Legacy Miami Worldcenter To Begin Site Prep This Month After Selling Out 100% Of Units

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.

Completion is scheduled for 2024.

 

42 Comments
most voted
newest oldest
Inline Feedbacks
View all comments
Anonymous
3 months ago

Who said it won’t sell in Miami or any place in South Florida if there are no water views?

Anonymous
3 months ago

Right, no one has EVER said that on this site before 😉

Anonymous
3 months ago

Look, I’ll say it again, the Aston Martin building ain’t happening.. okay?

Anonymous
3 months ago

Amazing how quickly a new building can sell when you use architects that can design.

C.O. Jones
3 months ago

This is not Kobi Karp’s design…they are the architects of record because they have the horsepower to do the construction drawings.. This building was designed in-house by Dan Kodsi and his team. They do know what they are doing and prioritize design mixed with well thought out market analysis.. This building was labored on in plan and with the market place in mind to which ONEWorld also participated. The results speak for themselves. Had this been a Kobi Karp design, it would have been trendy and would lack the sophistication that this design exhibits.

Anonymous
3 months ago

This is good news for the Waldorf Astoria project!

Anonymous
3 months ago

Moscow Russia said redesign it.

Anonymous
3 months ago

Why?

Anonymous
3 months ago

Amazing. MWC will be the best spot in town🥰 I wonder which stores and restaurants will open there.

Jesus
3 months ago

Beautiful tower. I’m glad this is happening. Park West will soon become what Brickell is on a Friday night.

Anonymous
3 months ago

$160 million sell out? Prepare for that project to be VE’ed to death 😉

Anonymous
3 months ago

VE??
Can you please explain

Q Anonymous
3 months ago

he/she means value engineering

Anonymous
3 months ago

he she him they us

Azarius
3 months ago

That doesn’t include the other components of the development like the hotel and office space.

Anonymous
3 months ago

that does seem low….hope youre wrong but stay tuned……

Anonymous
3 months ago

There’s a hotel and retail. $160 million is probably close to break even. That’s fine

Anonymous
3 months ago

I paid Usd 800 a sq foot for a unit in this project, I hope it makes me money. It’s double the price of waterfront units in Miami. But I am not the only crazy guy to buy here at these prices. Happy to know there are other crazy people also. Hope there is something special about this project and not a rip off for the investors. Hopefully Accor with their new Morgans Original brand can bring in the clients.

whazup
3 months ago

accor is in europe what motel 6 is in the US, does not seem like you did any research here

Anonymous
3 months ago

Accor has low to high end brands. Morgans Originals is a high end brand equivalent to SLS and Delanos in Miami. Accor has taken over SLS and Delanos , both are Accor brands now. Accor has other luxury brands like MGallery, Sofitel and many others which are popular not only in Europe but Asia and Latin America also. So international travellers know Accor and hope their international booking system can bring in clients.

Anonymous G
3 months ago

Great news. Will be iconic project. Who will be the General Contractor?

NYC Loves Miami
3 months ago

I’m glad they kept the spire.

Shawn Kouri
3 months ago

Awesome…….

Anonymous
3 months ago

A big gamble made by all of those first buyers. At a $160 million sellout I’d be shocked if they didnt cut quite a few corners. Guaranteed there will be litigation against the developer and contractor after everything is completed

Anonymous
3 months ago

You can say or expect that about any new development.

Anonymous
3 months ago

agreed – the precon people get screwed

Anonymous
3 months ago

Not always. If you bought into a luxe pre construction project in say the 2018-2019 time frame that is being delivered in 2021 there has been substantial price appreciation. I could not even afford my own condo today in a luxe project in Edgewater that is just now being delivered so if you didn’t buy preconstruction you would literally be priced out of the building. So it is all based on the market at the time you buy versus the market when the condo is actually delivered. The market for new luxe condos being delivered in 2021 is substantially better than when they were marketed in 2018-2019 by up to $400/square foot or more. Yes there is risk to preconstruction buyers but in a skyrocketing market like 2021 there were substantial benefits to getting in early.

Anonymous
3 months ago

The risk is if we have a level 3 hurricane or higher in Miami, then people will understand the risk of owning anything in a building more than 10 stories.

Anonymous
3 months ago

This is the most ignorant comment I’ve seen in a long time. You could say the same thing about buying in Mexico City or LA with earthquakes.

Anonymous
3 months ago

I have seen the same type of comments posted on this site about category 4 or 5 hurricanes if you live in one of these new towers and it’s as if anybody living in a one or two story house don’t have to worry about shit!

Anonymous
3 months ago

Fantastic news for the new Elleven proposal.

Anonymous
3 months ago

Unfortunately, most of the latin american buyers will not live there full time and will either rent immediately, or just have it sit vacant until they sell. A lot of times when their economic situations back home worsen, they suddenly need liquidity and end up selling the condos for a lot less than what they paid for because at the end, the US dollar is still worth way more than their homelands currency. This is what happens throughout all of downtown and brickell and is the main reason why condo values are erratic and unstable. Over supply and less demand as well. I wish it were the other way around 75% domestic 25% foreign.

Anonymous
3 months ago

Then buy a few to tip the scale

Anonymous
3 months ago

They are having big issues, as is the rest of the world but for American, with covid. Europe seems to be on the tail end. We in beautiful America absolutely batted it out of the park with this pandemic compared to every other country. When the world opens up everyone will want to move here if they have money to do Eb5s.

Anonymous
3 months ago

Our low dollar is fueling interest from Latin America again.
I anticipate Miami will continue to run from both NY/northeast and foreign money moving in now at same time.

Anonymous
3 months ago

Cool, they got five days to stay true to their word.

Anonymous
3 months ago

Not enough auto storage.

Anonymous
3 months ago

Speaking of Risks…….what happens to one of the unbalanced residents who happens to loose their footing on the “infinity pool” deck?
I have the feeling this mock-up will not look like the final illustrations.

Anonymous
3 months ago

I am sure they will have some sort of security like a glass wall or barricade around.

whazup
3 months ago

When ….t hits the fan in few years, there are going to be deals in Miami like never before in history.. build .. build … build!!!!!

Anonymous
3 months ago

Re sellers will never make money

Anonymous
3 months ago

Why do you say resellers will not make money if the project is fully sold out. If its fully sold out then the demand is high for this building and new buyers will have to pay a higher price to be able to buy one unit here. That will make some money to the reseller. Why you say resellers will never make money ?