Another residential tower sees the light of day Miami World Center.
Lalezarian Properties scored $150 million to build a 550-unit, 52-story tower, according to property records. The development, dubbed Miami World Tourwill also include 3,000 square feet of ground floor retail and a 4,000 car parking garage.
Located at 700 NE 1st Avenuethe property is part of the prime Miami Worldcenter development, one of the largest in the country, spanning 27 acres in downtown Miami.
Projects already completed include the 60 floors Primordial condominium, 43 floors Miami bezel residential tower, and the caobaanother 43-storey rental building, which ex-We work CEO Adam Neumann bought earlier this year.
Just west of the Lalezarian site, The Witkoff Group has offers a development of 2,195 units; The related group and Merrimac Ventures, directed by Dev Motwani, which also spearheaded the main development, is developing a condominium focused on short-term rentals; in February, Neumann nabbed $108 million for the second phase of Caoba; and a Miami Worldcenter the mall is also under constructionJust to name a few.
New York-based Lalezarian bought the vacant 1.9-acre parcel for $43 million in 2019 and shortly after secured a $23 million mortgage from Bank of New York Mellon, by records. The lender also provided the $150 million construction loan.
In 2020, before the pandemic hit, the developer secure approvals from miami Urban Development Review Board.
Construction has already started, but it is not known when it will be finished. A representative for Lalezarian Properties did not immediately respond to a request for comment.
Julia Echikson can be contacted at [email protected].