JV Breaks Ground on Miami High-Rise Community
- Apr 11, 2019
A joint venture between ZOM Living and The Moinian Group will soon break ground on Luma at Miami Worldcenter, a 43-story apartment tower in the heart of downtown Miami. The joint venture has acquired the development site from Miami Worldcenter Associates and construction will begin within weeks. Cushman & Wakefield’s Robert Given and Robert Kaplan of the Florida office secured equity and debt financing on behalf of ZOM Living and The Moinian Group.
Located at 150 N.E. Seventh St., one block from Biscayne Boulevard, the project is next to the Freedom Tower Metromover stop and two blocks east of Brightline/Virgin Train’s downtown Miami station, providing residents easy access to MetroRail, TriRail and Brightline Florida. The nearest interstate is I-395 and Miami International Airport is roughly 8 miles away.
The community will feature 434 luxury units with floorplans ranging from 566 to 1,808 square feet, with a maximum of 12 units per floor. Common-area amenities are expected to consist of more than 45,000 square feet of space that will include a membership-grade wellness center with treatment rooms and sauna, dog salon, fitness club and resort-style pool.
“Today’s urban renter demands a luxurious building with market-leading amenities and high pedestrian value, and Luma will provide all that and more,” said Greg West, CEO of ZOM Living, in prepared remarks. “Our setting within Miami Worldcenter will offer residents next-level convenience and connectivity.”
The high-rise building will be part of Miami Worldcenter, the 27-acre, $4 billion mixed-use development currently under construction and delivering in phases. The project occupies 10 city blocks immediately to the north of the Central Business District, extending between 2nd and Miami Avenues to 11th Street.
The development is surrounded by several of Miami’s points of interest, including Museum Park, PortMiami, American Airlines Arena, Brightline/Virgin Trains’ Miami Central station and Miami-Dade College’s Downtown campus. Miami Worldcenter will include 300,000 square feet of retail, destination dining and entertainment, more than 2,000 hotel rooms and up to 500,000 square feet of Class A office space.
“Luma will kick-off the next phase of development for our city-within-a-city, delivering premium apartments that meet growing demand for urban living in downtown Miami,” said Miami Worldcenter Managing Partner Nitin Motwani, in a prepared statement.
Three weeks ago, the tallest condominium development south of New York City topped off just 1.5 miles from Luma at Miami Worldcenter.