The proximity to Brightline is also a positive for the area, Asher said.
“Miami is transforming as a locus for financial service, technology, and media companies,” added Alex Witkoff, principal of Witkoff. “We have high conviction on the growth in Miami, and, in particular, this location given its proximity to mass transit and major cultural centers.”
MDM Group had planned a Marriott hotel with 1,723 rooms and 500,000 square feet of convention space on the site – bigger than any other hotel in the Miami area. Those plans are now likely to be cancelled.
MDM paid $45.25 million for the property in 2017, more than doubling their money in just four years.
“Miami Worldcenter has always been led by world-class real estate development firms,” said Nitin Motwani, Managing Partner of Miami Worldcenter Associates. “Now that our long-held vision for a 27-acre ‘city within a city’ is coming alive in the heart of Downtown Miami, we are excited to welcome the Witkoff Group to our development and we are eager to learn about their plans for the property. Witkoff is one of the most prolific real estate companies in the country, with premier residential, hospitality, office, retail and mixed-use properties in top tier cities across the United States and abroad. With its location directly adjacent to Brightline’s MiamiCentral Station, the Witkoff site is a key connector between the heart of Miami Worldcenter and regional transit access, making it an important component of our master plan.”
The Marriott expo center that was planned by MDM om the site: