Dive Brief:
- Both residential and commercial elements of the $2 billion Miami Worldcenter, referred to as a "city within a city," 15 years in the making, are well under construction, and the progress so far points to the possibility that this could be one of Miami's biggest projects ever, according to the Miami Herald, which made comparisons between the Worldcenter and New York City's Hudson Yards.
- According to a May 10 Miami Worldcenter announcement, a 444-unit apartment tower on the property is nearing completion and will open at the end of this year. Construction on the luxury, mixed-use 60-story Paramount condominium high-rise is also underway, as is 140,000 square feet of an open-air retail, dining and entertainment complex. Scheduled to break ground either in 2018 or 2019 are a 1,700-room Marriott Marquis; a 434-unit luxury apartment tower; and a Hines-developed, Class AA mixed-use office high-rise. According to the Herald, the hotel rooftop will feature an electric race-car track.
- Worldcenter officials said that the project has already seen the creation of 4,000 construction jobs – about 75% going to Miami-Dade County residents – and that at least 800 are working on the site each day. The project has also spurred approximately $100 million of infrastructure improvements in the area, all privately funded. Rail services including Brightline and Metrorail will serve the development.
Dive Insight:
The project began to make substantive progress after Worldcenter officials announced in February 2016 that the joint venture of Miami-based Coastal Construction and New York City contractor AECOM Tishman would serve as the general contractor for the development.
While comparisons to the $25 billion Hudson Yards might be a little stretched, the Hines piece of the project will include the first new downtown office tower built in the last six years, a notable milestone for Miami.
Construction on the last of the current, planned projects at Worldcenter isn't scheduled for completion until 2021, well ahead of when another major Miami-area development, the American Dream Miami, is slated to open — if it can overcome local opposition.
Canadian firm Triple Five is planning on building the $3 billion to $4 billion indoor theme park and mall on a site in Miami-Dade County. The project is being touted as the largest such development in the country. Triple Five has extended the original estimated completion date to 2023, but the project has drawn the ire of owners of other area malls and retail centers. Alarmed by the prospect of Triple Five receiving special tax breaks or other incentives, a benefit the developer has not yet officially requested, its future competitors have started lobbying the Miami-Dade County Commission, which is set to vote on the project on May 17.
