Construction is set to begin on the first phase of 700 North Miami Avenue in Miami Worldcenter after developer Witkoff, in partnership with Monroe Capital, secured a $302.6 million construction loan for the project. Designed by Kobi Karp Architecture, the development is planned as a three-tower residential complex on one of the district’s final large-scale undeveloped parcels. The project first appeared before the City of Miami’s Urban Development Review Board in early 2023.
Financing was provided by Apollo Global Management affiliate Athene Annuity and Life Company together with J.P. Morgan Chase. The transaction refinanced approximately $57.3 million in existing debt while increasing the total loan to $302.6 million, providing approximately $245.3 million in new construction financing.
700 N. Miami Avenue. Credit: Kobi Karp Architecture & Interior Design.
The first phase is planned to yield 894 residential units within a tower rising approximately 600 feet. Plans also call for 17,367 square feet of ground-floor retail space and a nine-story parking garage encompassing 167,237 square feet with multiple vehicular access points.
The broader master plan calls for three residential towers rising 50, 51, and 53 stories. Collectively, the development is planned to yield 2,346 residential units, approximately 30,535 square feet of commercial space, and 2,078 parking spaces. The financing announced this week applies to the project’s first phase.
700 N. Miami Avenue. Credit: Kobi Karp Architecture & Interior Design.
The financing follows continued progress through the City of Miami’s permitting process. Site preparation has already been approved, while the master building permit and phased vertical construction permit remain under review. The master permit estimates construction costs at nearly $270 million. Coastal Construction is listed as the general contractor.
700 N. Miami Avenue. Credit: Kobi Karp Architecture & Interior Design.
The nearly five-acre development site occupies the former location of the Miami Arena, which opened in 1988 as the home of the Miami Heat and later hosted concerts, sporting events, and other entertainment before closing and being demolished in 2008. The property was subsequently slated for the Marriott Marquis Miami Worldcenter Hotel & Expo Center, a proposal that was ultimately shelved. Witkoff and Monroe Capital acquired the site for $94 million in 2021, paving the way for the current residential redevelopment.
The property sits a short walk from Brightline’s MiamiCentral Station and other regional transit connections, making it one of the district’s final major development parcels to advance toward construction.
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Great to finally see the old arena site put to new use. It’s such a weird little dead zone between the train station and the bayfront.
Finally! I was starting to think this wouldn’t happen. Even though I still wish it would include an expo/convention center & I’m not too fond of the design of the towers; I love the density it’s bringing to the western side of MWC!
The design of these towers is lazy and tragic. Expected more from Witkoff.
The crown jewel of MWC’s disappointment. Remember the earlier proposals for the hotel and convention center before it was half-assed down to a box? Yeah…
It’s a shame there isn’t any office space with Brightline across the street. There was office space in the earlier Witkoff version. Also I believe it was mixed use and it included hotel. Mixed use would have been better for a site like this. But easier to finance resi in Miami unfortunately.