700 North Miami Avenue Moves Into Construction After Securing $302.6 Million Loan
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.
Stetson University, Bromley Companies Plan Mixed-Use Redevelopment of Tampa Law Center
A 6.62-acre property in Tampa Heights could soon be transformed into a new mixed-use district centered around higher education, marking the latest redevelopment opportunity just north of Downtown Tampa. Stetson University, in partnership with Bromley Companies, has announced plans to redevelop its Tampa Law Center property into a mixed-use destination featuring a new academic facility, residential development, hotel accommodations, retail, and dining. Bromley Companies is no stranger to Tampa, having previously led the transformative Midtown Tampa development. Located at 1710 N. Tampa Street, the site is currently occupied by the Tampa Law Center, multiple surface parking lots, and related campus facilities. Since opening in 2004, the satellite campus has served law students, alumni, legal professionals, and the broader Tampa Bay community. At the heart of the redevelopment will be a newly constructed, multi-story Stetson Law Center featuring prominent university branding and modern academic space. According to Stetson University, the facility will support continued expansion of its Flex JD program, which provides greater flexibility for students pursuing a Juris Doctor degree outside the traditional full-time model. The new campus will also accommodate advocacy programs, professional development initiatives, micro-credentialing opportunities, and other legal education offerings. Beyond the academic component, the master plan envisions a walkable mixed-use district that would introduce new residential buildings, a hotel, retail, and dining uses within close proximity to Downtown Tampa and the Tampa Riverwalk. Stetson officials say the redevelopment is intended to modernize the university’s presence in Tampa while expanding opportunities for legal education and professional development. “This project will substantially increase our visibility while allowing us to reimagine our Tampa Law Center in a way that reflects the energy and growth of the city—and the ever-changing needs of the legal profession,” said Stetson Law Dean D. Benjamin Barros. “This is an investment in the future of legal education, professional development, and sustainable economic development in the Tampa Bay region.” Many details of the development have yet to be finalized, including building heights, hotel room counts, and the project’s architect. According to the development team, construction is expected to begin in late next year and will proceed in multiple phases. Stetson also says the new law center will be delivered in a manner that avoids disrupting current academic operations throughout construction.