Miami Worldcenter completes $33.9M sale of 1.53-acre development parcel

Miami World Center Associates, the master developer behind Miami Worldcenter, the $4 billion, 27-acre mixed-use development now underway in the heart of Downtown Miami, has sold a 1.53-acre parcel to Royal Palm Companies (RPC).

The transaction includes 66,656 square feet of developable land that was sold for $33.9 million. The property, which is situated at 942 NE First Ave., will be home to the Legacy Hotel & Residences, a 50-story mixed-use tower with 274 branded residences atop a 256-room hotel.

Legacy Hotel & Residences’ developer, Dan Kodsi of RPC, previously partnered with Miami Worldcenter Associates developers, led by Nitin Motwani and Art Falcone, on the newly completed Paramount Miami Worldcenter luxury condominium tower, which opened to residents (across the street) in 2019.

“Legacy Hotel & Residences is one of our most anticipated developments. The project’s iconic architecture and state-of-the-art amenities featuring a world-class restaurant and medical facility are just some of the components that will make it a standout addition to our city-within-a-city at Miami Worldcenter,” said Nitin Motwani, managing partner of Miami Worldcenter Associates. “We’re committed to working with best-in-class developers to create a diverse and vibrant eco-system for the ultimate live, work, play Miami experience, and our recent collaboration with Dan Kodsi on Paramount is a testament to that vision.”

Legacy Hotel & Residences will feature first-of-its-kind amenities and offerings, including a sophisticated members-only international business lounge, a dramatic Singapore-inspired cantilevered pool, Downtown’s largest hotel pool deck set on one acre, a highly anticipated 100,000-square-foot medical and wellness center, and stylish microLUXE residences — all topped with the project’s signature amenity — the city’s first enclosed rooftop atrium, taking up the top seven floors of the tower.

“We are looking forward to breaking ground in early 2021 on what we expect will be one of the iconic centerpieces of Miami Worldcenter,” said Dan Kodsi, CEO of RPC. “Legacy Hotel & Residences is setting the stage for the future of mixed-use developments and branded-residences that prioritize health and wellness without sacrificing luxury lifestyle experiences and resort-style amenities that discerning homeowners and travelers are accustomed to.”

The Cushman & Wakefield team of Robert Given, Troy Ballard and James Quinn represented the seller, Miami Worldcenter Associates, in the transaction.

The Miami Worldcenter master plan, delivering in phases, features an array of residential, commercial and hospitality uses. These include approximately 300,000 square feet of retail, restaurant and entertainment space; the 60-story Paramount Miami Worldcenter condominium tower; Caoba, a 444-unit apartment tower that opened in 2019; a 348-room CitizenM hotel which is now under construction, and Bezel, a 434-unit rental tower by ZOM Living which is also underway.

In addition, Hines is preparing to build a new tower that will comprise up to 500,000 square feet of Class A office space and MDM Group is planning a 1,700-room Marriott Marquis hotel and adjacent 600,000 square foot expo center.

Miami Worldcenter occupies 10 city blocks within walking distance of Museum Park, home to Perez Art Museum Miami and the Frost Museum of Science; AmericanAirlines Arena; the Adrienne Arsht Performing Arts Center, and Miami-Dade College’s Downtown Miami campus. It also is adjacent to MiamiCentral Station, which offers direct train service to Fort Lauderdale, West Palm Beach and (in the future) Orlando, together with access to TriRail, the Metromover and the Metrorail, making Miami Worldcenter the largest and most-connected transit-oriented development in Florida.

Miami Worldcenter completes $33.9M sale of 1.53-acre development parcel Miami Worldcenter completes $33.9M sale of 1.53-acre development parcel Reviewed by luxuryworld on 29 December Rating: 5

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