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Dan Kodsi’s firm pays $34M for site of 50-story tower at Miami Worldcenter
Legacy project will include hotel, condos, and healthcare center
The master developers of the 27-acre Miami Worldcenter mixed-use project sold a plot of land to Dan Kodsi’s Royal Palm Companies.
Miami Worldcenter Associates, the joint venture between Art Falcone and Nitin Motwani, sold the 1.5-acre site at 942 Northeast First Avenue for $33.9 million, according to a press release.
Royal Palm Companies plans to build Legacy Hotel & Residences, a 50-story, mixed-use tower with 274 branded residences atop a 256-room hotel.
It will mark the second building at Miami Worldcenter for Kodsi, who partnered with the Worldcenter developers on Paramount Miami Worldcenter, a luxury condominium tower that was completed last year.
Royal Palm Companies expects to break ground on Legacy early next year, according to the release. Cushman & Wakefield’s Robert Given, Troy Ballard and James Quinn represented the seller in the land deal.
The amenities at the Legacy tower will include a cantilevered pool and the largest hotel pool deck in downtown, set on 1 acre; a 100,000-square-foot medical and wellness center; and the first enclosed rooftop atrium in the city on the top seven floors.
The $60 million healthcare center is called Center for Health + Performance.
When completed, Miami Worldcenter will span 10 city blocks. Worldcenter projects still in the works include a 348-room CitizenM hotel and a 434-unit rental tower by ZOM Living, an office tower by Hines with 500,000 square feet of Class A office space and a 1,700-room Marriott Marquis hotel and adjacent 600,000 square foot expo center by MDM Group.
Caoba, a 444-unit apartment tower, opened last year.
Earlier this year, the Worldcenter developers sold a parcel at the $4 billion development to Abbhi Capital for $24 million. In July, the developers also sold a site at the megaproject for $18.9 million to Akara Partners.