of $12.98 million.

Kodsi has been leading the development of Paramount Miami Worldcenter, the site’s 60-story condo tower. With 512 units, the condo would be attached to parking garage and retail/restaurant building topped by an amenity deck featuring pools, a soccer field, tennis courts and more. The condo would also have a rooftop amenity deck shaped like a yacht.

According to ISG World’s Miami Report, the condos in Paramount Miami Worldcenter were 52 percent pre-sold as of October.

Developers started site work on Miami Worldcenter in March and the foundation for both the condo and the retail was poured in October.

Other phases of Miami Worldcenter would include 338,036 square feet of “high street” retail, a 429-unit apartment tower in partnership with ZOM; and the Marriott Marquis Hotel with 1,700 rooms and 350,000 square feet of convention space in partnership with MDM Group.