Miami Worldcenter: 2nd largest US urban project begins
Phase one construction of Miami Worldcenter, America’s second-largest luxury urban development, is now underway.
Miami Worldcenter is being built on a 1.1 million square foot terrestrial landscape spread across six downtown Miami city blocks. At 27-acres, Miami Worldcenter is second in size only to New York’s Hudson Yards development at 28-acres. In comparison, Rockefeller Center, built in 1931, is 22-acres. It is the largest building project in Florida and in Miami history.
When complete, the development will feature a “High Street” style retail promenade featuring an expansive public plaza accentuated by fountains. The Center will intertwine seven residential and office towers, multiple hotels, including a 1700 room Marriott Marquis and convention center, and serve as an intermodal hub for the downtown MetroMover and Metrorail elevated transit systems. In addition, the development will be adjacent to the main terminal for the All Aboard Florida high-speed railroad that will eventually link Miami with Central and possibly North Florida.
The first phase of construction is Paramount Miami Worldcenter. It is the project’s 700-foot, 60-story, $500-million soaring signature residential skyscraper that will be Miami’s new skyline-shaping pinnacle. Paramount Miami Worldcenter is the most heavily-amenitized and amongst the tallest luxury residential towers in the U.S. It features the world’s largest private urban amenities deck, which includes resort-style pools, walking paths, gardens, bungalows, tennis courts and, even, a mezzanine level soccer field overlooking downtown Miami.
According to the Miami Downtown Development Authority, fueled by U.S. institutional investment and the flow of foreign capital, Paramount Miami Worldcenter is one of 24 towers currently under-construction in the downtown area.
“Downtown Miami real estate is considered one of the world’s hottest and most stable investments,” says Daniel Kodsi, CEO of Paramount Miami Worldcenter. “Its value traditionally increases from four to percent, annually, and, in recent years, we have seen values climb into the teens. It is one of the most valuable properties in the world, yet is less expensive, per square foot, than London, Paris, New York and other global cities but its valuations are consistently greater.”
Miami Worldcenter is anticipated to be completed in 2018. Here’s a look at what is claimed to be America’s largest urban infill development outside of New York City.
Source: Miami Worldcenter Press Release