MDM is considering building a residential tower as the second phase of the Marriott Marquis Miami Worldcenter Hotel & Expo Center project, according to newly filed documents.
The developer closed on the purchase of the former Miami Arena site for $45 million on March 3. An affiliate of Miami Worldcenter sold the property and provided a $23 million second mortgage. Pacific National Bank provided a $12.73 million first mortgage.
As part of the sale and financing deal, MDM has signed an agreement with Worldcenter by restrictive covenant to the following:
- Build Phase 1 of the project with 1,000 hotel rooms and 500,000 square feet of convention space
- Build Phase 2 with either hotel or residential. It may not include office space unless MWC explicitly agrees to it
- Phase 2 may not begin construction until after Phase 1 begins, or at least 30 months from date of the sale – unless it is a hotel, in which case it may begin immediately
- The project will use the Miami World Center name as part of a licensing deal
- The project site plan must be the same as depicted in architect NBWW’s plans for a Marriott Marquis Miami Worldcenter Hotel & Expo Center
