Another major residential development is moving closer to construction in Downtown Miami after Witkoff, in partnership with Monroe Capital, secured a $302.6 million construction loan for the first phase of its planned three-tower community at 700 North Miami Avenue in Miami Worldcenter.
The financing marks a significant milestone for one of the final large-scale undeveloped parcels within Miami Worldcenter. The nearly five-acre property, formerly home to the historic Miami Arena, is planned for a master-planned residential development designed by Kobi Karp Architecture & Interior Design.
The financing was provided by Athene Annuity and Life Company, an affiliate of Apollo Global Management, together with J.P. Morgan Chase. The transaction refinanced approximately $57.3 million in existing debt while providing roughly $245.3 million in new construction financing. Lotus Capital Partners arranged the financing.
The project's first phase will include a residential tower rising approximately 600 feet with 894 residential units. Plans also call for 17,367 square feet of ground-floor retail space and a nine-story parking garage encompassing approximately 167,237 square feet.
Upon completion, the full development will feature three residential towers rising 50, 51 and 53 stories. The master plan includes 2,346 residential units, approximately 30,535 square feet of commercial space and 2,078 parking spaces, creating one of the largest planned residential communities within Miami Worldcenter.
The development continues to move through the City of Miami's permitting process. Site preparation has already been approved, while the master building permit and phased vertical construction permit remain under review. Construction costs for the first phase are estimated at nearly $270 million, with Coastal Construction serving as the project's general contractor.
Witkoff and Monroe Capital acquired the property for $94 million in 2021 after earlier redevelopment plans for the site were never realized. Before the current vision, the parcel had been slated for a Marriott Marquis hotel and convention center project that ultimately did not move forward.
The property occupies the former site of the Miami Arena, which opened in 1988 as the original home of the Miami Heat before later hosting the Florida Panthers, as well as concerts, sporting events and other entertainment throughout its history. The arena was demolished in 2008.
Located within walking distance of Brightline's MiamiCentral Station and other regional transit connections, the project represents another major step in the continued evolution of Miami Worldcenter as Downtown Miami's mixed-use neighborhood continues to expand.
Renderings via Kobi Karp Architecture & Interior Design
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Another major residential development is moving closer to construction in Downtown Miami after Witkoff, in partnership with Monroe Capital, secured a $302.6 million construction loan for the first phase of its planned three-tower community at 700 North Miami Avenue in Miami Worldcenter.