$34M Price Tag for Miami Worldcenter Legacy Hotel & Residences Site Purchase

A rendering of Legacy Hotel & Residences is to be created in the city center as part of the mixed-use project Miami Worldcenter. Image courtesy of Illustration

The 1.53-acre property on which Legacy Hotel & Residences will be built in the Miami Worldcenter was bought by the hotel developer for 34 million US dollars.

Royal Palm Cos. Miami-based, headed by Dan Kodsi, acquired the property from Miami Worldcenter Associates, the lead developer of the sprawling downtown project, which includes the destroyed Miami Arena.

Royal Palm developed the 60-story Paramount condominium tower in the Worldcenter last year and announced the hotel tower in November 2019. The $ 33.9 million purchase of land was completed Tuesday and is $ 22.2 million per acre.

The deal shows long-term confidence in the downtown real estate market. In February, Miami Beach-based IRR Parkwest Investments LLC paid nearly $ 26.3 million an acre for part of Worldcenter land.

The 50-story building at 942 NE First Ave. will have a legacy hotel with 256 keys among 274 microLUXE branded condominiums on the 26th to 39th floors.

Construction is scheduled to begin early next year, four blocks from the Miami Tandem Frost Museum of Science and the Perez Art Museum Miami, as well as the American Airlines Arena by Miami Heat.

Legacy “will be one of the iconic centerpieces of the Miami Worldcenter,” Kodsi, CEO of Royal Palm, said in a press release. “Legacy Hotel & Residences creates the conditions for the future of mixed-use developments and branded residences that focus on health and wellness without sacrificing the luxurious lifestyle experiences and resort-style amenities that discerning homeowners and travelers are used to . “

The tower will have a 100,000 square foot health and performance center that was planned before the coronavirus pandemic, although the virus prompted design changes for the entire tower to make it safer and cleaner.

The health center will have similar medical offerings as hospitals with ventilators, MRIs, CT scans and surgical suites.

Signature amenity will be an enclosed atrium on the top seven floors of the tower, the first in Miami. There will also be an international members-only business lounge, a cantilever pool, and a 1-acre pool deck, the largest downtown for a hotel.

This won’t be the only hotel in the Worldcenter. A 12-story hotel with 351 keys is under construction. The Netherlands-based brand is known for modern, angular interiors aimed at travelers looking for central accommodation in booming big cities. It is considered a luxurious yet affordable hotel.

“We work closely with world-class developers to create a diverse and vibrant ecosystem for the ultimate living, working and playing in Miami. Our recent collaboration with Dan Kodsi at Paramount is a testament to that vision, ”said Nitin Motwani, Managing Partner of Miami Worldcenter Associates, said in a press release.

Motwani leads the Masters Developer at Art Falcone and Los Angeles-based real estate investor CIM Group.

They are working with other developers who are building other parts of the larger $ 4 billion Worldcenter complex on 27 acres. ZOM Living is developing a Bezel apartment tower with 434 residential units, Hines is building a 500,000 square meter office tower and the MDM Group is planning a Marriott Marquis Hotel with 1,700 rooms and an adjacent 600,000 square meter exhibition center.

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