One of the final undeveloped parcels within Miami Worldcenter is officially entering the construction phase after its development team secured $302.6 million in construction financing last week.
Known as 700 North Miami Avenue, the project is being developed through a joint venture between Witkoff and Monroe Capital. The financing will fund construction of the development’s first tower, the initial phase of what is ultimately planned as a three-tower residential complex. The project has been several years in the making, first appearing before Miami’s Urban Development Review Board in early 2023.
According to Commercial Observer, the financing was provided by Apollo Global Management’s Athene Annuity and Life Company alongside J.P. Morgan Chase. The lenders refinanced approximately $57.3 million in existing debt while increasing the total loan to $302.6 million, representing an additional $245.3 million in financing.
The first phase will deliver 894 residential units within a tower rising around 600 feet. Plans also call for 17,367 square feet of ground-floor retail and a nine-story parking garage containing 167,237 square feet of parking space with multiple vehicular entrances.
While construction is beginning on only the first tower, the broader master plan is substantially larger. Documents submitted to the Urban Development Review Board a few years ago outline 2,346 residential units across three towers rising 50, 51, and 53 stories, along with 30,535 square feet of commercial space and 2,078 parking spaces. Whether construction on the remaining phases will begin shortly after the first tower remains unknown.
Momentum on the project extends beyond financing. Multiple construction permits have already been filed with the City of Miami, including an approved site preparation permit. A master building permit and phased vertical construction permit have also been submitted and are currently undergoing the city’s correction process before issuance. The master permit estimates construction costs at nearly $270 million.
Those approvals are already translating into visible activity on-site. Recent photographs by Ryan RC Rea and Carlos A. Lopez show work underway, with crawler cranes, excavation equipment, and other signs of active construction now present on the property.
Construction will be led by Coastal Construction, which is listed as the project’s general contractor in the permitting documents. The firm is currently overseeing several other major Florida high-rise developments, including Pendry Tampa, 1775 Biscayne Boulevard, and CasaBella Residences Miami.
The nearly five-acre site was acquired by the Witkoff-Monroe Capital partnership for $94 million in 2021. Located within Miami Worldcenter, the property sits just a short walk from Brightline’s MiamiCentral Station and other major transit connections, making it one of the district’s last major development sites to enter vertical construction.