Upon completion, the full development will feature three residential towers rising 50, 51 and 53 stories. The master plan includes 2,346 residential units, approximately 30,535 square feet of commercial space and 2,078 parking spaces, creating one of the largest planned residential communities within Miami Worldcenter.<\/p>\n
The development continues to move through the City of Miami’s permitting process. Site preparation has already been approved, while the master building permit and phased vertical construction permit remain under review. Construction costs for the first phase are estimated at nearly $270 million, with Coastal Construction serving as the project’s general contractor.<\/p>\n
Witkoff and Monroe Capital acquired the property for $94 million in 2021 after earlier redevelopment plans for the site were never realized. Before the current vision, the parcel had been slated for a Marriott Marquis hotel and convention center project that ultimately did not move forward.<\/p>\n
The property occupies the former site of the Miami Arena, which opened in 1988 as the original home of the Miami Heat before later hosting the Florida Panthers, as well as concerts, sporting events and other entertainment throughout its history. The arena was demolished in 2008.<\/p>\n
Located within walking distance of Brightline’s MiamiCentral Station and other regional transit connections, the project represents another major step in the continued evolution of Miami Worldcenter as Downtown Miami’s mixed-use neighborhood continues to expand.<\/p>\n","protected":false},"excerpt":{"rendered":"Upon completion, the full development will feature three residential towers rising 50, 51 and 53 stories. The master…\n","protected":false},"author":2,"featured_media":354055,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[123,125,124],"class_list":["post-354054","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-miami","tag-miami-headlines","tag-miami-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/354054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=354054"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/354054\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/354055"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=354054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=354054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=354054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}