Massive Miami Worldcenter project is more than halfway complete
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Rooms start at $179 at the CitizenM Hotel, which opened in January at Miami Worldcenter. Photo: Courtesy of Miami Worldcenter
A decade ago, Miami's downtown core was rather desolate. Today, a $4 billion project called Miami Worldcenter is rising across 10 city blocks spanning 27 acres.
Why it matters: The project is the second-largest mixed-use urban development project in the U.S., besides Hudson Yards in New York.
Catch up fast: Miami Worldcenter's lead developers Art Falcone and Nitin Motwani began buying up land in the early 2000s for the project, which broke ground in 2016.
- Several different developers are each building components of Miami Worldcenter, which includes a 12-story hotel that opened last month, condos, apartments, retail shops, office space, an "outdoor museum" filled with public art, and a public plaza called World Square.
What they're saying: Motwani — managing principal of Miami Worldcenter Associates — told Axios that they're "over halfway done" with the project.
- He said all of the condos are sold and apartments are mostly leased, and the six retail buildings are about 75% leased.
- "We have over $2 billion completed and $1 billion under construction. … As more retail opens, I think you'll start to really feel the sense of place in '23 and it will be completed in '24."
By the numbers: Here's where the project now stands:
Already open: Three residential buildings, including the 60-story luxury condo complex Paramount. Two apartment buildings, Caoba and Bezel, are both 97% leased so far.
- Brasserie Laurel, a new French restaurant from Miami chef Michael Beltran of Michelin-starred Ariete, opened inside the Caoba tower late last year.
- Cuban American-inspired Chug's Express is selling croquetas, pastelitos, salads, sandwiches and coffee at the Caoba tower, too.
- Plus, a newly opened Sephora store will soon be joined by Savage X Fenty, Lululemon, Lucid Motors, Posman Books and Ray-Ban later this year.
Under construction: A 52-story apartment tower, dubbed Miami World Tower, and 33-condo building The Crosby. A second tower is also being added to the Caoba apartment complex.
- Legacy Hotel & Residences, a mixed-use building with a hotel, condo units and 50,000 square feet of medical offices.
What we're watching: A 32-story condo building designed for short-term rentals, two residential towers from developer Naftali Group, and three mixed-use towers from The Witkoff Group.