$4 billion. 27 acres of mixed-use development. A location in downtown Miami. Miami Worldcenter has some impressive stats. And now it can add a $33.9 million sale.
Miami World Center Associate, the master developer of Miami Worldcenter, announced that it has sold a 1.53-acre parcel to Royal Palm Companies (RPC) for $33.9 million. The property, which is situated at 942 Northeast First Avenue, will be home to the Legacy Hotel & Residences, a 50-story mixed-use tower with 274 branded residences atop a 256-room hotel. Legacy Hotel & Residences will feature first-of-its-kind amenities and offerings, including a sophisticated members-only international business lounge, a dramatic Singapore-inspired cantilevered pool, downtown’s largest hotel pool deck set on one acre, a highly-anticipated 100,000 square foot medical and wellness center, and stylish microLUXE residences—all topped with the project’s signature amenity: the city’s first enclosed rooftop atrium, taking up the top seven floors of the tower. It adds to the wide variety of offerings at Miami Worldcenter, which is delivering in phases, such as 300,000 square feet of retail, restaurant and entertainment space, a 348-room CitizenM hotel which is now under construction, and an upcoming tower from Hines with up to 500,000 square feet of Class A office space. Plus, MDM Group is planning a 1,700-room Marriott Marquis hotel and adjacent 600,000 square foot expo center.
Legacy Hotel & Residences’ developer, Dan Kodsi of RPC, previously partnered with Miami Worldcenter Associates developers, led by Nitin Motwani and Art Falcone, on the newly completed Paramount Miami Worldcenter luxury condominium tower, which opened to residents in 2019 across the street.
“Legacy Hotel & Residences is one of our most anticipated developments. The project’s iconic architecture and state-of-the-art amenities featuring a world-class restaurant and medical facility are just some of the components that will make it a standout addition to our city-within-a-city at Miami Worldcenter,” said Nitin Motwani, Managing Partner of Miami Worldcenter Associates. “We’re committed to working with best-in-class developers to create a diverse and vibrant eco-system for the ultimate live, work, play Miami experience, and our recent collaboration with Dan Kodsi on Paramount is a testament to that vision.”
The Cushman & Wakefield team of Robert Given, Troy Ballard and James Quinn represented the seller, Miami Worldcenter Associates, in the transaction.
“We are looking forward to breaking ground in early 2021 on what we expect will be one of the iconic centerpieces of Miami Worldcenter,” said Dan Kodsi, CEO of RPC. “Legacy Hotel & Residences is setting the stage for the future of mixed-use developments and branded-residences that prioritize health and wellness without sacrificing luxury lifestyle experiences and resort-style amenities that discerning homeowners and travelers are accustomed to.”