Exclusive: Miami Worldcenter phase one complete, developers break down what's next
MIAMI - A massive development in downtown Miami has reached a milestone.
Construction of the 27-acre Miami Worldcenter project has reached its halfway point with phase one now complete.
The project is transforming what was once just parking lots into hotels, retail spaces, urban spaces, and residential living.
One of the three residential projects completed at this point is the extremely popular condominium Paramount Miami Worldcenter.
Also open is the citizenM Miami Hotel along with several retail locations and restaurants. Stores that have opened already include Sephora & Lululemon
Nitin Motwani, a managing partner at Miami Worldcenter Associates, said phase two is still a few years away from completion. He said the entire project has faced challenges along the way.
"It's been a labor of love. We've been at this for over a decade and part of it was the acquisition. Acquiring over 140 parcels from 43 sellers, that was hard. Redefining the neighborhood because for so long it was just empty parking lots. I think obviously we went through different phases and cycles like the financial crisis. But what happened was we persevered, and Miami persevered and reinvented itself," he said.
Motwani added that one of the big perks of the area is that it is close to Miami Metrorail, Tri-Rail, and the Brightline station, making it easy for people to get around.
When complete, the Miami Worldcenter will have:
• 300,000 Square Feet of Retail Space
• Over 5,000 Residential Units
• Over 600,000 Square Feet of Office Space
• 600 Hotel Rooms
• Over 100,000 Square Feet of Public Green Space
• LEED® ND Silver Pre-Certified
• Construction Began in Q1 2016
• Phased Completion Began in Q2 2019
The price tag for the project, when complete, will be more than $6 billion.