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Cashflow In Miami
March 15, 2022

Land Sold for $94 Million!

700 North Miami Avenue in Miami Worldcenter area

Former Miami  Arena site  and huge Convention Center planned place has new plans for 3,4 million mixed use and three super towers.

Witkoff and Monroe Capital proposed a 3.4 million-square-foot, mixed-use addition to the Miami Worldcenter development downtown.

An affiliate of New York-based Witkoff and Chicago-based Monroe plans to build three towers on the 4.7-acre site at 700 North Miami Avenue. The buildings could each be up to 57 stories tall.

The duo bought the land for $94 million in July.

The proposal calls for 540,000 square feet of office, nearly 50,000 square feet of retail, about 2,500 parking spaces and nearly 2,200 residential units, according to a project application the developers submitted to Miami-Dade County.

The application shows the homes would be one- and two-bedroom units, but it does not specify whether they would be apartments or condos.

The Kobi Karp-designed project would include a park on the south end of the property that abuts the railroad tracks where cargo trains travel to the port.
Miami-based MDM Group, through its hospitality-focused MDM Hotel Group, had planned a 1,700 Marriott Marquis hotel and 600,000-square-foot expo center as part of the 27-acre Miami Worldcenter. It paid $45 million for the land in 2017.

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