Worldcenter Apartments Top Off
The first tower at Miami Worldcenter has topped off, bringing the massive, $1.2B development a little bit closer to reality.
Caoba, the Spanish word for mahogany, is one piece of the Worldcenter puzzle — a 444-unit apartment complex at 698 Northeast 1st Avenue.
Miami Worldcenter will ultimately take up 10 city blocks and 27 acres right in Miami's downtown. When completed, it will include a train station, a 1,700-room Marriott Marquis hotel and convention center, a parking garage, 450K SF of retail, offices and housing. It is said to be one of the biggest private developments in the United States, after Hudson Yards in New York. Developers have said they modeled it after the country's most successful walkable areas, like Third Street Promenade in Santa Monica and Lincoln Road in South Beach.
Caoba's apartments — studios to three-bedroom units that are between 500 and 1,300 SF — will be priced at market rate. Co-developers CIM Group and Falcone Group are behind this part of the project.
Plans for a neighboring, 40-story, 429-unit tower have been approved by the city of Miami. A 562-unit Paramount Miami Worldcenter condo tower is also part of the master plan.