by Jeffrey Steele
Miami—The concrete foundation has been completed for Paramount Miami Worldcenter, the $500 million, 700-foot-tall, 60-story signature residential skyscraper that is one of the jewels of Miami Worldcenter.
The largest building project in the history of Florida, Miami Worldcenter is America’s second-biggest urban development. The master-planned community will be a major retail, residential, dining, entertainment, hotel, convention center and transportation complex.
Some 13 months ago, a 1.1 million-square-foot parcel dotted with decaying warehouses on downtown Miami’s north side was bulldozed to make way for Miami Worldcenter.
“Downtown Miami real estate is among the hottest, most valuable, most stable investments in the world,” Paramount Miami Worldcenter CEO and developer Daniel Kodsi told MHN. “Downtown Miami real estate valuations traditionally increase from 4 to 10 percent annually.”
Many are calling Miami Worldcenter the city of the future. “Paramount is going to be a significant addition to Miami’s skyline,” said Kodsi, a 25-year veteran of Sunshine State development. “When people come to Miami, whether they are coming from the airport, coming from the north or from the south, this is going to be the building they see in the center of the city. It’s going to signify that you have arrived in downtown Miami.”
Paramount Miami Worldcenter is expected to be the most amenity-laden condominium tower in the United States, and will feature one of the largest private urban amenity decks in the world. The deck, located some 90 feet above downtown Miami streets, will feature resort-style pools, bungalows, gardens, walking paths, tennis courts, a full-size soccer field and indoor boxing studio, half basketball court and jam room.
On the 60th floor skydeck, residents will be able to partake of an astronomy observatory, lounges and a plunge pool oasis, with 360-degree views of Greater Miami, Miami Beach and Biscayne Bay.
Paramount Miami Worldcenter’s 512 units will offer 10-foot ceilings and outdoor living room-style terraces. Private elevators will lead to and from the promenade and Skydeck. One-bedroom residences start at $700,000 and penthouses at $4 million. The residential building is expected complete in 2018.
The greater master-planned community will feature a six-block retail and restaurant promenade, which will interlace with an array of residential and office buildings, hotels and a new convention center, and will represent the intermodal epicenter for the Magic City’s MetroMover and MetroRail elevated transit systems.
Center-city Miami real estate is regarded among the most secure investments globally, according to Kodsi. And according to CBRE, it is the seventh most active global investment destination.
The tower’s buyer pool consists of purchasers from dozens of countries, among them Argentina, Brazil, Canada, China, Russia and Venezuela.