The Legacy tower at Miami Worldcenter has reached 100% sellout and will soon break ground.
“Legacy Hotel & Residences is now one of the first, if not the first development in Downtown Miami to sellout prior to putting a shovel in the ground,” said Dan Kodsi, Founder and CEO of developer Royal Palm Companies.
Site prep work will begin by the end of May, RPC said.
A groundbreaking ceremony will be announced soon and will take place this summer.
The Legacy tower will become the second tallest at Worldcenter at a height of 681 feet above ground. The design will be iconic, with a unique seven-story rooftop atrium and cantilevered pool.
RPC is in the middle of closing on financing, and expects to announce the loan soon.
In total, 310 residences were sold at a total value of $160 million. Prices averaged $500,000, in a range between $350,000 to above $2 million. 8 penthouses are off-the market and being considered for the hotel.
Things looked dark last March when reservations were being converted into contracts and the coronavirus crisis hit. Of the 170 reservations that had been placed, 100 were cancelled.
In-house broker OneWorld Properties was forced to pivot and essentially resell the building all over again – all through Zoom.
Sales quickly picked up. The sales team was signing about 30 contracts with 20% deposits during the 2020 shelter in place months of April, May, June, July, and on, when the world was completely at a standstill.
“Achieving a full sellout of 300+ homes in a record-breaking 12 months, despite launching sales weeks before the world went into a global lockdown, opened our eyes to how receptive buyers were to the virtual experience, with a majority of our sales done solely over zoom,” said Peggy Olin, CEO of OneWorld Properties.
Latin American were dominant, representing 75% of buyers. The remaining 25% of buyers were from the US.
Legacy will also have a 219-room hotel, to be managed by Accor, and a health component.