First tower at $4B Miami Worldcenter project completed

Miami Worldcenter now finished the first building of the 27 acres mixed-use project in Downtown Miami. According to a press release, CIM Group and Falcone Group completed Caoba, a 444-unit rental tower at 698 Northeast First Avenue. For a 349-square foot studio apartment, considered as a micro-unit in Miami, rents start at $1,774.

The Paramount Miami Worldcenter is the next one to be delivered, a 60-story condo tower with more than 500 units, which is 85 percent sold with about $400 million in sales.

The development of the mixed-use project is managed by Art Falcone and Nitin Motwani with a number of partners, like CIM Group, Paramount developer Dan Kodsi, citizenM, and others.

Miami Worldcenter will also have a 1,700 room convention center hotel, a 450,000 square feet of high street retail, a 1,100 space parking garage, and an office tower.

In 2018 Caoba launched a new website with new renderings when was near completion.