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:

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Anonymous

The bigger question is what’s going on with the convention center

Anonymous

Given the hotel rate and occupancy drop, I don’t see that hotel going up soon. But I agree, without this component, it won’t work.

Anonymous

Developers are not going to base a decision based on recent hotel stats. They will average the history of trends and take into consideration building time frames, loan rates, inflation etc.
Hotel occupancy rates will be different year in and year out.

marc

So Luma is part of this first phase? Anyone here notice any prep work done there?

Anonymous

I am looking at it from my office right now. It is still just a dirt lot.

Anonymous

No work yet but supposedly they are ready to go.
Maybe they are contemplating of building now

Anonymous

Yep

Anonymous

I’m thinking that the project in whole won’t be done for a while while the first phase should be done in 2-3 years. If the market picks up by then maybe the developers scratch phase 2 and sell the land or go forward. Either way I think it’s awesome.
Maybe phase 2 could change and focus on class A office space

Anonymous

Definitely Class A office space is badly needed, I actually think the market can turn around quicker than expected. In 3 years time, it should be ample time for a recovery, especially with All Aboard, the Museums opening up, Bayside refurbishing and the I395 overpass re-design.

Movi

360,000 sf of retail with a development value of $60,000…? What is this?? Looks too cheap to me. I wouldn’t expect anything of quality…at least not better than Midtown.

Anonymous

Look at the Renderings.. doesn’t look cheap to me. 60 Mil, for probably the outside shell.

Anonymous

Retail development value probably doesn’t include the individual retail space build-out, which is where the $$$ is.

Danny

Start a charity and send me a link to donate. I am sure you already have one or are deeply involved in one.

Mike04

At this rate this won’t be done until 2025.

Danny

Better then going bankrupt half way.