$302.6M Financing Advances Major Miami Worldcenter Residential Project

A major residential development in Downtown Miami is moving closer to construction after Witkoff and Monroe Capital secured $302.6 million in financing for the first phase of 700 North Miami Avenue.

The financing provides new construction capital for one of the largest remaining development sites near Miami Worldcenter and marks a significant step toward transforming the former Miami Arena property into a large-scale residential community.

$245.3 Million in New Construction Financing

The $302.6 million transaction includes approximately $57.3 million used to refinance existing debt and about $245.3 million in new construction financing.

Athene Annuity and Life Company, an affiliate of Apollo Global Management, and J.P. Morgan Chase provided the financing.

The loan applies to the first phase of the development rather than the entire master plan. The project adds another large-scale development to the broader Miami real estate market, with its primary focus on multifamily properties rather than individually sold Miami condos. The inclusion of ground-floor retail space also connects the project to the continued expansion of commercial real estate in Miami, particularly around Miami Worldcenter and Downtown Miami.

For a project of this scale, securing construction financing represents a more significant milestone than the announcement of preliminary plans alone. It provides capital for the project to move from planning and permitting toward physical development.

First Phase Planned With 894 Residences

Plans announced with the financing call for the first phase to include 894 residential units in a tower expected to rise approximately 600 feet.

The development is also planned to include 17,367 square feet of ground-floor retail space and a nine-story parking structure spanning more than 167,000 square feet.

Kobi Karp Architecture & Interior Design is responsible for the project's design, while Coastal Construction is listed as the general contractor.

Site preparation has already received approval. At the time the financing was announced, the master building permit and phased vertical construction permit were still under review.

2,346 Residences Planned Across the Full Development

The first building represents only part of the larger plan for 700 North Miami Avenue.

The broader master plan calls for three residential towers with a combined 2,346 units, approximately 30,500 square feet of commercial space and 2,078 parking spaces.

The towers are planned to rise approximately 50, 51 and 53 stories, creating another substantial residential cluster within Downtown Miami.

The scale of the project makes it significant not only for the individual site but also for the continuing expansion of residential inventory around Miami Worldcenter.

One of Downtown Miami's Last Major Development Sites

The nearly five-acre site occupies the former location of Miami Arena.

The arena opened in 1988 and was once home to the Miami Heat and Florida Panthers before closing and eventually being demolished in 2008.

Witkoff and Monroe Capital acquired the property for $94 million in 2021. The site is located close to MiamiCentral Station, Brightline service and the Miami Worldcenter district.

Its combination of development capacity and proximity to major transportation infrastructure has made the property one of Downtown Miami's most significant remaining large-scale development parcels.

Miami Worldcenter Continues to Expand

The financing comes as Miami Worldcenter continues its transition from a long-term development plan into an established mixed-use district.

The broader 27-acre Miami Worldcenter development includes residential towers, hotels, retail, restaurants and public spaces in the center of Downtown Miami.

The addition of another large residential project nearby will further increase the number of homes within walking distance of MiamiCentral, Downtown businesses and the district's retail and entertainment areas.

For the Miami real estate market, the significance of the $302.6 million financing is therefore broader than a single loan transaction.

It demonstrates that institutional capital continues to support large-scale residential construction in central Miami and brings another major development closer to the construction stage.

What the Project Means for Downtown Miami Real Estate

The 700 North Miami Avenue development is planned as multifamily real estate rather than a condominium project for individual unit sales.

That distinction is important when evaluating its impact on the local market. The project will not directly add new condos for sale, but it will substantially increase the residential population and housing inventory within the Downtown Miami area.

Additional residents can also support retail activity, transportation use and further development around Miami Worldcenter and MiamiCentral.

As work progresses, 700 North Miami Avenue will be an important project to watch as Miami continues its evolution into a larger residential and mixed-use urban district.