Miami World Center Associates, the master developer behind Miami Worldcenter, the $4 billion, 27-acre mixed-use development now underway in the heart of Downtown Miami, has sold a 1.53-acre parcel to Royal Palm Companies.
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.
“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 RPC CEO Dan Kodsi in a press release. “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.”
Kodsi previously partnered with Miami Worldcenter associates developers on the newly completed Paramount Miami Worldcenter luxury condominium tower, which opened to residents in 2019 across the street.
Legacy Hotel & Residences will feature a members-only international business lounge, a Singapore-inspired cantilevered pool and downtown’s largest hotel pool deck set on one acre, a 100,000 square foot medical and wellness center and the city’s first enclosed rooftop atrium, taking up the top seven floors of the tower.
“The project’s iconic architecture and state-of-the-art amenities are just some of the components that will make it a standout addition to our city-within-a-city at Miami Worldcenter,” added Miami Worldcenter Associates Managing Partner Nitin Motwani in the press release. “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.”
The Cushman & Wakefield team of Robert Given, Troy Ballard and James Quinn represented the seller, Miami Worldcenter Associates, in the transaction.
The Miami Worldcenter master plan, delivering in phases, 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.
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.