Royal Palm Companies Locks Down 3rd Largest Construction Loan In Florida History For Legacy Hotel & Residences

Royal Palm Companies, led by Dan Kodsi, has locked down a $340 million construction loan from the New York-based Silverstein Capital Partners for the sold-out Legacy Hotel & Residences in Miami Worldcenter in Downtown Miami. Legacy Hotel & Residences broke ground on August 19, 2021. The loan is Silverstein Capital Partner’s first financing deal in South Florida and represents the third largest construction loan in Florida history, following the The Estates at Acqualina’s $558 million in financing and Five Park’s $345 million in financing.

Silverstein Capital Partners is the lending arm of Silverstein Properties, who owns, develops and operates a $10 billion portfolio of high-quality assets including office, residential, hotel, retail and mixed-use properties. Silverstein Properties is known for the redevelopment of the World Trade Center in Manhattan following 9/11.

Legacy Hotel & Residences is located in one of the U.S.’s most ambitious and largest private master-planned communities, Miami Worldcenter (MWC), spanning 27-acres in Downtown Miami. The Kobi Karp-designed tower will sit on 1.3 acres, 60,000 SF, and will feature 310 sold-out branded residences which sit atop a 219-room hotel, which will be managed and operated by Accor under The Morgan’s Originals Portfolio, and a Blue Zones Center medical and well-being center.

Royal Palm Companies broke ground on Legacy Hotel & Residences on August 19, 2021. RPC and OneWorld Properties, led by Peggy Olin announced a $160 million sellout of its 310 residences in May 2021, just 12 months after launching sales.

The Blue Zones Center is a joint venture with Adventist Health and Blue Zones to operate Legacy’s $100 million, 10-floor medical and well-being center in Miami, making Downtown Miami home to the world’s first Blue Zones Center. The JV is one of the largest commercial leases to be executed in Downtown Miami’s history. The facility is expected to become the most technology advanced health and well-being facility in the world, according to Adventist Health.

The center will offer teams of physicians and practitioners, an onsite lab, pharmacy, full AI-powered diagnostic center and rooms outfitted with medical gas and ventilator capabilities, allowing the hotel to remain operational during future pandemics. All aspects of the 50-floor tower, from the hotel rooms and residences to the five restaurants, to the design and programming, will follow Blue Zones methods and guidelines to living long and happy lives.

The luxury skyscraper will also host ground-floor retail, downtown’s largest pool deck set on one acre, the city’s first enclosed seven-floor rooftop atrium with a restaurant bar and lounge, the city’s first Singapore-inspired cantilevered pool soaring 500 feet in the sky, and a members-only international business lounge.

Legacy’s MICROLUXE® residences range from 350 SF to 850 SF with studios to two-bedroom units, offering the functionality of a micro-style home with the high-quality design and superior finishes of an elite condominium.

Legacy Hotel and Residences, America's First 'Covid-Conscious' Mixed-Use Tower Breaks Ground In Downtown Miami

Dan Kodsi of RPC (Royal Palm Companies) has announced the groundbreaking of Downtown Miami’s most anticipated mixed-use luxury development, Legacy Hotel & Residences coming to one of the U.S.’s most ambitious and largest private master-planned communities, Miami Worldcenter (MWC). The Kobi Karp-designed neo-futurism-inspired tower sitting on 1.3 acres, 60,000 SF, will feature 310 sold-out branded residences sitting atop a 219-room hotel, which will be managed and operated by Accor under The Morgan’s Originals Portfolio.

RPC and OneWorld Properties, led by Peggy Olin announced a $160 million sellout of its 310 residences in May, just 12 months after launching sales.

Adventist Health and Blue Zones, the organization that became famous for identifying places in the world where people live longer/healthier life spans, signed a joint venture (Blue Legacy Ventures - JV) to operate Legacy’s $100 million, 10-floor medical and well-being center in Miami, making Downtown Miami home to the world’s first Blue Zones Center. The JV is one of the largest commercial leases to be executed in Downtown Miami’s history. The joint venture is the first step in turning Miami into the next Blue Zone city.

The partnership is one of the largest commercial leases to be executed in Downtown Miami’s history. The $100 million center will occupy 10 floors and 120,000 SF within Legacy Hotel & Residences and is expected to become the most technology advanced health and well-being facility in the world, according to Adventist Health.

The groundbreaking will bring to life a first-of-its-kind ‘Covid-conscious’ development as RPC looks to expand The Center’s medical-grade features into the entire tower with air-filtration systems and touchless sanitation features such as voice-activated elevators, touchless room key access, apps that can call medical staff and UV sterilization wands for common room items. All aspects of the 50-floor tower, from the hotel rooms and residences to the five restaurants, to the design and programming, will follow Blue Zones methods and guidelines to living long and happy lives.

The center will offer teams of physicians and practitioners, an onsite lab, pharmacy, full AI-powered diagnostic center and rooms outfitted with medical gas and ventilator capabilities – this would allow the hotel to remain operational during future pandemics, ultimately becoming a refuge for travelers, owners and members, as well as a resource for the Miami community.

The luxury skyscraper will also host ground-floor retail, downtown’s largest pool deck set on one acre, the city’s first enclosed seven-floor rooftop atrium with a restaurant bar and lounge, the city’s first Singapore-inspired cantilevered pool soaring 500 feet in the sky, and a members-only international business lounge.

Legacy’s MICROLUXE® residences range from 350 SF to 850 SF with studios to two-bedroom units, offering the functionality of a micro-style home with the high-quality design and superior finishes of an elite condominium.

Royal Palm Companies Acquires 1.53-Acre Future Site of Legacy Hotel & Residences In Miami Worldcenter For $33.9 Million

Miami Worldcenter Associates, the master developer behind Miami Worldcenter, the $4 billion, 27-acre mixed-use development under construction 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 Northeast First Avenue, will be home to the Legacy Hotel & Residences, a 50-story mixed-use tower with 274 branded residences atop a 256-room hotel. The Cushman & Wakefield team of Robert Given, Troy Ballard and James Quinn represented the seller, Miami Worldcenter Associates, in the transaction.

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 in 2019 across the street.

“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 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 is also adjacent to Virgin Trains’ MiamiCentral station, which will soon offer direct train service to Fort Lauderdale, West Palm Beach and Orlando, together with access to TriRail, the Metromover and the Metrorail, making Miami Worldcenter the largest and most-connected transit-oriented development in Florida.

RPC Plans $60M Health & Wellness Center At Legacy Hotel & Residences in Miami Worldcenter

Royal Palm Companies (RPC), led by Dan Kodsi, have announced that as part of Legacy Hotel & Residences at Miami Worldcenter they will develop a $60 million, 100,000 SF healthcare center named Center for Health + Performance (CH+P) on the ground floor. It will break ground this fall alongside Legacy, which is across the street from RPC’s Paramount Miami Worldcenter condo tower. This is the latest of a series of medically-integrated real estate projects that have become more prevalent in South Florida.

CH+P aims to create a new operational model by ensuring the entire property meets medical building and design standards that are typically unheard of for a traditional hotel. The health and wellness facility will also feature a medical center with ventilators and medical gas, meaning it will be equipped to combat future pandemics and a variety of health complications. It will also offer surgery rooms, and MRI, CT Scan, Mammography, X-Ray, Ultrasound services. Medically equipped hotel rooms will be available for post-surgical patients and guests at the hotel and unit owners will have access to the healthcare center’s facilities, doctors, diagnostic center and onsite lab.

“Legacy will be one of the cleanest designed buildings you can shelter safely in during pandemics – with access to health professionals, a pharmacy, medical grade air quality and cleaning, food delivery and more,” said Dan Kodsi, CEO of RPC.

The project is tapping into top healthcare organizations to bring CH+P to life, including architecture firm Perkins & Will, healthcare consulting firm Coker Group, and healthcare construction company Vilar-Hoynack.

When complete, Legacy Hotel & Residences will have 274 condominium units and 256 hotel rooms. Other amenities include a sophisticated members-only international business lounge, downtown’s largest hotel pool deck set on one acre, the medical and wellness center and ground floor retail. The tower will feature a highly-anticipated seven-story crown-jewel glass atrium, which will be the largest rooftop atrium for a hotel-condo in the U.S.

Designed for the innovative and cosmopolitan traveler seeking a home away from home, Legacy Hotel & Residences aims to disrupt the condo space by introducing microLUXE living to Miami. The concept will offer homeowners luxury small living with the flexibility to live in or rent their home without rental restrictions, which will fulfill the demand of a rapidly growing and more international downtown core. Residents will have the option to rent on their own or through the tower’s hotel rental program, offsetting carrying and maintenance costs. Legacy’s microLUXE residences range from 400 SF to 949 SF with studios and two-bedroom units.

Sales for the condominium portion launched in November 2019, overseen by Peggy Olin’s OneWorld Properties, with pricing starting in the $300,000’s. Legacy Hotel & Residences is being designed by Kobi Karp with interiors by IDDI.

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