CitizenM has closed on the purchase of property at Miami Worldcenter and is preparing to begin construction on a new hotel.
The company paid $10.75 million for a 14,971 square foot parcel at the at the southwest corner of Northeast 8th Street and Northeast 2nd Avenue. The transaction was reported by the SFBJ.
Plans for a 12-story hotel designed by architect Gensler were submitted to the city last year for review, including 348 rooms and a rooftop bar. Miami approved those plans shortly before the sale, including a waiver allowing ultra-small room sizes of below 200 square feet.
In a statement, the company said they would finalize those plans over the coming months and break ground in 2019.