Luma At Miami Worldcenter Locks Down $143 Million Construction Loan, Groundbreaking Imminent

Luma at Miami Worldcenter has locked down a $143 million construction loan as the developers gear up to break ground on the 43-story tower. The loan was provided by Moinian Capital Partners with a 60% equity piece valued at $23.7 million. The tower is being developed by ZOM Living after the developer acquired the lot from Miami Worldcenter Associates. When complete Luma will feature 434 rental apartments which range from 566 SF to 1,808 SF. The building is designed to take advantage of the waterfront views of Biscayne Bay. Luma will offer over 45,000 SF of amenities including a fitness center, spa with sauna and treatment rooms, speakeasy, dog salon, classroom, residents lounge and a resort-style pool. Luma is expected to be completed in 2021.

Miami Worldcenter Unveils Construction Timeline for the Mixed-Use Development

Miami Worldcenter is currently the second largest urban development underway in the United States and occupies 27 acres in the heart of downtown Miami. The ten-block project is expected to account for $2 billion in new investment in downtown Miami and will include world-class retail, hospitality, commercial and residential uses. 

The project, whose “master plan has been in the making for more than a decade” is running on all cylinders with more than 800 workers active on site each day as the project prepares to open its first residential phase as early as this year. To date, 4,000 workers have been hired, and approximately 75 percent of those live in Miami-Dade County. A Class AA office tower of this size and scale hasn’t been built in Miami in a decade and its construction coincides with the launch of Brightline’s rail service into Downtown Miami, which will bring Miami commuters to Fort Lauderdale and West Palm Beach starting Saturday, May 19th.

The developers, Miami Worldcenter Associates, provided PROFILE with this construction timeline:

• CAOBA apartments will welcome renters to its 444 units who are seeking a well-connected location adjacent to multiple transportation hubs in the fourth quarter of this year. 
• PARAMOUNT Miami Worldcenter, a 569-unit luxury condominium tower is slated for completion during the first quarter of 2019. 
• The open-air retail, dining and entertainment component, developed in collaboration with The Forbes Company and Taubman, is underway with more than 140,000 square feet of space in construction and another 160,000 square feet forthcoming in phase one. Delivery is expected to begin in the fourth quarter of 2019.
• MDM Group expects to begin construction of its 1,700 room Marriot Marquis, complete with 500,000 square feet of meeting, exposition and event space, in the fourth quarter of 2018.
• LUMA, a 434-unit luxury apartment tower to be developed by ZOM, will break ground later this year with completion anticipated in 2020.
• A new Class AA office-led mixed-use tower developed by Hines will begin rising out of the ground next year in advance of opening to tenants in 2021.

“Today’s consumers are looking for convenience and connectivity, and Miami Worldcenter delivers on both,” said Nathan Forbes, Managing Partner of The Forbes Company. “We see strong demand for a pedestrian-friendly shopping, dining and entertainment district that will be home to premier brands and inviting public spaces flowing seamlessly with surrounding streets and nearby transit options. Once complete, Miami Worldcenter will become the perfect confluence of arts, culture, entertainment and transportation.” 

Article by Katya Demina