A massive Miami Worldcenter residential development has reached a major financing milestone as Witkoff and Monroe Capital secured $302.6 million in construction loans. The funding propels forward the first phase of a multi-tower master plan located at 700 North Miami Avenue in Downtown Miami.
The nearly five-acre site was previously home to the original Miami Arena, where the Miami Heat initially played. Witkoff and partner Monroe Capital purchased the historic parcel for $94 million back in 2021.
Phase One Details for the 700 North Miami Avenue Tower
Architect Kobi Karp designed the initial tower, which will soar nearly 600 feet into the Downtown skyline. This first structure encompasses 894 residences along with more than 17,000 square feet dedicated to retail space and a nine-story parking garage.
Fresh capital for this stage includes roughly $245.3 million in new construction funding. City officials have already approved site preparation while broader permitting continues to move forward through the City of Miami.
Master Plan for the Former Miami Arena Site
When all three planned towers are finalized, the entire project will deliver 2,346 residential units to the district. Positioned just steps from Brightline’s MiamiCentral Station, the development benefits from direct access to regional transit infrastructure.
Key highlights of the development plan include:
- Total Residential Inventory: 2,346 units across three distinct towers.
- Phase One Scope: 894 residences inside a nearly 600-foot tower.
- Retail and Parking: Over 17,000 square feet of retail storefronts and a nine-story garage.
- Site Footprint: Nearly five acres at 700 North Miami Avenue.
- Financing Secured: $302.6 million construction loan, including $245.3 million in new funding.
Market Context for the Miami Worldcenter Residential Development
Downtown Miami continues to absorb significant master-planned inventory across both residential and commercial sectors. Projects situated within the Miami Worldcenter footprint benefit from centralized connectivity, proximity to mass transit, and curated street-level commercial space.
For prospective buyers and real estate investors, large-scale multi-tower projects signal ongoing capital investment in urban core housing options. Evaluating phase-by-phase delivery timelines and location amenities remains essential when monitoring Downtown Miami’s evolving inventory.
Source: World Red Eye
