$33 Million Loan Secured for Miami Worldcenter
On the heels of closing a nearly $33 million loan for Miami Worldcenter, developers Art Falcone and Nitin Motwani continue to move forward with their $1.2 billion mixed-use project. The Bank of the Ozarks provided the loan for future phases of the 27-acre project, which is located on the north side of downtown Miami.
The loan was broken down into three blocks:
· $15.71 million for 725 NE Miami Ave.: this block was approved for 1,200 apartments/condos in addition to 45,000 square feet of restaurants, and 25,000 square feet of retail space
· $9.42 million for 133 NE 10th St.: this block has been approved for 1,600 apartments/condos in addition 30,000 square feet of restaurants, and 40,000 square feet of retail.
· $7.5 million for 80 NE 10th St.: this block has been approved for 1,200 apartments or condos in addition to 30,000 square feet of restaurants, and 20,000 square feet of retail.
The project will also feature a Marriott Marquis Miami Worldcenter Hotel & Expo and a 600,000-square-foot office tower. Construction is already underway on Paramount Miami Worldcenter, a high-street retail component, and Paramount, a 562-unit luxury condo tower.
The project's multiple phases will come together to bolster Miami’s already booming economy and become a city within a city. Miami Worldcenter is poised to revolutionize the city’s infrastructure and will change the way Miami’s residents operate the Brickell did, but on an even larger scale.