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4 years in the making, Paramount Miami Worldcenter condo tower is complete

Developer says the 60-story, 569-unit tower is nearly 90% sold
Jul. 26, 2019

Four years ago, developers launched sales of the Paramount Miami Worldcenter with a blowout party that included the world’s biggest disco ball. The bash ended long ago, but construction of the downtown Miami condo tower is only now complete.

Developer Dan Kodsi and Miami Worldcenter Associates received a temporary certificate of occupancy for the majority of the 60-story building’s units, up to the 38th floor, Kodsi said. Closings are expected to begin in a couple of weeks on the 569-unit tower, which cost about $500 million to build.

Kodsi said Paramount is nearly 90 percent sold with just under $500 million in sales to buyers from 56 countries. The average sale price comes out to about $1.2 million, but asking prices for penthouses exceed $10 million, according to Kodsi.

In addition to the condo tower, the $4 billion Miami Worldcenter is also expected to include about 450,000 square feet of high street retail, a 1,100-space parking garage, a 1,700-room convention center hotel from MDM Development Group and an office tower being built by Hines. Art Falcone and Nitin Motwani are leading the development of the 27-acre master-planned community with a number of partners, like CIM Group, Kodsi, citizenM and others. In January, Miami Worldcenter Associates, CIM Group and Falcone Group completed the first building, Caoba, a 444-unit rental tower at 698 Northeast First Avenue.

Peggy Olin’s OneWorld Properties handled sales and marketing of Paramount. Units range from 1,180 square feet to 2,350 square feet, with prices starting at about $885,000.

Paramount made headlines when Kodsi announced that he was modifying the rooftop’s design to fit a 5,000-square-foot skyport for passenger drones — if and when flying cars become legal.

For now, amenities will include an outdoor soccer field, two tennis courts, a resort-style pool, bungalows, a boxing gym, jam room, a gym, spa, and a golf simulator.

 

Katherine Kallergis, The Real Deal

Read more here: https://therealdeal.com/