Merrimac, Aria Development Land $95M for Miami Tower
Banco Inbursa provided the financing for the 606-unit condo project.
Merrimac Ventures, in a joint venture with Aria Development Group, has received $95 million in construction financing for the development of 600 Miami Worldcenter, a 32-story condominium project in downtown Miami. Banco Inbursa provided the financing for the new tower that will encompass 606 residences.
Newmark and law firm Bilzin Sumberg LLP secured the financing on behalf of the developers. The partnership is preparing to break ground on the project, which is scheduled for completion in 2026.
All of the project’s units are already pre-sold, with prices starting in the $400,000s. OneWorld Properties is leading the marketing and sales efforts, while the architect of record is Revuelta Architecture.
The condominium project will be at 600 NE 1st Ave. and will include studio and two-bedroom units with sizes ranging from 407 square feet to 830 square feet. The residences are designed by The Design Agency and will be equipped with floor-to-ceiling windows, expansion balconies, kitchens and bathrooms featuring Italian-style cabinetry and countertops, in-unit washers and dryers, speed ovens, integrated refrigerators, freezers and dishwashers, expansive balconies and built-out closets.
Common-area amenities at 600 Miami Worldcenter will include a summer kitchen, a rooftop swimming pool, a fitness center with outdoor private training space, a covered porte-cochère, coworking spaces, a resident lounge, entertainment spaces and bike storage.
Within a $6 billion mixed-use development
The condo tower is close to multiple bus and light rail stations, allowing easy access to MiamiCentral Station, 7 miles from Miami International Airport, 16 miles from Miami-Opa Locka Executive Airport and within 27 miles of Fort Lauderdale, Fla. Newmark’s team of Co-Presidents Jordan Roeschlaub and Dustin Stolly, Executive Managing Director Nick Scribani, Senior Managing Director Daniel Matz and Analyst Holden Witkoff worked alongside Bilzin Sumberg LLP’s Partners Joseph Hernandez, Salomé Bascuñan and Anthony De Yurre to arrange the construction financing.
600 Miami Worldcenter will rise within Miami Worldcenter, a $6 billion, 27-acre mixed-use development. The project is designed to encompass residential, commercial and hospitality spaces, as well as 300,000 square feet of retail, entertainment and restaurant space. Merrimac Ventures is also part of Miami Worldcenter’s development team, alongside master developer Miami Worldcenter Associates, formed of Managing Partners Art Falcone and Nitin Motwani, in partnership with CIM Group. Miami Worldcenter is the second-largest urban development in the country, after Hudson Yards.
Condo projects going up in Miami
In addition to 600 Miami Worldcenter, the developers are behind multiple condominium projects in the metro. Aria Development Group’s portfolio also includes 501 First Residences, a 476-unit condominium tower developed in partnership with AQARAT and financed through a $80.9 million construction loan.
Another partnership is also moving forward with a high-rise condo project: Related Group and Alta Developers ‘ Casa Bella Residences by B&B Italia is currently underway in Miami’s Arts and Cultural District. The luxury condominium project will include 319 units and has recently received $240 million in construction financing.