Construction on the initial phase of 700 North Miami Avenue in Miami Worldcenter is officially set to start following a $302.6 million construction loan secured by developer Witkoff in partnership with Monroe Capital. Designed by Kobi Karp Architecture, the proposed three-tower residential complex occupies one of the last major undeveloped parcels in the district. The project originally went before the City of Miami’s Urban Development Review Board in early 2023. Also, this project alongside others such as Aman Residences showcase Miami as a leading real estate and property investment hub in the US.
Project Funding
The funding was backed by J.P. Morgan Chase alongside Apollo Global Management affiliate Athene Annuity and Life Company. By refinancing roughly $57.3 million in pre-existing debt, the deal raised the total loan to $302.6 million, generating about $245.3 million in new construction capital.
The project’s first phase features a tower rising approximately 600 feet, which will house 894 residential units. The design also incorporates 17,367 square feet of ground-floor retail and a nine-level, 167,237-square-foot parking garage with several vehicular access points.
In total, the full master plan envisions three residential towers reaching 50, 51, and 53 stories. Across the entire development, plans call for 2,346 residential units, around 30,535 square feet of commercial space, and 2,078 parking spots. The newly announced financing specifically supports phase one.
This funding milestone comes as permitting advances through the City of Miami. While the master building permit and a phased vertical construction permit are currently under review, site preparation has already been granted approval. Construction costs are estimated at nearly $270 million according to the master permit, with Coastal Construction serving as the general contractor.
Spanning nearly five acres, the site previously housed the Miami Arena. Opened in 1988, the arena served as the original home court for the Miami Heat and hosted various sports events and concerts until its closure and 2008 demolition. The land was later designated for the Marriott Marquis Miami Worldcenter Hotel & Expo Center, though that plan was eventually abandoned. Witkoff and Monroe Capital purchased the property for $94 million in 2021, setting the stage for the current residential build out.
Located within easy walking distance of Brightline’s MiamiCentral Station and other regional transit routes, the site represents one of the final premier development sites in the area to move into active construction.
Project Factsheet
Project Name: 700 North Miami Avenue
Location: Miami Worldcenter, Downtown Miami, FL
Site Area: 5 acres (4.7 acres)
Developer: Witkoff Group & Monroe Capital
Architect: Kobi Karp Architecture and Interior Design
General Contractor: Coastal Construction
Initial Proposal Date: Urban Development Review Board (UDRB) — Early 2023
Current Status: Site preparation approved; master and vertical permits under review; financing secured
Phase 1 Specifications
- Tower Height: 600 feet
- Residential Units: 894 units
- Retail Space: 17,367 sq. ft. (ground floor)
- Parking Structure: 9-story garage encompassing 167,237 sq. ft.
- Estimated Construction Cost: $270 million (per master permit)
Overall Master Plan (All 3 Phases)
- Number of Towers: 3 residential towers (50, 51, and 53 stories)
- Total Residential Units: 2,346 units
- Overall Commercial Space: 30,535 sq. ft.
- Total Parking Spaces: 2,078 spaces
Financial Breakdown
- Total Construction Loan: $302.6 million
- New Construction Capital: $245.3 million
- Refinanced Existing Debt: $57.3 million
- Lenders: J.P. Morgan Chase and Athene Annuity and Life Company (Apollo Global Management affiliate)
- Land Acquisition Price: $94 million (2021)
Site History and Transit Access
- Former Land Use: Site of the former Miami Arena (1988–2008; former home of the Miami Heat).
- Previous Plans: Formerly slated for the cancelled Marriott Marquis Miami Worldcenter Hotel and Expo Center.
- Transit Proximity: Short walking distance to Brightline’s MiamiCentral Station and regional transit hubs.
Project Team
Co-Developers: Witkoff Group and Monroe Capital
Design Architect: Kobi Karp Architecture and Interior Design
General Contractor: Coastal Construction
Landscape Architect: Kimley-Horn
Construction Lenders: J.P. Morgan Chase and Athene Annuity and Life Company (Apollo Global Management affiliate)
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