The Legacy Hotel & Residences project at Miami Worldcenter is one step closer to coming to fruition after the developer acquired the land for $33.9 million.
Miami Worldcenter Associates, the master developer of the 27-acre district on the north side of downtown, sold the 1.53-acre property at 942 N.E. First Ave. to an affiliate of Royal Palm Cos. The buyer is led by Daniel Kodsi, who partnered with Miami Worldcenter Associates in the delivery of the Paramount Miami Worldcenter condo tower.
“We are looking forward to breaking ground in early 2021 on what we expect will be one of the iconic centerpieces of Miami Worldcenter,” Kodsi said. “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.”
The 50-story tower is slated for 274 branded condos, 256 hotel rooms, and a 100,000-square-foot medical and wellness center. The top seven floors of the tower would have an enclosed atrium. The hotel’s pool deck would measure a full acre.
The condos will be available as vacation rentals. There have been few condo ground breakings in Miami this year, so Legacy may not have much competition from new buildings.
“Legacy Hotel & Residences is one of our most anticipated developments,” said Nitin Motwani, managing partner of Miami Worldcenter Associates. “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.”
In addition to the Paramount condo, the completed projects at Miami Worldcenter include the Caoba apartments and 135,000 square feet of retail, although retail tenants have yet to open.
ZOM Living is building Luma with 434 apartments and 50,000 square feet of retail and CitizenM Hotels is building 348 rooms. Miami Worldcenter Associates is also working on another 150,000 square feet of retail space and the World Square public park.
Planned phases of Miami Worldcenter include:
- The Marriott Marquis Miami Worldcenter Hotel & Expo Center by MDM Hotel Group with 1,723 rooms and 500,000 square feet of meeting and event space.
- The One Worldcenter building with 350,000 square feet of offices by Hines.
- Kenect Miami with 468 apartments by Akara Partners.
- The Miami World Tower by Lalezarian Properties with 560 multifamily units and 3,136 square feet of retail.
- The second phase of Caoba with 441 apartments.
- A project still in the planning phases by Abbhi Capital.