Legacy Miami Worldcenter Gets $340M Construction Loan From World Trade Center Developer

A big player in New York real estate just provided $340m in financing to Legacy Miami Worldcenter – one of the biggest construction loans in Florida history.

Silverstein Properties, best known for rebuilding the World Trade Center after 9/11, originated the loan – their first ever in Florida

It is the third biggest construction loan in Florida history, following Acqualina and Five Park, the developer said in a statement.

Legacy broke ground in August of this year.

The 50-story tower will include hotel, condo, health, and other uses. It will have a unique cantilevered pool 500 feet above ground, and a seven-story atrium at the top of the tower.

The 310 condo units sold out in less than 12 months time – even before groundbreaking took place, with a sellout value of $160 million.

The 219 hotel rooms will be managed by Accor as part of the Morgan Original’s portfolio.

Kobi Karp Architects, Design Agency, and ID & Design International are among the firms working on design of the tower.

Martin Schwartz and Anthony De Yurre, real estate partners at the Bilzin Sumberg law firm in Miami, represented the development team in the transaction.

 

 

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Anonymous
1 month ago

I think this project is very beautiful. List my favorite towers like Aston Martin, One Thousand Museum, Okan and Paramont MWC. I regret that the rest are almost all crates, without much creativity. Forgive me the ugly buildings, but beauty is essential.

Anonymous
1 month ago

nearly had a stroke reading this….

Anonymous
1 month ago

You take the jab?

Anonymous
1 month ago

Too bad you didn’t have the stroke. That way, perhaps you would learn to respect comments and ideas that are different from your own.

Anonymous
1 month ago

If you don’t even like these five towers that the guy up there mentioned, there certainly isn’t a single building in Miami that you like. Thing of a person who is ill with life.

Anonymous
1 month ago

You missed the point.
I didn’t write it but I think he was referring to your horrible grammar

Anonymous
1 month ago

Finally Miami will get a spire.
It’s obvious Miami developers and architects have never been interested in giving buildings the finish touch of a cupola, spire, turret or dome. They used to be expensive but now they come pre-fabricated, are made of composite light materials and the installation is not that difficult.

Anonymous
1 month ago

I hope somebody reads your message.
I know in miami with the height limit and having to include the podium for garages play a role in developers wanting to maximize space use, but please, consider some tapering, enough of flat top boxes.

Anonymous
1 month ago

Couldn’t agree more ! Enough of boxes with flat tops !

Anonymous
1 month ago

Being expensive is an excuse by Related Arquitectonica. Plenty of cities across the country build towers with top architectural features.

Anonymous
1 month ago

plenty of cities across the country built towers with top architectural features”. we know that but do you know how much it cost to build them?

Anonymous
1 month ago

spires are lame and gimmicky

Anonymous
1 month ago

I love Legacy. This neighborhood is going to be awesome

Anonymous
1 month ago

We need more buildings like this❤️

Anonymous
1 month ago

Brickell watch out. A new and better neighborhood is growing!

Anonymous
1 month ago

Possibly. Looooong way to go though.

Paul Gorman
1 month ago

$160M Sellout but a $340M Construction Loan? That doesn’t make sense…. this report is wrong.

Anonymous
1 month ago

Yea I noticed that also but remember the building has a hotel component as well

Azarius
1 month ago

And major commercial space

Paul Gorman
1 month ago

The math still doesn’t tie.

Assume condos = $160M
Hotel (200 keys @ $500k/key = $100m)
Commercial space = $50M
Total Value = $310M

The construction loan is AT MOST, 75% LTC meaning a total project cost of $450M.

The report is not right.

Brooklyn
1 month ago

You forgot the land fam.

Paul Gorman
1 month ago

Land is usually considered in the unlevered portion of the capital stack

Melo is sigma and Chad
1 month ago

And squares said it wouldn’t happen, this will compliment paramount and hope it has nice lighten at the top.

Anonymous
1 month ago

The model at the sales center revealed a lighting strip from base to the top of the spire, all the way down the side. It looked awesome.

Azarius
1 month ago

That’s great‼️ Just looking at the renderings I can’t wait to see this building added to the skyline. Kobi Karp definitely better than Arcutonic 🤣😂🤣

Anonymous
1 month ago

This is a nice looking building…but Kobi Karp has never had an original idea in his life…every building he designs is a copy of something else. He must be cheap, otherwise I have no idea why a developer would work with him.

Anonymous
1 month ago

Kobe Karp did not design this building. It was designed in-house with the developers architect. Kobe Karp has never designed anything this detailed or well thought out. The development team developed this based on the program they knew would sell as lead by Dan Kodsi. Kobe has the horse power to do the construction drawings and has the liability coverage to cover this. If Kobe was the design architect, ask yourself why isn’t his name on the renderings like he always does with ever other building he likes to promote in the design and marketing phase. Kobe will try to market this as his, but the development world knows better.

Anonymous
1 month ago

“The 310 condo units sold out in less than 12 months time”

Is there anymore doubt about how hot the real estate market is in downtown Miami?

Anonymous
1 month ago

When we bought in Paramount it was supposedly 98% sold, but there are plenty of empty units for sale, many were never sold in the first place. So I truly don’t understand this “sold out”, my floor is half empty. Somehow they inflate this numbers to create noise, this people definitely over promise and under deliver BIG Time. Elevators here are always down, administration is HORRIBLE, I can’t imagine they will be much better on that other building, stay away if you can.

Anonymous
1 month ago

340 million to build a nice skyscraper. it costs lots of money to build a nice skyscraper

Anonymous
1 month ago

She’s so pretty I’d date her

BDub
1 month ago

Looks more like a he.

Anonymous
1 month ago

Very beautiful building, with a good contribution to the city’s skyline.

Anonymous
1 month ago

I’m sorry but what does it matter that this is the largest construction loan in Florida history…

Anonymous
1 month ago

To illustrate how much Miami has been growing over the years.

Anonymous
1 month ago

There no context though

Anonymous
1 month ago

Yea these niche titles for projects are getting a little out of hand… like the “tallest northern building in miami BUT not including sunny isle” lol. Unless a building it truly the tallest in the entire region or state these titles are unnecessary

Anonymous
1 month ago

City of Miami, not Miami-Dade

Anonymous
1 month ago

Um, it’s not the largest construction loan in Florida history.

Anonymous
1 month ago

It’s still not happening. And it shouldn’t. This tower looks like in belongs in Atlanta, not Miami.

Anonymous
1 month ago

Okay, you earned your pay… now run along.

Anonymous
1 month ago

LOL….

Anonymous
1 month ago

IKR, it should be another cereal box with juxtaposed balconies a giant garage covered by an LSD-induced mural, cuz dis iz Me-am-eee! /sarcasm