Lynd Living has acquired Block 23 at Miami Worldcenter for $30 million, financed by a $22.75 million acquisition land loan. Block 23 is located between NW 9th and NW 10th Street on North Miami Avenue and is one of the last remaining land sites within Miami Worldcenter, the 2nd largest master planned community in the country, behind New York City’s Hudson Yards. The transaction closed on August 26th.
Concord Summit’s Managing Director Kevin O’Grady and Director Justin Neelis represented Lynd on the senior acquisition land loan and represent Lynd as the exclusive advisors to place construction financing for a mixed-used project. Concord Summit was also the sales broker for the land sale. Concord Summit’s next step is to secure the construction financing for the project for Lynd. Miami Worldcenter is no stranger to Concord Summit Capital, who had also arranged the construction financing and equity for Paramount Miami Worldcenter for Encore Capital.
“David Lynd is a visionary and an incredible developer who I’m confident will bring a whole new level of residential living to Miami Worldcenter that the market has not seen before,” O’Grady said.
Miami Worldcenter is a $4 billion, 27-acre mixed-use development transforming the heart of Downtown Miami. Several phases of the project have already been completed, including three residential towers – PARAMOUNT Miami Worldcenter, Caoba, and Bezel Miami – and approximately 175,000 square feet of retail space. Coming up, a 351-room citizenM hotel is expected to open at Miami Worldcenter by the end of the year, along with another 125,000 square feet of retail space. Additionally, construction is underway at the 52-story Miami World Towers, which will comprise 550 apartment units; at Legacy Hotel & Residences, a 50-story mixed-use tower with 310 branded residences atop a hotel and 50,000 square feet of medical office space; and at the second phase of Caoba, which will encompass an adjacent 40-story tower with 420 apartments.
Planned developments include The Crosby, a 450-unit turn-key condominium by Related Group and Merrimac Ventures; a pair of “supertall” residential towers by New York-based Naftali Group; and a three-tower mixed-use project by The Witkoff Group, which will include up to 2,000 residential units as well as 550,000 square feet of office space and another 50,000 square feet of retail.
Complementing Miami Worldcenter’s open-air retail will be World Square, a 20,000-square-foot public plaza and park. Designed as a central gathering place and outdoor event space, World Square will serve as the heartbeat of the development featuring an abundance of shade trees, works of art by local and international artists, and oversized, pedestrian-friendly sidewalks lined with dining, entertainment, and retail concepts.