The Federal Aviation Administration (FAA) has given the green light for a significant mixed-use development project at 700 North Miami Avenue at Miami Worldcenter, the former site of the Miami Arena, and canceled Marriott Marquis Miami Worldcenter Hotel & Expo Center. Designed by Kobi Karp Architects with Kimley-Horn as the traffic engineer and developed by an affiliate of New York-based Witkoff Group and Chicago-based Monroe Capital, the development is planned to yield nearly 3.4 million square feet of space across three towers spanning as many as 57 stories.
In a letter addressed to developer WG 700 North Miami LLC, the FAA confirmed that the three proposed towers’ heights would not pose a hazard to air navigation. The tallest tower is approved to rise 685 feet above ground, or 700 feet above sea level, while the second tower can reach 685 feet above ground, or 698 feet above sea level. The third tower can ascend to 664 feet above ground, or 680 feet above sea level. This clearance follows the approval of tower cranes for the site in December, with a maximum height of 794 feet above sea level.
The 4.7-acre site, acquired in 2021 by Witkoff and Monroe Capital for $94 million, has long been an underutilized piece of prime real estate. With this recent FAA approval, the site is set to become a vibrant urban center.
In January 2022, a preliminary filing with Miami-Dade planners unveiled the ambitious vision for the site, which includes three towering structures soaring up to 57 stories. The comprehensive project is set to encompass 2,351 residential units, 540,000 square feet of office space, ground-floor retail options that may feature a supermarket, and 2,457 parking spaces. While renderings of the development have not yet been released, the project’s scale and ambition indicate a significant investment in Miami’s future.
According to Miami’s Building Department, permits have yet to be filed for on-site work. An application intake for new construction permits was created in November of 2022 but was canceled. FAA permits are set to expire on September 19, 2024, meaning Witkoff and Monroe could begin construction later this year or early next year.