CAOBA has become the first tower in the 27-acre, $2 billion Miami Worldcenter mega-project to top-off at 43 stories in Downtown Miami's Park West neighborhood. The transit-oriented rental complex will bring 444 market-rate apartments to Miami’s urban core with pre-leasing set to begin this summer and delivery expected in the fall (2018). The project was formerly known as the first phase of the Seventh Street Apartments and was co-developed by CIM Group with Falcone Group. CAOBA is located at 698 Northeast 1st Avenue and is one block from Miami Central, downtown’s new transportation hub and Brightline’s high-speed rail Miami terminal, which offers direct train service to Fort Lauderdale, West Palm Beach and Orlando. CAOBA will include more than 20,000 square feet of ground-floor retail space which will feature shops and restaurants, connecting Miami Worldcenter’s ‘High Street’ retail promenade and plaza to the east between Northeast 1st and 2nd Avenues.
CAOBA’s market-rate rental apartments range in size from 500 SF studios to 1,300 SF 3-bedroom floor plans. Residences feature 9' ceilings, contemporary design finishes, in-unit washers and dryers, and private balconies that open up to sweeping views of Biscayne Bay and the downtown Miami skyline. Amenities, including a pool deck overlooking downtown, a fitness center, a clubroom and an outdoor dog-walking lawn.
“Caoba is the Spanish word for mahogany, which is a variety of wood prized for its beauty, durability and color – attributes that will reflect the luxurious, organic sensibility of the building’s amenity and public spaces,” explains Miami Worldcenter’s Managing Principal Nitin Motwani. “Residents of this complex will value being able to walk outside their door and be in the heart of a ten-block ‘city within a city’ complete with offices, shopping, dining and entertainment. And our proximity to Miami-Dade’s primary transit systems, including the new Brightline high-speed rail, means residents will be able to jump on a train and beat the traffic to anywhere in South Florida.”
Downtown Miami has been hot recently, according to the Miami Downtown Development Authority’s mid-year 2017 report, urban living in Miami saw a 25% year-over-year monthly increase in the volume of signed leases. Plans for an adjacent 40-story, 429-unit tower have been approved by the City of Miami. The 27-acre, 10-block Miami Worldcenter is one of the largest private real estate developments currently under construction in the United States. Miami Worldcenter features a diverse mix of urban land use, including high-street retail, hospitality, office and residential uses surrounded by world-class amenities and boasting convenient access to transit.
