Miami Worldcenter Estimated Cost Now At $1.77 Billion

The Southeast Overtown/Park West CRA met yesterday regarding a revised economic incentive agreement with the developers of Miami Worldcenter.

The developers provided an up-to-date estimate of construction values and timing for all phases of the project.

The first phase, much of which is under construction, is estimates to cost $1.075 billion. Also now included in the first phase is a $60 million, 100,000 square-foot mixed-use building.

A second phase remains largely undefined, but is estimated at $696 million, for a total of $1.771 billion.

Below are the most recent projections of cost and timeline:

PHASE 1:

Tract A – 11.83 acres +/-

i. Phase I Retail: Not less than 360,000 gross square feet of retail space on four blocks
within the Project comprised of two parts: (i) Part A – 200,000 gross square feet of retail
space; and (ii) Part B – 160,000 gross square feet of retail space. Anticipated
Development Value: $60 million

ii. Tract A Condominium (Paramount): Not less than 500-unit condominium tower on approximately
2.3559 acres of land. Anticipated Development Value: $350 million

iii. Tract A Apartments (Luma): Not less than 400-apartment units to be constructed in one building.
Anticipated Development Value: $125 million

iv. Tract A Commercial: Not less than 200,000 gross square feet commercial and/or office
building. Anticipated Development Value: $165 million

v. Tract A Mixed-Use Building: Not less than 100,000 gross square foot of mixed-use
building. Anticipated Development Value: $60 million

vi. Tract A Garages: Two (2) parking garages containing not less than 1,600 spaces to be
constructed concurrently with the Phase I Retail. Anticipated Development Value: $70
million

Block G – 1.78 acres +/-

i. Block G Apartments (Seventh Street Apartments) – Phase I: 400 multi-family apartments with 16,000 gross square
feet of retail space to be constructed in one tower. Anticipated Development Value:
$130 million

ii. Block G Apartments – Phase II: 400 multi-family apartments with 2,500 gross square
feet of retail to be constructed in one tower. Anticipated Development Value: $115
million

PHASE 2:

Phase II – Block E

Anticipated Development Value: $155 million
 Program undefined

Phase II – Block A

Anticipated Development Value: $310 million
 Program undefined

Phase II – Block B

Anticipated Development Value: $231 million
 Program undefined

 

construction at “tract a” yesterday. work is also underway separately at block g: