The trend of micro units and short-term rentals is coming to Miami Worldcenter.
Royal Palm Cos., led by Daniel Kodsi, recently completed Paramount Miami Worldcenter, the tallest condo tower in the 27-acre mixed-use project. Its next endeavor will be the Legacy Hotel & Residences at 942 Northeast First Ave., which is just west of Paramount’s parking garage/retail space.
The new building would have 278 branded condos and a 255-room hotel. The condos would range from 400-square-foot studios to 949 square feet with two bedrooms. The building would allow short-term rentals.
Sales have begun at the Legacy Hotel & Residences with units starting at $300,000.
“When travelers come to Miami and stay on the beach, they find themselves inevitably crossing the bridge to the mainland, where all the latest attractions are; from Wynwood, the Miami Design District to the American Airlines Arena and PAMM [Pérez Art Museum Miami],” Kodsi said. “We've seen the tourism growth and are filling a void for the leisure traveler who doesn't have a downtown hotel with resort-style amenities in the center of it all.”
Although new condo sales have slowed in Miami this year, micro-unit projects that permit short-term rentals have found success.
The still under construction YotelPad Miami sold out. Natiivo Miami, which will work directly with Airbnb, launched sales in September and will start taking reservations in December.
OneWorld Properties, which is the broker for YotelPad, signed on to sell the Legacy Hotel & Residences.
“With our experience selling Downtown Miami through previous projects during its various real estate cycles, we understand the downtown buyers and their demands,” said Peggy Olin, CEO of OneWorld Properties. “We are bringing our buyers from over 60 countries an alternative pied-à-terre – the piece that was missing— for residents who seek small living and large experiences.”
The project would have ground-floor retail, a pool deck, a medical and wellness center, and an atrium taking up the top seven floors of the tower. It was designed by Kobi Karp Architecture. Royal Palm Cos. hopes to break ground in 2020.
In addition to 569-unit Paramount Miami Worldcenter, the 444-unit Caoba apartments at Miami Worldcenter were completed. About 150,000 square feet of retail has been finished, and another 50,000 is under construction, but no retail tenants have opened yet.
The Luma apartments by Zom Living with 542 units and 50,000 square feet of retail are under construction.
Future phases of Miami Worldcenter will include 110,000 square feet of additional retail; the second phase of the Caoba apartments; a 500,000-square-foot office building by Hines; a 533-unit apartment building by Fifield Cos.; a tower with 450 apartments and 16000 square feet of retail by Akara Partners; MDM Group’s Marriott Marquis Miami Worldcenter Hotel & Expo Center with 1,700 hotel rooms, and 500,000 square feet of meeting and exhibition space; and a 348-room hotel by citizenM Hotels.
Lalezarian Properties acquired 2.17 acres of Miami Worldcenter in May, but the exact scope of its plans hasn’t been revealed.