Former Miami Arena Site At Worldcenter Will Be Getting A High-Density Project

A partnership of two companies from New York and Chicago have announced they will build a project on the former Miami Arena site at Worldcenter.

New York’s Witkoff Group and Chicago’s Monroe Capital announced in a press release last week that they had purchased the 4.7-acre site for $94 million.

Witkoff, which recently opened an office in Miami, is one of New York’s biggest developers. Monroe has $10 billion in assets under management.

The new project will be “high-density,” the companies said in a statement.

Monroe Capital’s Kyle Asher said that the Miami area is in the “early innings of a protracted growth cycle.”

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:

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Anonymous
4 months ago

Great News! Hope they build quality office space to attract big tech and financial companies!!

Anonymous
4 months ago

Or big pharma!!!

Market Urbanist
4 months ago

Lmao. Let’s bring in some of the 3-letter agencies while we’re at it.

La Condesa de San Ignacio
4 months ago

Big pharma is responsible for sticking it to the American people by charging astronomical drug prices, while in other countries (Canada, U.K, etc.) the same drugs cost a fraction of what Americans pay. F___K BIG PHARMA!

Anonymous
4 months ago

Paying more for life-saving drugs is capitalism! You should be happy you have to pay 20,000 for a surprise visit to the hospital — that’s how you know capitalism is working!

Anonymous
4 months ago

FREE MARKET Capitalism is much different than CRONY Capitalism.

FREE MARKET Capitalism is a consensual and free exchange between buyer and seller. When it comes to Pharmaceuticals in the USA, the Government gets cozy with Big Pharma to set prices that Government programs pay. Making life saving drugs unattainable for most people who are not on the Government dole or rich.
Most politicians in Washington DC are easily bought with steak dinners, nice wine, and Hamilton tickets. They don’t care about drug prices for individuals.

Anonymous
4 months ago

Exactly! But when you buy off protective regulatory functionaries or stack the deck with your own personnel, allowing regulatory failure like emergency use authorizations on dangerous tech to make guinea pigs of unsuspecting gullibles based on a fake pandemic then we have criminal capitalism and a whole bunch of folks need to be charged with crimes against humanity! This is sickness from the very people claiming to want to heal us with toxic medications that cause side effects more dangerous than the disease itself.

Anonymous
4 months ago

The US healthcare system is a third party payer system that is heavily – if not the most – US govt regulated industry. It’s certainly not a free market system where consumers and providers through supply and demand control prices and access. Instead, prices are artificially inflated by the third party payer system. Economics 101.

Anonymous
4 months ago

How is Venezuela working for you?
I am sure you have an abundance of all kinds of drugs and medicine available to you and the masses.

Anonymous
4 months ago

Sweden, Norway, France, Germany, UK, Canada, Australia, Japan, South Korea, Denmark, Finland, Italy, Spain, Switzerland, Ireland, Israel, New zealand, etc.

You know two things they all have in common?

1. Socialized medicine
2. None are jealous of the US healthcare system before or after obamacare.

But of course if anyone dares mentioning we create a socialized system modeled after these countries half the country starts losing their mind screaming about Cuba and Venezuela and completely ignores all the first world countries I mentioned above.

Anonymous
4 months ago

We have “socialized medicine.” It’s called Medicaid and it’s a disaster. Picture it 100-fold.

Anonymous
4 months ago

It’s a disaster because of all the thieves that live in this country.

Anonymous
4 months ago

I did my postgraduate training in France … and health care is not as great as people here in America think it’s ….

Robert
4 months ago

Yes. I have used those systems since I lived on Europe and for the most part they suck big time. Like waiting for 16 months for a surgery. No thank you.

Anonymous
4 months ago

I am Italian and the socialized medical system is terrible!! Public hospitals are free but you might go for a quick check up and come out without a leg. If you want good care, you have to go to the private sector and it’s all out of pocket. I wish we had the US system!

Anonymous
4 months ago

Sorry your loved ones went bankrupt while at the hospital.

They should’ve worked harder, had better skills, been more successful, or not spent all their money prior to needing surgery.

Healthcare is for the rich only! Sorry poors!!

Anonymous
4 months ago

Your an ass.

Anonymous
4 months ago

You’re*

Anonymous
4 months ago

Bringing up a shitty system doesn’t make ours shine any brighter. If we don’t call attention and acknowledge our own problems, we will never fix them. Bringing up Venezuela or China or Cuba or North Korea is stupid. None of want to live there. We want to make HERE better for ALL. progressives in the 20s fought for 8 hour days, work breaks, and outlawed child labor. “Capitalists” thought those were socialist ideas. Give me a break.

Anonymous
4 months ago

Each one of those countries self-describe themselves as Socialist republics. It is clear that each one is a complete disaster so it is understandable that it is uncomfortable to have them around for people to point out. It’s unfortunate for the poor people that have to live under the iron fist of collectivism, but it proves the utter catastrophe that is Socialism and it’s eventual conclusion, communism.

Anonymous
4 months ago

LOL the way many of you talk about healthcare and economics shows how little you know about either.

Capitalism (albeit well regulated) is the greatest economic engine anyone can come up with, because free market consumer based economies foster the most innovative society’s with companies constantly competing for consumers business and to meet their demand with better, more efficient, and cheaper products. This is undeniable and anyone who denies this is simply brainwashed by far left ideologies and hasn’t studied the proven data.

On the other side what the right seems to completely miss is that healthcare is NOT a consumer product, because as a consumer you simply don’t have the same leverage when “shopping” for healthcare as you do when you’re shopping for a tv or new shoes. This is because healthcare is often a choice between life and death and the “consumer” does not have the option to simply walk away like they do when they’re shopping for a new tv or shoes that are overpriced and its because they drug companies know this that they end up gouging prices even more, because the “consumer” will simply do whatever it takes to stay alive and will not make rational economic choices when it comes to their health because the more important rational is to simply stay alive.

Anonymous
4 months ago

You are too educated and sensible for this site and its minions.

Anonymous
4 months ago

Well said!

Anonymous
4 months ago

I’d love a job in big pharma here in Miami. They can stick it all they want as long as they pay me big bucks!

Anonymous
4 months ago

Whore

Anonymous
4 months ago

Is Canada and the rest of the world for that matter, on the cutting edge of new drugs and treatments? How do you expect new treatments to come about without a mechanism to incentivize companies to RISK their investor’s capital to develop and try out new experimental drugs? Do you have any idea how much of a financial risk it is to go through FDA trials? Without the potential of making a return on such a disproportionately risky investment, no pharmaceutical company will innovate.

Yes, Canada and Europe have lower drug prices because the government steps in and uses tax money to lower the price of generic drugs. Do they cover or offer new or patented drugs/treatments on mass? No. That’s why, if you are Canadian or European have a severe or terminal illness, the US is your only hope for survival. Without the US or places like Israel, modern medicine would still be stuck in the twentieth century.

Anonymous
4 months ago

Don’t bother trying to explain this to the EBT crowd.

Anonymous
4 months ago

If only everyone could be born on third base and have such an enlightened perspective. My, my, how silver spoons make everything taste better!

Anonymous
4 months ago

People on this site sell real estate for a living. Sales people, not historians. They don’t know shit about geopolitics but they love to spouse their Facebook ideas everytime they can.

Anonymous
4 months ago

I am not in the real estate business, but I would sure like to know your area of expertise.

TNM is a blog with an open forum. For better or worse, all individuals have opinions. Unlike you, I appreciate my right to free speech and respect your equal right to unabridged speech. It’s up to individuals to research and make their own conclusions.

FYI it’s *spout not spouse.

Anonymous
4 months ago

No fool, I meant espouse. Left out the “e”. FYI * You don’t no shit. Last I checked TNM is about construction and new projects in South Florida, not an open forum for every misguided and ignorant fool to push their political agenda. This is NOT the site for that BS. BTW, I’m not in the real estate business either. I teach American history and political science. 23 years.

Anonymous
4 months ago

The average list price of insulin increased 11 percent annually from 2001 to 2018, with average annual per capita insulin costs now nearing $6,000.

Yes, big pharma develops new life saving treatments. They also gouge.

Anonymous
4 months ago

Gouge may be a bit to large a word for the folks here.

Anonymous
4 months ago

An aspirin in the Emergency Department cost 5$ because that covers for the large amount of patients that won’t pay for care ( that can’t be denied as per EMTALA Law)

Anonymous
4 months ago

Yes, Israel famous for their free market healthcare system LOL.
American pharma is the best in the world no doubt, but to pretend that only American companies are making cutting edge breakthroughs in the space is completely ignorant and so easy to prove false that quite frankly it invalidates you to even discuss the matter.

I love American and it really is the greatest country on earth, but the way some of you pretend that our shit don’t stink and no other country can touch us in anyway on anything is so embarassing.

Anonymous
4 months ago

Amen. The first step in solving a problem is recognizing you have one. Besides, they are ignorant and hypocritical. Their own family members enjoy Medicaid, Medicare, and Social Security. Theirs kids, nephews and nieces receive free or reduced lunch and free breakfast daily at school. Some of them are collecting Florida’s paltry unemployment benefits AND the $300 from the feds. The list of “Social- list” programs goes on and on, but since they don’t know how those programs came about (some over 100 years ago), they make asses of themselves without even knowing it. They’re too ignorant to know how ignorant they really are.

Anonymous
4 months ago

Projection much? How is it hypocritical to criticize programs that were/are forced on all tax paying Americans? Do I have a choice to opt-out of Medicare or Social Security every paycheck? What about the all the redistributed “benefits” that neither my spouse nor kids receive, but have to contribute to? If I am contributing to a system, I have a right to comment, criticize or express whatever else I desire.

What I find to be incredibly ignorant is the air of superiority that individuals like yourself have when commenting. The first step of recognizing a problem is recognizing you have one.

Anonymous
4 months ago

If you don’t like our country’s social welfare programs, such as Medicare or Social Security, and you feel as if you have not been given the choice to “opt out” of the tax system, move. It’s easy to complain and criticize. It’s much harder to work for social change and equality for all.

Anonymous
4 months ago

“but since they don’t know how those programs came about (some over 100 years ago)”.
Wow…I thought I knew a lot about American History and Public Policy.

Maybe I am ignorant.

Of all those policies that you mentioned, ole wise one, can you please name ONE that came about 100 years ago?

Anonymous
4 months ago

Read about the Progressives.

Anonymous
4 months ago

Kant, Locke, Roosevelt, Wilson. Google progressivism. Educate yourself.

Anonymous
4 months ago

I am surprised you hold Wilson in such a high regard. He was a real champion of the progressive and democratic cause, as well as an ardent racist, antisemite and eugenicist. Instead of being a tangential part of his history, he sought out to transform America into his so called “progressive” vision to further his racist ideology and genetic essentialism.

I would also point out that Locke would most certainly oppose to being lumped into what we consider “progressivism”. He advocated that each individual has a natural right to Life, Liberty and Property. He did NOT say individuals have a right to infringe on *another’s* life, liberty or property.

Anonymous
4 months ago

Just like many who comment in this forum.

Anonymous
4 months ago

You must have been great at parties the weekend… Never mind, you probably didn’t attend any because July 4th is apparently evil.

Anonymous
4 months ago

What a stupid childish and extremist comment. What does the 4th of July have anything to do with. You imply that people who call out the crap in our country is unAmerican, when in reality they love this country and want to make it better. You are such an ass.

Anonymous
4 months ago

One thing is pointing out short comings and another thing is a vitriolic need to denigrate the principals, traditions and laws of the nation. Over the past few years, it has become common to see Americans actively destroy the fragile fabric that holds our union together. Whether it was the horribly destructive riots of last year or the incredibly callous violation of our capital building, the loudest voices on either side are pushing the nation to a breaking point.

For example, standing with respect for the national anthem during a medal ceremony was a time honored tradition for all Americans no matter your color, creed or sex. Nowadays it’s offensive and a setup intended to “provoke” just as our flag is somehow an “extremist” symbol. By all means, call out, shout or scream what we have collectively do/have done wrong as country. However, instead of trying to tear down our foundational institutions try to build them up in the pursuit of a more perfect union.

Anonymous
4 months ago

spot on buddy…..thank you

Anonymous
4 months ago

Far-left Rep. Cori Bush (D-MO) said on Sunday….

“When they say that the 4th of July is about American freedom, remember this: the freedom they’re referring to is for white people,” Bush tweeted. “This land is stolen land and Black people still aren’t free.”

She should move to a country that the land is not stolen and there’s no slavery !!🤓

How she made it to Congress is people like her are not free!

And Alyssa Milano a mediocre starlet and Máxime Waters a hate violence instigators
Used social media to trash America the 4th of July !!!

Anonymous
4 months ago

It’s not just big pharma. Its also something called PBM’s ( pharmacy benefit managers) that are mostly responsible for massive increase in drug costs in America. In most other countries, PBM’s are either illegal or do not exist. They were created decades ago to centralize drug purchasing cost for pharmacies and hospitals in order to help save them money. Unfortunately they do the exact opposite now, as they have grown so large and have merged with insurance companies to monopolize the drug distribution and cost all across the board. This is so blatantly unethical and should be illegal, but they get away with murder by pandering to congress with their billion dollar lobby. This is the reason why most local pharmacies are disappearing. They also cut deals with drug manufacturers to get rebates on certain products, so what they’ll do is negotiate for rebates and if they don’t get any, especially on volume drugs, they simply do not include them in their formularies for the insurance company to cover. Overall, its one massive scam perpetrated by big pharma, pbm’s, and insurance companies working together to maximize profits on the backs of the already strained population. Fck em all.

Anonymous
4 months ago

Unfortunately they will build only empty apartments for foreigners investors.

Anonymous
4 months ago

thank god the marriott renderings were horrendous

Anonymous
4 months ago

It was awful. When they watered down the design, that showed me they really weren’t interested.

Anonymous
4 months ago

They sure were.
I think a board in Mobile Alabama would reject that design

Anonymous
4 months ago

When though? Are we going to wait another 10 or 20 years??

Anonymous
4 months ago

In Miami is that surprising?

Anonymous
4 months ago

Forget 10
More like 20 – 25 years.
The football stadium is going on 12 and not a single shovel has been moved

Anonymous
4 months ago

Witkoff is a real developer, not a land banker. This is actually great news for Downtown. Hopefully they do a ton of office and an EDITION hotel like they did in NY.

Anonymous
4 months ago

THE EDITION project was phenomenal, but it didn’t end well.

Anonymous
4 months ago

Very unfortunate. This project would’ve been the bridge between brightline and world center and really have brought downtown together. Hopefully these new developers have something real planned

Anonymous
4 months ago

I really want to know what they going to put there

Anonymous
4 months ago

No Skyrise now no Marriot? Im thinking the Marriot planned to sell that land all along… doesn’t take 10 years to build a damn hotel!

Anonymous
4 months ago

It didn’t surprise me that the convention hotel project would be scrapped

Anonymous
4 months ago

MDM played that nicely with a quick dabble good on them…

Anonymous
4 months ago

Great that they made some money (much more than double as the above article suggests I’m sure).

Sadly, the lobbyists and community organizers who flacked for this Convention Center did their best to kill Genting’s competing Convention Center project. Now that that waterfront Destination Resort with convention hotel, convention space, one of the largest column-less ballrooms in the USA was sabotaged in favor of this project, it’s not a good on them.

Witkoff is a great, I’m sure that he is going to create serious value with and amazing project that is good for the Public, but this project will never be a 4,000+ unit waterfront hotel and convention space.

Anonymous
4 months ago

Will that also mean a high-quality design, which the last renderings show it is not?

Anonymous
4 months ago

No convention center? Bummer.

Anonymous
4 months ago

So what’s gonna be!? A casino??

Anonymous
4 months ago

Downtown is 1,000 units per acre, they said ‘high density’. it will probably be mixes-use, with a shared garage component so that they can allow any extra spots their tenants don’t use to be used by the general public, which will be needed as more and more people ride brightline.

Anonymous
4 months ago

highest concentration of transit in Florida and you are talking about cars? Why?

Anonymous
4 months ago

On a 4.7 acre site, there’s going to be *some* parking so suggesting they design it to also allow the public to use it. Park and ride.

Anonymous
4 months ago

“So what’s gonna be!? A casino??”

Actually, the Resort Casino that The Genting Group planned on the now defunct Miami Herald building site is a better location.

Anonymous
4 months ago

“So what’s gonna be!? A casino??”
Don’t be surprised…but I doubt it.

Anonymous
4 months ago

Supertall entertainment complex Skyrice cancelled.Marriott Marquis Miami Worldcenter cancelled.Miami is not for big things.Only for condos

Anonymous
4 months ago

LOL

Anonymous
4 months ago

High density in that area will just collapse, the ground is no good there after the semi botched implosion of the arena all those years ago. Miami is also on track to be super flooded most days of the year and especially in that area

Anonymous
4 months ago

You forgot about the asteroid that will impact Earth in 2026 and wipe out 98% of animal and plant life.

Anonymous
4 months ago

Holy Crap! That too!!!

Anonymous
4 months ago

You sound stupid as if you are a scientist or something! High density in the area will just collapse lol.. ok smart guy!

Anonymous
4 months ago

Okan, Skyrise and now this? I’m sad.

Anonymous
4 months ago

neither were serious projects

Anonymous
4 months ago

Okan maybe was just some money lavndering scam from Turkey but SkyRise was a serious project and a very important one. So was this one. Let’s hope we get something even better but in a year or so, not 20!

Anonymous
4 months ago

It was the other way around, bucko.

Anonymous
4 months ago

Please, stop mentioning that WACKY looking shit called SkyRise.

Anonymous
4 months ago

SkyRise can still happen! I am still hopeful!!!

Anonymous
4 months ago

Yeah, SkyRise will be built 749ft shorter and next to some corn field in Iowa. Excellent location.