Miami World Center Groundbreaking
MIAMI, FL — At a downtown groundbreaking event, construction officially started on phase one of Miami Worldcenter – America's second-largest mixed-use urban development – the largest building project in Florida and Miami, Florida history.
Miami Worldcenter will be the city's new multi-billion-dollar, mega-retail, residential, entertainment and transportation complex. It will be built on a 1.1-million-square-foot terrestrial landscape; spread across six downtown Miami city blocks. The first phase of construction begins with Paramount Miami Worldcenter. It is the development's soaring signature residential skyscraper, which is 700 feet tall, 60-stories and costs $500 million.
Groundbreakers with shovels in hand
Miami-Dade Mayor Carlos Gimenez and Master Developers Daniel Kodsi, Nitin Motwani, and Art Falcone and exclusive broker Peggy Fucci, dug into a mound of Florida soil signaling the start of construction.
At 27-acres, Miami Worldcenter is second in size only to New York, New York's, Hudson Yards development at 28-acres. In comparison, Rockefeller Center, built in 1931, is 22-acres. Paramount Miami Worldcenter is the most heavily amenitized and amongst the tallest luxury residential towers in the U.S. It boasts the world's largest private amenities deck, which includes resort-style pools, walking paths, gardens, bungalows, tennis courts and even an outdoor soccer field. Paramount Miami Worldcenter residents will ride in private elevators to the ground floor, which leads to an expansive restaurant and retail promenade. It will consist of an unprecedented collection of two and three level "High Street" style stores and a fusion of restaurants. It leads to a sprawling public plaza accented by fountains.
Miami Worldcenter will intertwine six other downtown Miami residential and office buildings; a 1,800-room Marriott Marquis and Convention Center and several other hotels. Miami Worldcenter also serves as the intermodal hub for the downtown MetroMover and Metrorail elevated transit systems. Adjacent to Miami Worldcenter will be the main terminal of the All Aboard Florida intrastate high-speed railroad. It will connect Miami, Fort Lauderdale, West Palm Beach, The Space Coast and Orlando, Florida.
Miami is in the midst of a surge in skyscraper construction. Currently, 22 towers are under-construction in downtown Miami. The surge is being fueled by U.S. institutional investment and the flow of foreign capital pouring into Miami, according to the Miami Downtown Development Authority. Miami is the seventh busiest global investment destination, according to Coldwell Banker Richard Ellis, Inc. It is the world's largest commercial real estate investment firm.
"Downtown Miami real estate historically increases in value from four to 10 percent annually, and, in recent years, we have seen values climb-up into the teens," said Kodsi, Paramount's CEO and developer of 24 mixed-use projects.
"We are building a city-within-the-city-of-Miami, which many forecast will be America's City of the Future," Miami-Dade Mayor Gimenez said. "Miami Worldcenter will create thousands of new construction jobs, generate billions of dollars in taxes and revenues, and provide a futuristic infrastructure for generations of Miamians."
The 60th floor is Paramount's Rooftop Skydeck and Lounge. It is sculpted in the shape of the stern of a super yacht. It is a plunge pool oasis overlooking Miami. Of Paramount's 500 residences, 24 will be penthouses. Prices range from $700,000 to $4 million. Included are private elevators, outdoor living room-style terraces and 10-foot ceilings. More than 45 percent of Paramount Miami Worldcenter units have been sold at pre-construction prices, according to Fucci.
Miami Worldcenter's completion date is set for 2018.