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Tower 2 At MDM’s Marriott Expo Center Could Flip To Residential

MDM is considering building a residential tower as the second phase of the Marriott Marquis Miami Worldcenter Hotel & Expo Center project, according to newly filed documents.

The developer closed on the purchase of  the former Miami Arena site for $45 million on March 3. An affiliate of Miami Worldcenter sold the property and provided a $23 million second mortgage. Pacific National Bank provided a $12.73 million first mortgage.

As part of the sale and financing deal, MDM has signed an agreement with Worldcenter by restrictive covenant to the following:

  • Build Phase 1 of the project with 1,000 hotel rooms and 500,000 square feet of convention space
  • Build Phase 2 with either hotel or residential. It may not include office space unless MWC explicitly agrees to it
  • Phase 2 may not begin construction until after Phase 1 begins, or at least 30 months from date of the sale – unless it is a hotel, in which case it may begin immediately
  • The project will use the Miami World Center name as part of a licensing deal
  • The project site plan must be the same as depicted in architect NBWW’s plans for a Marriott Marquis Miami Worldcenter Hotel & Expo Center

 

 

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5 Comments on "Tower 2 At MDM’s Marriott Expo Center Could Flip To Residential"

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Anonymous
Anonymous

” Tower 2 At MDM’s World Expo Center Could Switch To Residential”

How about switching back to the original design for the convention center.

PROCALC
PROCALC

OMG…they are doing the same thing they did for years on the MET projects…they changed their minds 200 times and we ended up with the lamest towers having one of the best sites in downtown…unbelievable!!!

Anonymous
Anonymous

They need to get their sh*t together

Anonymous
Anonymous

Agree. They should consider a office tower.

Anonymous
Anonymous

These people are starting to irritate the hell out of me.

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