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Announcement

Caoba 2

By
Cashflow In Miami
on
March 13, 2022

Caoba Second Tower is Coming Up!! Seventh Street Apartments Second Tower or Aecom is the Name?

697 North Miami Avenue at Miami Worldcenter Block G Park West.

New construction permits initially fully approved in 2018 by the Department of Buildings were reactivated on September 1, 2021 for 697 North Miami Avenue, a 40-story mixed-use tower planned to rise 413-feet in the Park West neighborhood of Downtown Miami. Designed by CFE & Associates Architects and developed by Los Angeles-based CIM Group, the building is projecting to yield 473,330 square feet of new construction including 411 residential units and 4,103 square feet of ground floor retail.

Permits for the tower had already been reactivated twice, in 2019 and 2020, and so this time around the reasoning may just be to prevent the approvals from expiring. The developer awaits a sign off from the Planning Department to break ground and commence construction. According to the the property appraiser, an entity managed by the CIM Group named BLOCK G PHASE 2, LLC is listed as the owner, referencing the project as the second phase of two-tower development.

As seen in the renderings, 697 North Miami Avenue will not have a dedicated parking garage nor an out door pool deck as it will share an existing one with it’s older sibling, the 43-story Caoba apartment tower at 698 Northeast 1st Avenue. Although a bit smaller in height and scale, the new tower should retain a similar if not the same design as Caoba. The 411 residential units will most likely be market rate rentals. 697 North Miami Avenue at Miami Worldcenter Block G is estimated to cost $82,833,750.

Coastal Tishman, a joint venture between Coastal Construction and AECOM Tishman, is listed as the general contractor.

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