Caoba Miami Worldcenter Opened In January With 444 Apartments, Now 75-80% Leased

The 43-story Caoba Miami Worldcenter is nearly full just months after opening.

Caoba opened in January with 444 apartments for rent. Pricing is above $3 per square foot, with the least expensive units starting at close to $2,000 per month.

In two separate interviews this week, Worldcenter managing partner Nitin Motwani said the building was mostly occupied.

The Herald reported that Caoba is 75 percent leased, in an article published October 22.  In Miami Today, Motwani was quoted as saying that Caoba was 80% leased in an article published October 15.

A high occupancy rate could spur the developers to begin building the second tower at Caoba, which will rise 40 stories and include 411 units. Permitting for the second tower is complete and the project is shovel ready.

Also at Miami Worldcenter, the 43-story Luma apartment tower is now rising with 431 units, while others are in the planning stages including Kenect.

Paramount Miami Worldcenter is now either 90 percent or 95 percent sold, according to separate account in Miami Today and the Herald. There have been 250 closings as of earlier this month.

 

 

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peej

TNM, please quit posting this developer fluff. Occupancy “could spur” the paired twin tower? The MWC development has been built entirely piecemeal’d from the start.

Literally ZERO retail has been announced, and we’re still 2 years away from their “Grand Opening”, as per the MiamiToday post:

“In fall 2020, the developer plans to break ground on the final 100,000 square feet of retail, with a grand opening planned for 2021”

& don’t get me started on Paramount’s majestic soccer field, which is now temporarily built on the site of the Hines Office instead of incorporated into their Amenities Deck as the renders showed.

Anonymous

yeah I can’t believe Paramount built the soccer field on an empty 40M lot… LMFAO

Anonymous

PREACH!

Anonymous

When are they going to build the office tower they promised?

Anonymous

When Doral and Miramar, the office development darlings are full to capacity and traffic choking explodes.

Anonymous

More lies from this developer !!!..
I would never recommend my clients to buy or rent from this developer… They are dishonest and havent delivered on anything they promessed…

Anonymous

This is just an example of all the quicksand that also is at the foundation of this ‘flourishing’ economy where both commercial and consumer debts are almost at all time highs (def the case on the consumer end). But we gotta hear nonsense about how the US economy is so much better than the rest of the world’s who, at least, tries to live closer to their means. Reality always comes running up on you eventually though. We have cheerleaders around the business community who spread false optimism which, I acknowledge, can create a self fulfilling chain of positive effects, but only temporarily. They do this only to further their own benefit so they can capitalize on your dumbazz. Then to top it off, we get to watch the know-nothing underclass, including many on here, cheer them on like little fanboys and girls. So amusing to watch modern day servants argue and punditize about how great their various masters are doing.

Anonymous

This place is a graveyard at night dead area..

Anonymous

I live at Caoba so I know the truth. The area is dead at night. And it’s also true that the building is 90 percent leased. But why are there hardly any lights on at night? Because the developer “leased” the majority of units with companies that who put their employees in the building temporarily. These people don’t actually live at Caoba. It is essential temporary corporate rentals. The building is a giant AirBnB.

Anonymous

WOW !!!! And how many other buildings are like this ??!! Several from what I’ve read. It’s just going to be like the new co-living dorm towers with transients and other temporary guests trashing the place for the permanent residents. LMAO

Anonymous

ohh boy. From my apartment, I can see Caba they have turned apartment lights on the south side of the buildings and guess what the lights are still on in the apartments at 5am when I wake up.

Anonymous

those crazy night owls

Anonymous

Major facts right there.

Anonymous

WOW someone on here finally speaks the truth – thank u

Anonymous

People, just five years ago this entire area of downtown was dead as a door nail at night. For this area to come alive it’s going to take time. Miami Central is new, Caboa is new, the Zaha Hadid building is new, Melo’s buildings are new, the Miami World Center is new. Acres and acres of downtown all the way to Wynwood and beyond was deader than a Nun’s house on a Friday night. So don’t look for none of it to get turned around in a year’s time.

Anonymous

So true, people on here are so quick to call this a failed development, overhyped a bit, that’s reasonable but give it time and the area will flourish

Anonymous

Downtown is a graveyard.

Anonymous

And has been like that for a longggg time! Thank God we have developers who trying to transform the place. These 2 @ 3 bedroom home in the suburbs mentality type people who come on this site and whine about parking, lights on in a building , sidewalk size, more traffic, pretty building designs, who’s building what, and a whole host of other crap, don’t understand the amount of changes that it’s going to take to bring downtown out of it’s doldrums… really, all of Miami when one truthfully look and think about it. Ferris Wheels and structures that look a giant toe nail clipper or money clip just ain’t gonna cut it.

Anonymous

Not true. How I know? I have a regular booty call in that building. There are just a few people living. In fact the building gave it’s workers and front desk staff units to stay and use (not move in) to create a feeling of occupation.
Btw, Most important, i was shocked at the shoe box sized front desk/lobby area which is more appropriate for 7 story building in little Havana. After seeing all the Grand lobbies of Downtown, Edgewater, this is beyond shocking. Good luck to them, I am not wishing them to fail but the building is super blah. Even the units are so small and almost no counterspace in kitchen, they are only good for 3 day stays. Maybe they will keep it as extended stay America type hotel.

Anonymous

I seriously hoped that Worldcenter would be a great project, and it is just NOT.

Anonymous

Gee, you must be one helluva lottery player. I mean, Miami World Center is even finished and opened yet. You must be the great, great, great, great grandson of Nostradamus!

Anonymous

It’s like…barely 10% done

Anonymous

Considering the proposed watered-down convention center hotel, dropping Macy’s and Bloomingdales and opting for “High Street” retail along rows of parking garages, and other boring towers, this is one of the better components.

Anonymous

You would prefer an antiquated 80’s style shopping mall with failing chains like Macy’s?

Anonymous

I think the business community is waiting for a little more density. No point in opening restaurants for example if the empty lots remain empty.

Anonymous

They haven’t started construction on the second tower yet, theyre dragging out this buildings construction.

Anonymous

Caoba and Art Plaza filling up could be combined into one heading:
Melo projects filling up.
Leaving space for more news

Anonymous

What’s the name of your internet site?

Anonymous

It’s great that these building are nearly full leased. However it’s a shame that this development is car-centric.

Anonymous

It’s ok. Didn’t you hear? These car garages are “urbanist”.

Anonymous

You people kill me using the term “car-centric.” I’ll bet every dime I got that you have a parking space where you live?