Developers Merrimac Ventures and Aria Development Group have begun construction on 600 Miami Worldcenter, a 32-story residential tower located within Miami Worldcenter’s 27-acre mixed-use development in Downtown Miami. The building will consist of 606 fully furnished units with no restrictions on short-term rentals. The project, which was entirely sold before breaking ground, is being funded by a $95 million construction loan from Banco Inbursa. The loan was secured earlier this year and the groundbreaking occurred last month. The tower is expected to be completed in 2026.
The short-term “turn-key” rental model of 600 Miami Worldcenter has garnered a positive response from buyers. All of the units in the development have already been pre-sold to residents, mainly from the U.S., Colombia, Turkey, and Argentina. The residences available in the development will vary from 407-square-foot studios to 830-square-foot two-bedroom units, with prices starting in the $400,000s.
OneWorld Properties, led by CEO Peggy Olin, manages sales and marketing for 600 Miami Worldcenter.
“As a growing cosmopolitan city, Miami is seeing incredible demand for residences with no rental restrictions, with the city among the top ten-highest markets in the U.S. for short-term rental average daily rates,” Nitin Motwani says, Managing Partner of Merrimac Ventures. “We are thrilled to break ground on 600 Miami Worldcenter, providing flexible ownership and living options for a new generation of buyers coming to South Florida.”
With a budget of $6 billion, Miami Worldcenter is the second largest urban development in the U.S. after Hudson Yards. This ‘city within a city’ features a variety of uses, including residential, commercial, and hospitality, along with approximately 300,000 square feet of retail, restaurant, and entertainment space. 600 Miami Worldcenter is the latest addition to this impressive development, offering a new option for those looking for a residential space in the heart of Miami.
“We are thrilled to continue growing our residential footprint at the heart of Miami’s most dynamic neighborhood. 600 Miami Worldcenter clearly illustrates the alignment of supply and demand for the right product at the right price and in the right location,” David Arditi says, Managing Partner of Aria Development Group.
