The launch of the residential sales component of this project was last week, and it was one of the classic, over-the-top parties that we saw back in the last cycle, but haven't seen too much of in this cycle. As such, I think it is a good time to present what's happening in this mega-project.
Miami Worldcenter is a planned multi-use development will turn more than 24 acres of mostly barren land in Park West into 10 blocks of condos, retail stores, entertainment venues and more. Located in downtown Miami, the ten-block, mixed-use development is situated immediately north of the Central Business District and is surrounded by world-class amenities and boasts convenient access to transportation.
The Mall at Miami Worldcenter, will feature 765,000 square feet of retail, destination dining, and entertainment. The project will be anchored by a 120,000-square-foot Bloomingdale’s and a 195,000-square-foot Macy’s, all in the most accessible site in the region.
Adding to the Mall retail experience is the 7th Street Promenade. It is a pedestrian-only access road that runs east-west through the Miami Worldcenter, anchored by the new American Airlines Arena and waterfront on the east. Inspired by the world’s greatest pedestrian streets, the 7th Street Promenade builds on themes by the 3rd Street Promenade in Santa Monica, and South Beach’s own Lincoln Road. The energy of the Promenade’s street life will have European-style outdoor cafés, bars, restaurants, and boutique retail shops.
Miami Worldcenter will also be home to the new Marriott Marquis World Convention Center Hotel, featuring approximately 1,800 rooms and 600,000 square feet of meeting, exhibition, and convention space. This modern tower will have resort amenities, including an expansive pool deck with views of the bay, the American Airlines Arena, and the downtown skyline, as well as an 80,000-square-foot outdoor event deck.
In the 60-story condo tower, $400 million Paramount Miami Worldcenter will feature its rooftop fun-plex, and a 9th floor amenity deck which is being built on top of a mall. Vvarious features of the amenity deck include the pool, the spa's "outdoor bath gardens", "a sports complex featuring tennis courts, a soccer field and a running track, relaxation seating, unique pool pods and, 2-story villas surrounded by pools and more.