Adam Neumann’s Flow Obtains $155M to Finish Miami Condos
The 40-story tower will be completed later this year.
Flow, the multifamily developer and landlord founded by former WeWork boss Adam Neumann, has obtained $155 million to complete Flow House, a 40-story 466-unit development near downtown Miami. With development concluding, the apartments at 697 North Miami Ave will be converted to condominiums; they was originally slated to be rentals.
Invictus Real Estate Partners, a New York-based real estate investment firm, along with Integritas Capital, a real estate private equity firm headquartered in the same city, provided the funding. Completion is slated for later this year.
Amenities and surroundings
Upon completion, Flow House will offer studio, one- and two-bedroom units. The condos are priced at a low end of $450,000. Some units include balconies and water views.
Community amenities include a 24/7 fitness center with personal trainers and group classes, a meditation room, Pilates studio, cold plunges, sauna facilities and a pool. Residents also have access to a dedicated app that allows them to reserve one of the property’s 25 amenity spaces or register to participate in private networking events.
The property will be located in the larger Miami Worldcenter area, a 27-acre mixed-use project currently under development. More than 8,000 residential units, nearly 500 hotel rooms and roughly 800,000 square feet of other commercial space is in the works there.
In 2022, Flow obtained $350 million in backing from Silicon Valley-based venture capitalist Andreessen Horowitz, reportedly the investor’s largest commitment to a single company.
Neumann, who had been ousted from the helm of coworking giant WeWork in 2019, initially talked of “community-driven” living experiences in referring to his new company Flow, saying that he already controlled 3,000 U.S. residential units
Besides Miami, Flow has projects in Fort Lauderdale and Riyadh, Saudi Arabia. In January, Flow won a court auction to buy the 16-acre former site of the Little Farm Trailer Park in El Portal, a town in Miami-Dade County, for $70.5 million. The company obtained a $51 million acquisition loan for the property earlier this year.
Condo Sales in Miami Forecast to Edge Down
Condominium sales are projected to fall by seven percent year-over-year in 2025, as owners face higher condominium assessments, the Miami Association of Realtors predicts.. Property owners are seeking to be in compliance with condo building safety regulations passed in 2022, which can be an expensive process.
Even so, asset prices are still rising for now. In the Miami condominium/townhome market, the median sales price rose 8 percent in February 2025 compared with a year ago. Over the past 10 years (since February 2015), the median condo sales price in Miami has increased 141 percent, the organization reports.
There has been no shortage of condominium development-related announcements this month, either. Earlier this week, Turnberry topped off construction on ONE Park Tower, a 33-story luxury condo high-rise located in North Miami. A day earlier, Prosper Hospitality revealed plans to build Midtown Park Residences, a 28-story project that will take to the skies in downtown Miami.
READ ALSO: Miami Multifamily Report – February 2025
Despite the recent and long-term increases in prices, Miami remains relatively inexpensive compared to other global cities. In Miami, buyers with $1 million to spend can get at least 60 square meters, the Realtors note, citing the 2024 Knight Frank The Wealth Report. In Sydney, a cool million only purchases 43 square meters, while in Shanghai it is 42 square meters. A million in the following cities buys the respective square meterage: Paris (40), Los Angeles (38), New York (34), Geneva (34), London (33), Singapore (32), Hong Kong (22) and Monaco (16).
