Developers Merrimac Ventures and Aria Development Group will break ground on 600 Miami Worldcenter later in March after securing a $95 million construction loan for the sold-out tower located in Miami's 27-acre city within a city at Miami Worldcenter in Miami's urban core.
The condominium tower is a joint venture between the two South Florida developers and will begin construction March 8th at 600 NE 1st Ave. after securing the construction loan from Banco Inbursa, based in Mexico City.
The condo’s 606 units are sold out, with buyers primarily coming from the U.S., Colombia, Turkey and Argentina, according to the developers. Nitin Motwani, managing partner of Merrimac Ventures, said in a prepared statement that the project was one of the team’s “fastest-selling developments” and that made it an appealing deal for the bank.
Residents will also be able to offer their units as short-term rentals. Motwani added in the release that the fully furnished turn-key residences and ideal location contributed to the project’s heightened demand.
The project is one of the latest from Merrimac Ventures at Miami Worldcenter, which is also being developed by Motwani in his capacity as managing partner of Miami Worldcenter Associates, alongside partners Art Falcone and CIM Group. Merrimac Ventures is also developing The Crosby, a 450-unit condominium in partnership with Related Group, and the second phase of Caoba, a 40-story tower with 420 apartments.
Also in Downtown Miami are Aria Development Group's Yotel Miami condominium and hotel and 501 First, a condo project being developed in partnership with Aqarat. Both projects are sold out.
The 27-acre mixed use urban development at Worldcenter is the second largest in the country after Related Cos.’ Hudson Yards in New York, and in addition to Merrimac Ventures and Related Group, includes projects by New York’s Naftali Group, which entered the Miami market for the first time at Worldcenter with the aim of developing Jem Private Residences, and the joint venture between Property Markets Group and E11even Partners, E11even Hotel and Residences, branded after Miami’s famous E11even nightclub.
The fully developed neighborhood will offer over 300,000 square feet of retail space; 600,000 square feet of Class A offices, an 850-room hotel and about 11,000 residential units that include for-sale and rental units.
At 600 Miami Worldcenter, the tower will offer residents 407-square-foot studios to 830-square-foot two-bedroom units, with prices beginning in the $400,000s.
For the Record
Sales and marketing for 600 Miami Worldcenter is led by OneWorld Properties. Newmark's Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Daniel Matz and Holden Witkoff and law firm Bilzin Sumberg LLP's Joseph Hernandez, Salomé Bascuñan and Anthony De Yurre represented the developers in the transaction.