The New York City-based real estate investment group Witkoff, led by Steve Witkoff, and the Chicago-based Monroe Capital have acquired the site of the now cancelled Marriott Marquis Miami Worldcenter from MDM Group for $94 million. The 4.7 acre site is located at 700 North Miami Ave. The property is entitled to develop 60+ stories and for a mix of residential, hospitality and commercial. The transaction was overseen by Manny De Zárraga of JLL and was financed with floating-rate financing which was arranged by Dustin Stolly and Jordan Roeschlaub of Newmark and provided by Mack Real Estate Credit Strategies.
The Miami-based MDM Group, which is led by Ricardo Glas and Luis Pulenta, had planned to build a 1,700-key Marriott Marquis hotel and 600,000+ SF expo center as part of the $4 billion, 27-acre Miami Worldcenter mixed-use development. MDM Group initially acquired the site for $45.25 million in 2017 from Nitin Motwani who is Managing Partner of Miami Worldcenter Associates, the master developer of Miami WorldCenter. News of the cancellation of the Marriott Marquis Miami Worldcenter accompanies news of the property’s sale.
As the largest private development underway in Florida, Miami Worldcenter will feature a diverse mix of residential, commercial and hospitality uses complemented by approximately 300,000 SF of retail, restaurant and entertainment space. The first restaurant tenants were recently announced after Miami Worldcenter Associates completed leases with Chicago-based steakhouse concept Maple & Ash, etta, Laurel Brasserie and El Vecino. All four concepts are expected to open in 2022.
Two residential buildings have been completed at Miami Worldcenter including the 60-story PARAMOUNT Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower. Approximately 150,000 SF of retail has been completed with tenant build-out work set to commence in 2021, and another 130,000 SF is currently under construction and nearing delivery. Construction is nearing completion at ZOM’s 43-story Bezel Miami Worldcenter residential tower and at the 351-room citizenM hotel, both of which are expected to open later this year.
Miami Worldcenter occupies 10 city blocks within walking distance of Museum Park, home to Perez Art Museum Miami and the Frost Museum of Science; FTX Arena; the Adrienne Arsht Performing Arts Center; and Miami-Dade College’s Downtown Miami campus. It is also adjacent to Brightline’s 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 one of the largest and most-connected transit-oriented development in Florida.
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