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The Date is Set In Stone: Paramount Miami Worldcenter Gets Ready To Rubble

The highly-anticipated PARAMOUNT Miami Worldcenter, the first and only residential tower currently for sale within the 30-acre Miami Worldcenter site, is one step closer to making its debut with today’s announcement that official site demolition is underway. The announcement comes on the heels of the City of Miami’s building approval, as well as the tremendous sales response PARAMOUNT Miami Worldcenter has received, with current sales representing over 40% of the building. 

To capitalize on this momentum, the 60-story condominium tower will be hosting a Demolition Event on Thursday, September 3 at 10:30 am to commemorate the demolition of the last remaining building on the Miami Worldcenter site located at 950 NE 2nd Ave, Miami, FL 33132. Currently comprised of former warehouses and empty lots, the demolition paves the way for the start of construction of The Mall at Miami Worldcenter and PARAMOUNT Miami Worldcenter later this fall.

 

  31 Aug 2015

Paramount Miami Worldcenter Developer Daniel Kodsi to Speak at U.S. Real Estate Showcase in China

PARAMOUNT Miami Worldcenter developer Daniel Kodsi will speak to the nascent business of attracting Chinese buyers to Miami and the benefits of EB-5 Visas when he appears at The Real Deal’s U.S. Real Estate Showcase & Forum in Shanghai on September 10-12.

Kodsi will join Eliot Spitzer, former New York Governor and head of Spitzer Enterprises; Fredrik Eklund of Douglas Elliman; Nikki Field of Sotheby’s International Realty; Bernardo Fort-Brescia, founder of Arquitectonica; Vanessa Grout, president of CMC Real Estate; Philip Spiegelman, principal of ISG; Tony Cho, CEO of Metro1; and Stephen Owens, president of Swire Properties.

The event held at the Shangri-La Hotel will feature networking events, breakout workshops and a showcase of 100 developments, in addition to panels discussing all aspects of investing in the U.S. market, from EB-5 to QDII2. Kodsi is speaking on a panel that will provide an overview of the U.S. real estate market.

 

  01 Sep 2015

Paramount Miami Worldcenter Commences Contract Conversion Process

PARAMOUNT Miami Worldcenter is pleased to announce that the contract conversion phase of the first and only residential tower currently for sale within the 30-acre Miami Worldcenter site is under way.  With official site demolition imminent, the development team continues to pave the way for PARAMOUNT’s debut, making the first component of the highly-anticipated mixed-use project a reality.

Sales have been nothing short of extraordinary, with current sales representing over 40% of the building.  Capitalizing on the sales momentum, the development team will be demolishing the existing site located at 950 NE 2nd Ave over the next four weeks as reservations are converted into hard-binding contracts.

The demolition comes on the heels of the Miami-Dade County commission’s recent unanimous approval of Miami Worldcenter’s Community Development District. Currently comprised of a multitude of former warehouses, the demolition will make way for PARAMOUNT Miami Worldcenter’s official groundbreaking scheduled for Fall of 2015.

 

  28 Jul 2015

Elkus Manfredi Architects Brings New Urbanism Design Movement to PARAMOUNT Miami Worldcenter

 

“Miami is alive and pulsing today. It’s unbelievable that in the heart of one of the world’s greatest cities, there was vacant land surrounded by an amazing array of cultural assets. If you closed your eyes and tried to imagine all the things that you wished for the center of a city, this has it all,” said Howard Elkus FAIA, Co-Founder and Principal of Elkus Manfredi Architects.

 

  18 Feb 2016

Major Milestone for Miami Worldcenter: CoastalTishman Named General Contractor for PARAMOUNT Condominium and High Street Retail Promenade and Plaza

MIAMI (Feb. 24, 2016) – A major milestone for downtown Miami is nearing with the announcement that CoastalTishman has been named general contractor of both PARAMOUNT Miami Worldcenter, and the first phase of High Street Retail for Miami Worldcenter. Construction has already begun and a commemorative ground breaking will take place next month.

 

“With more than 150 combined years of construction experience the CoastalTishman teambrings the resources of one of the largest contractors in the Southeast along with the world-class builder of iconic themed hotels and resorts,” said Nitin Motwani, Managing Principal of Miami Worldcenter Associates. “This unique combination of local experience and industry expertise, qualifies them as the right builder for this massive multi-phased project.”

  24 Feb 2016

MIAMI WORLDCENTER & PARAMOUNT MIAMI WORLDCENTER ANNOUNCE GROUNDBREAKING, GUESTS INVITED TO FLY OR EXPERIENCE A VIRTUAL REALITY TOUR

MIAMI (Feb. 29, 2016) – Miami Worldcenter, one of the largest urban mixed-use projects in the country, and its signature residential tower, PARAMOUNT Miami Worldcenter, have broken ground. This milestone marks the start of construction of Miami Worldcenter’s retail program and the expansion of the PARAMOUNT residential brand. A ceremonial groundbreaking event will take place at the construction site on Thursday, March 3rd at 10:00 am.

Members of the media, real estate brokers and community stakeholders are invited to celebrate the groundbreaking by flying or experiencing a virtual reality tour -- taking in the panorama of the city’s skyline and water views a thousand feet above by helicopter, or seeing the future of downtown Miami in a ‘fly-through’ multimedia show on the sales gallery’s 24-foot by 13.5-foot IMAX-style screen.   

  29 Feb 2016

Miami Worldcenter & PARAMOUNT Miami Worldcenter Groundbreaking Celebration

Miami Beach, FL – March 3, 2016 – Miami Worldcenter, one of the largest urban mixed-use projects in the country, and its signature residential tower, PARAMOUNT Miami Worldcenter, celebrated their official groundbreaking in grand style. With more than 200 guests in attendance, the milestone marked the start of construction of Miami Worldcenter’s retail program and the expansion of the PARAMOUNT residential brand. Mayor Carlos Gimenez, city commissioners, members of the media, top real estate brokers and even Miami HEAT Forward Udonis Haslem toasted to the future of downtown Miami during the elegant champagne brunch. Special guests were also treated to private helicopter rides to take in the panorama of the city’s skyline and water views that will be seen from PARAMOUNT’s future Skydeck.

  07 Mar 2016

PARAMOUNT Miami Worldcenter Welcomes Sales Associates Lourdes Diego and Alicia McCormack Malave

PARAMOUNT Miami Worldcenter Welcomes Sales Associates

Lourdes Diego and Alicia McCormack Malave

MIAMI (July 8, 2016) – Peggy Fucci, CEO of OneWorld Properties, the exclusive sales brokerage for PARAMOUNT Miami Worldcenter, today announced that Lourdes Diego and Alicia McCormack Malave have joined as sales associates. Adding to PARAMOUNT Miami Worldcenter’s growing team of sales professionals, Diego and McCormack Malave will be responsible for selling out the soaring, 60-story, glass-clad residential tower in downtown Miami.

Born in Madrid, Spain, and raised in Miami, Lourdes Diego is a highly accomplished professional with strong and diverse experience in sales, marketing and business development for real estate companies and developers. Fluent in English and Spanish with a working knowledge of Italian and French, she previously served as an account manager consultant with The Rodriguez Group in Coral Gables. Lourdes earned a bachelor's in communications from the University of Miami, studying marketing, advertising and art.

Alicia McCormack Malave joins with 20 years of experience in pre-construction sales previously serving as a sales associate with Fortune International Realty at Downtown Doral. Born in Havana, Cuba and raised in Miami, she is fluent in English and Spanish, and lived in Caracas, Venezuela for 10 years until moving back to Miami in 1996. She earned a BBA in finance from the University of Miami.

“We are delighted to welcome Lourdes and Alicia to our team,” said Fucci. “Their outstanding commitment to client satisfaction and impeccable market knowledge will be a great asset as we continue to attract buyers from around the globe.”

When completed in late 2018, PARAMOUNT Miami Worldcenter residents will enjoy an unparalleled location just an elevator ride away from the exciting array of retail, restaurants, office space, lush parks, galleries and nightlife planned for the cosmopolitan development.  Delivering a true urban experience, residents will be within walking distance of Miami’s waterfront and most celebrated cultural and entertainment landmarks such as the Adrienne Arsht Center, Pérez Art Museum Miami, Patricia and Phillip Frost Museum of Science, and the American Airlines Arena. Also located nearby is the new Marriott Marquis World Convention Center Hotel and All Aboard Florida’s Grand Central Station, which will allow residents direct service to Orlando in three hours, as well as connectivity to the Metro Mover and nearby Miami International Airport. 

A building with significant global appeal, PARAMOUNT Miami Worldcenter has attracted a full roster of buyers hailing from more than 30 countries as diverse as China, Brazil, Venezuela, Turkey, Russia, Argentina, and Colombia among many others.

Featuring 513 city and bay-view residences, PARAMOUNT Miami Worldcenter’s expansive units will range in size from 1,180 to 2,350 square feet, with prices averaging $700 per square foot.

For additional information about PARAMOUNT Miami Worldcenter, call (855) 756-0123, see www.PARAMOUNTmiami.com or visit the sales center at 1010 NE 2nd Ave, Miami, FL 33132.

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About PARAMOUNT Miami Worldcenter’s Development Team:

Daniel Kodsi is a real estate industry veteran with more than 25 years of experience developing a diversified portfolio of mixed-use, multi-family, condominium and planned single-family developments.  With $1.2 billion in completed projects and nearly an additional $1 billion in current developments he continues to build an extensive development track record. With 27 separate development projects completed and underway and 4,000 units in Florida, he is consistently credited for defining new neighborhoods with award-winning projects. 

Arthur Falcone has over 35 years of executive experience and a proven track record of success in all areas of real estate. As the founding principal of Miami Worldcenter, his vision and expertise were pivotal to its creation. Mr. Falcone is also the Co-Founder and Managing Principal of Encore Capital Management, a diversified, multiple-fund real estate investment and development firm with more than $1 billion under its management. Falcone also serves as CEO and Chairman of the Falcone Group, a vertically integrated real estate organization whose subsidiaries have developed billions of dollars of real estate across the country.

Nitin Motwani has been the managing principal of Miami Worldcenter since 2006. He is responsible for everything from land acquisition, zoning, and entitlements to financing, joint ventures, and development. Mr. Motwani is also a managing director of Encore Housing Opportunity Fund, a private equity fund focused on opportunistic real estate investments.

About Miami Worldcenter & Miami Worldcenter Associates:

Occupying 27 acres in the heart of downtown Miami, Miami Worldcenter is one of the largest private real estate developments underway in the United States. The ten-block project will include world-class retail, hospitality and residential uses in the center of Miami’s urban core. All told, the project is expected to account for $2 billion in new investment in downtown Miami.

Miami Worldcenter Associates, led by Principals Art Falcone and Nitin Motwani, serves as the master developer for the mixed-use Miami Worldcenter project. In 2011, Miami Worldcenter Associates partnered with CIM Group, a Los Angeles-based real estate and infrastructure investment company that makes equity and debt investments in urban communities throughout North America. Together, they have assembled a best-in-class team of developers that will help bring the Miami Worldcenter vision to life. Learn more at www.miamiworldcenter.com.

  08 Jul 2016

SALES STEAM AHEAD: PARAMOUNT Miami Worldcenter Announces More than $270 Million in Sales

MIAMI (May 26, 2016) – One of the most amenitized condominiums in the country, PARAMOUNT Miami Worldcenter, is standing out as a beacon of light for the local real estate market. Developer Daniel Kodsi today announced that sales continue to climb for the 60-story tower, reaching more than $270 million in sales as domestic demand significantly increases.

“These figures reinforce a positive outlook for Miami residential developments that are well-positioned and are distinguished from the slate of new offerings in the marketplace,” said Kodsi. “PARAMOUNT is a place to call home. With our spacious floorplans and oversized, outdoor living rooms, we’re catering to a clear niche in the market – the end user who wants an urban home.”

With increasing domestic demand beyond traditional international feeder markets, PARAMOUNT Miami Worldcenter now has buyers spanning 10 different states, including Florida, New York, New Jersey, Texas, Massachusetts, California, New Mexico, Ohio, Pennsylvania and Virginia.

A recent independent report by ISG World, which was cited heavily by local media outlets, highlighted the impressive sales figures at PARAMOUNT Miami Worldcenter in the last quarter. ISG World’s market update also indicated that overall Miami sales picked up in the first quarter, and that the second quarter is off to a better start, largely because the U.S. dollar has devaluated about 20 percent against foreign currencies since the start of the year.

“The record pace at which our buyers are submitting their third deposits is a true testament to the strength of our buyer pool and indicates there’s clearly a pent up appetite for resort-style living in an urban setting,” said Peggy Fucci, CEO of OneWorld Properties, the exclusive sales brokerage for the project. “We’ve already paid out $12 million in commissions to brokers who are delighted to be collecting when other projects are either slowing down or just beginning the reservation stage. The extraordinary demand we’ve recently experienced certainly stands out amongst the prevailing sentiment in the market.”

“It’s the new center of Miami, with all the components of luxury living with the best amenities available in any price range,” added Kayce Driscoll, Realtor Associate with Douglas Elliman, who has sold more than 10 units at PARAMOUNT Miami Worldcenter. “Today, people want walkability, convenience and the luxury of space within their unit. These floor plans are the best in town and the prices are really competitive relative to what they get in amenities. It can't be beat.”

Following the project’s March groundbreaking celebration, General Contractor CoastalTishman continues digging the foundation for the massive glass-clad tower designed by Elkus Manfredi Architects in collaboration with PARAMOUNT Miami Worldcenter’s in-house design team. The project is expected to go vertical in late summer of this year with completion anticipated in late 2018.

PARAMOUNT Miami Worldcenter residents will enjoy an unparalleled location just an elevator ride away from the exciting array of retail, restaurants, office space, lush parks, galleries and nightlife planned for the cosmopolitan development.  Delivering a true urban experience, residents will be within walking distance of Miami’s waterfront and most celebrated cultural and entertainment landmarks such as the Adrienne Arsht Center, Pérez Art Museum Miami, Patricia and Phillip Frost Museum of Science, and the American Airlines Arena. Also located nearby is the new Marriott Marquis World Convention Center Hotel and All Aboard Florida’s Grand Central Station, which will allow residents direct service to Orlando in three hours, as well as connectivity to the Metro Mover and nearby Miami International Airport. 

PARAMOUNT Miami Worldcenter has attracted a full roster of buyers hailing from 37 countries as diverse as China, Brazil, Venezuela, Turkey, Russia, Argentina, and Colombia among many others.

Featuring 513 city and bay-view residences, PARAMOUNT Miami Worldcenter’s expansive units will range in size from 1,180 to 2,350 square feet, with prices averaging $700 per square foot.

For additional information about PARAMOUNT Miami Worldcenter, call (855) 756-0123, see www.PARAMOUNTmiami.com or visit the sales center at 1010 NE 2nd Ave, Miami, FL 33132.

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About PARAMOUNT Miami Worldcenter’s Development Team:

Daniel Kodsi is an industry veteran with more than 25 years of experience developing a diversified real estate portfolio of more than $1.1billion in mixed-use, multi-family, condominium and single-family home developments. Having built 25 separate development projects and over 3,000 units in Florida, he is consistently credited for defining new neighborhoods with award-winning projects. 

Miami Worldcenter Associates, led by Principals Art Falcone and Nitin Motwani, serves as the master developer for the mixed-use Miami Worldcenter project. With more than 35 years of experience, Falcone has been involved in purchasing, financing, developing and managing a wide range of real estate product types. Falcone serves as CEO of Encore Housing Opportunity Fund, which has raised more than $1 billion in equity, and is director of Rescore REIT, which has approximately $3 billion in development. Falcone also serves as CEO and Chairman of the Falcone Group, a vertically integrated real estate organization whose subsidiaries have developed billions of dollars of real estate across the country.

Motwani serves as Managing Director of Encore Housing Opportunity Fund, which currently has over $1 billion of planned investments in Florida, California, Texas, and Arizona. He previously served as President of Merrimac Ventures and as an equity derivatives trader at Goldman Sachs in New York.

In 2011, Miami Worldcenter Associates partnered with CIM Group, a Los Angeles-based real estate investment company that makes equity and debt investments in urban communities throughout North America.

About Miami Worldcenter:

Occupying nearly 30 acres in the heart of downtown Miami, Miami Worldcenter is one of the largest private real estate developments underway in the United States. Theten-block project will include world-class retail, hospitality and residential uses in the center of Miami’s urban core. All told, the project is expected to account for $2 billion in new investment within downtown Miami. Learn more at www.miamiworldcenter.com.

  26 May 2016