Tower 2 At MDM’s Marriott Expo Center Could Flip To Residential

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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

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