Miami WorldCenter Breaks Ground on Residences
- Mar 08, 2016
By Barbra Murray, Contributing Editor
The initial phase of the massive $1.7 billion Miami Worldcenter mixed-use development is underway with a groundbreaking for Paramount Miami Worldcenter, a 500-residence luxury condominium property. The 60-story skyscraper will cost $500 million to complete.
The 27-acre Miami Worldcenter is currently the second largest development in the U.S., just behind the 28-acre Hudson Yards project in New York City, and its offerings will only enhance those that will be available at Paramount. If Miami Worldcenter will be a city-within-a-city, then Paramount will be a live-play destination within a city-within-a-city. The soaring high-rise, which will hold the distinction of being one of the tallest luxury residential towers in the country, will be a highly amenity-rich property with such features as a multi-level rooftop deck and an entire floor of entertainment and spa offerings. And then there are the private elevators down to a promenade with High Street-style retail and upscale restaurants.
OneWorld Properties is spearheading sales and marketing for Paramount, where already, 45 percent of the residences have been spoken for, and the doors of the building won’t swing open for occupants until 2018. “People are getting it that Downtown Miami is going to transform into something really cool and they’re trying to get in there now,” Peggy Fucci, president & CEO of OneWorld, told Commercial Property Executive. “And this project is unique. It has a good price point; people are getting a lot for their money, and they’re attracted to the concept of not having to walk places.” Units at Paramount are being marketed for $700,000 to $4 million.
The property has garnered international attention. Paramount’s buyers hail from locations across the globe, including South America, China, India, Russia and Turkey. Thus far, roughly 30 countries are represented on the early tenant roster. The allure? Well, it’s Miami, and it’s Paramount.
“People all over the world are finding Miami attractive in general already. You have that 24-hour environment, restaurants, shows—you have culture. Miami has grown up a bit and there’s a lot more it offers to the citizen’s of the world,” Fucci said. Additionally, OneWorld pursued an unusual marketing effort; the real estate brokerage firm took Paramount abroad. “We have a larger marketing budget in order to be able to go out and promote it,” she added. “Last year I was in China four times. We have billboards in Turkey. The initiative is not your typical Miami condo sales approach.”
Even with nearly half its units sold, Paramount’s potential for success may still be questioned by some, but it has more to do with the market than the property. According to a report by Integra Realty Resources, “The presale market survived 2015, and the beginning of 2016, starting with an extremely rainy Art Basel week, has not reinvigorated anyone’s enthusiasm for a break-out 2016.” Still, IRR asserts that the Miami condo market remains stable, with a healthy supply of pre-sold units relative to the supply of under-construction units. Fucci has a positive view of the market as well.
“People are wondering if there is a slowdown in the market. Well, 500 condo units [at one property] are not supposed to sell out in one year. We’ve already sold 45 percent, so a year to do it is a huge accomplishment. People lose perspective. Our buyers are parking money, they’re not just looking for a home.”