The first building in the 27-acre Miami Worldcenter project has opened as the Caoba apartments is welcoming its new residents.
The $4 billion project is transforming the north side of downtown Miami, bringing economic activity and pedestrian traffic to the area. Falcone Group and CIM Group, along with master developer Miami Worldcenter Associates, have completed the 444-unit Caoba, which means mahogany in Spanish, as the tree in what will soon become a dense forest of development.
See the gallery and video for a tour of the 44-story Caoba at 698 N.E. 1st Ave.
Units in Caoba range from 500 to 1,300 start feet. Rent starts from $1,775 for a studio, $3,000 for a two-bedroom unit, or $4,100 for a three-bedroom unit. The apartments come with stainless steel appliances, both showers and bathtubs, and lots of cabinet storage space in the kitchens. Most of the units have open floor plans.
Its 10th floor amenity deck includes a clubroom with a kitchen and ovens, a bar, a game room with billiards and foosball, a large pool deck with cabanas, grilling stations, and a 5,000-square-foot fitness room with a full set of weights and cardio machines. There’s a dog run on the fifth floor.
The building is west of American Airlines Arena and east of the Brightline passenger rail station, which takes riders to Fort Lauderdale and West Palm Beach. The developer closed off Northwest 7th Street to traffic and made it a pedestrian pathway, lined by fountains and trees, so people can walk from the train to the arena. There is 20,000 square feet of retail on the ground level, both facing the street and the pedestrian path.
“It’s a nice seating environment and kids will love it,” said Nitin Motwani, managing principal of Miami Worldcenter Associates.
The architect was Cohen Freedman Encinosa & Associates, while the general contractors was Coastal Tishman Construction. Carrie Leigh Designs was the interior designer. Caoba is managed by Bozzuto.
A second phase of Caoba is planned at the opposite end of its parking garage, but that has yet to break ground.
“It’s all about creating a great environment where people are comfortable coming down and having fun,” Motwani said.
Meanwhile, the 60-story Paramount Miami Worldcenter with 569 condos and a parking structure with 140,000 square feet of retail are currently under construction. Motwani said the condo should be completed in the second quarter. Miami Worldcenter Associates recently hired Miami-based Comras Co. to broker the retail leasing, joining national retail experts the Forbes Co. and Taubman Centers.
Brian Bandell, South Florida Business Journal
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