Demolition Begins At Worldcenter; Paramount Sells Another 77 Units

Miami Worldcenter developers have started demolition work, with groundbreaking on the project said to be coming soon.

Demolition crews were working on the former Mekka nightclub yesterday. Other structures on the property are also about to be bulldozed.

The first phase will include The Mall at Miami Worldcenter, the Paramount Condo Tower, and a ZOM rental tower. Construction is estimated to take 36 to 38 months.

Paramount developer Dan Kodsi told The Real Deal yesterday that he has reservations for 40% of units, or about 205 of the 513 units planned. Buyers are required to place a 50% deposit, and prices average about $700 per square foot. Conversion from reservations to contracts is underway.

About 13% of those buyers came from China, he said. That would mean about 27 units were purchased by Chinese buyers.

In April, Paramount brokers said that they had reservations for 25% of units. If Kodsi’s numbers are correct, he has sold about 77 units over the past three months.