WeWork Founder In Contract To Buy Tower At Miami Worldcenter, Plans To ‘Shake Up’ Apartment Industry

The founder of WeWork, Adam Neumann, is in contract to buy the 43-story Caoba Miami Worldcenter as part of a plan for an ambitious new company, according to the WSJ.

The sale price for the 444-unit apartment tower is said to be around $200 million.

Neumann is excited about purchasing apartment buildings in “vibrant cities where a new generation of young people increasingly are choosing to live,” a partner in his family office told the paper. The buildings are in the “kind of cities that are redefining the future of living,” he said.

The goal is said to be to shake up the apartment industry with a new brand that is highly recognizable, appealing to young professionals with a high level of amenities.

A company tied to Neumann has already acquired the 387-unit Yard8 apartment building in Midtown Miami, and the 639-unit Society Las Olas in Fort Lauderdale. Both buildings were also recently completed.

Last year, Neumann was said to sign a deal to buy two single-family properties in Bal Harbour for a combined $44 million.

Records show that Miami Worldcenter’s developers recently obtained a construction permit to begin building a second 40-story tower at Caoba.

 

29 Comments
most voted
newest oldest
Inline Feedbacks
View all comments
Anonymous
19 days ago

So, last time this knucklehead tried this he almost lead to the collapse of the office space RE market….. anyone else thinking this is a canary in the coal mine scenario, and that this may be the start of the rental market since this fool is buying whole buildings

Anonymous
19 days ago

He’s a snake oil salesman through and through

Anonymous
19 days ago

Like most tech industry bros Miami is courting for some reason.

Anonymous
17 days ago

that’s mayor Suarez with his crypto-utopia fantasies.

Anonymous
19 days ago

No. Most apartments are financed using long-term fundamentals. He may blow his money, and other’s money on some over-hyped or over-priced real estate, but he won’t bring down all the other apartments in Miami with this one purchase.

Azarius
19 days ago

He’s going to be renting out apartments by the room by the hour. I remember the documentary when they tested the WeWork living quarters. Not a Fan, corporation’s are trying to remove real ownership of homes and more “shared spaces” which Covid has proven isn’t always best.

Anonymous
19 days ago

Wow, it’s like corporations are in bed with Neo-Marxi-…oh wait!

Anonymous
17 days ago

While we here in South Florida are wringing our hands over apartments and condos, the little town of Kissimmee is quickly becoming the 2nd fastest growing city in Florida. Why? Because they’re investing in the manufacturing of chips and semiconductors among other technology products. Just check out the Neo city tech district in Oceola county florida. This is what World Center should’ve been. Again, no vision.

Anonymous
19 days ago

Society in Ft Lauderdale is disaster. I don’t want to see his model take off. The young people who were attracted initially are leaving as fast as they can. South Florida needs affordable rentals with quality features to enhance living. We do not need a rent by room concept. People are attracted by affordable rents (when rented by the room). People are not clamoring for renting a room with roommates they didn’t pick. I hope this model doesn’t take off. He gouged investors and people with his WeWork Mantra. Florida should block him from further investments.

Melo is sigma and chad
18 days ago

Yard 8 is a disaster as well.

Anonymous
19 days ago

He’s a peckerhead.

Anonymous
19 days ago

Cool – can they add some office space??

Anonymous
18 days ago

Hahahahahaha….and Miami is the perfect place for this guy to try his next trick! Hahahaha. Notice how Miami attracts these types when they can’t find takers in more locales with too much intelligence to be fooled. Miami is listed in their pink books as a solid fall back place. It’s description is “fakes cosmopolitan but is at the heart full of country bumpkins who bites easily”.

Anonymous
19 days ago

Interesting to see the new branding.

Anonymous
19 days ago

WeLive didn’t do well, per The New York Times.

Anonymous
18 days ago

This is the same guy who called his wework creation a “tech” company LMAO. He’s a typical con artist. Stay away.

Azarius
19 days ago

I like WeWork office but I’m not for the whole ecosystem he envisioned with living and schooling are a no go!

Anonymous
19 days ago

It’s a “lifestyles for the little people” strategy thought up by someone who wouldn’t ever consider living that way.

Anonymous
19 days ago

Living in pods and eating bugs for thee, but not for me. -Brandon’s top donors and puppet masters

Anonymous
19 days ago

Please don’t change the plans into an Arquitectonica eyesore with irregular slit windows for his pods.

Melo is sigma and chad
19 days ago

No wonder Yard 8 didn’t have a Christmas tree this year in the lobby. I guess their radical shake up is getting rid of Christmas trees and letting a ton of Air bnbs in.

Anonymous
19 days ago

That creates a crap environment. I think one month is the shortest tolerable rental duration that won’t tank the quality of tenants for a building.

Anonymous
19 days ago

Christmas trees trigger hipsters.

Anonymous
19 days ago

Christmas trees?.. haha.. they’re used for a few days and then discarded in garbage cans and in the streets everywhere.

Melo is sigma and chad
18 days ago

Found the leftist, large trees for displays inside are reused.

Anonymous
16 days ago

^ haha.. found the homeless person who goes around peeking in the windows of buildings.

Anonymous
18 days ago

How does buying brand new buildings ‘Shake Up’ the industry ?? The greatest scammer to come down the pike since Nikola Motors.

Anonymous
19 days ago

Amazing. Miami Worldcenter is shaping up to to its name❤️

Corrupt Mess
18 days ago

Miami Worldcenter has always been a scam. 15 years and it has always been a corrupt mess.