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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.”

 

CoastalTishman, a joint venture between Miami-based Coastal Construction and New York-based Tishman Construction, an AECOM company, was formed in 2012 to deliver extraordinary developments throughout South Florida. CoastalTishman will construct PARAMOUNT Miami Worldcenter, while simultaneously building phase one of the planned “High Street Retail” for master developer Miami Worldcenter Associates in collaboration with Forbes and Taubman.

“We are delighted to be selected to build this transformative new downtown landmark,” said Tom Murphy, Jr., chairman and CEO of Coastal Construction Group. “Miami Worldcenter Associates have spent years carefully planning a pedestrian friendly 21st century neighborhood and residential tower within the epicenter of Miami and it is an honor to build this visionary development destined to change Miami’s cityscape.”

Soaring 60 stories above the Miami skyline, PARAMOUNT Miami Worldcenter has captured both international appeal and headlines as one of the most highly-amenitized condominiums in the world for its sleek yacht-like design and unequaled amenities that include soccer fields, a jam room, tennis courts and a crowning multi-deck rooftop.

In January, Miami Worldcenter Associates announced plans to develop an open-air High Street Retail promenade in collaboration with The Forbes Company and Taubman. Defined by a critical mass of shops and boutiques in a pedestrian-oriented setting, the “High Street” retail model has proven successful in urban centers across the U.S., such as San Francisco’s Union Square District, New York’s SoHo and Lincoln Road in Miami Beach. Miami Worldcenter’s retail plan reflects downtown Miami’s emergence as one of the country’s fastest-growing urban centers, home to a population that has doubled in size since 2000 and a streetscape that has become more pedestrian-friendly in recent years.

A complement to downtown Miami already becoming one of the nation’s most densely-populated, walkable and well-connected neighborhoods, the retail promenade will run north and south from northeast 10th street to northeast 7th street, and between northeast 1st and 2nd avenues, creating a retail focal point surrounded by residential towers, a hotel and exposition center, and numerous dining and entertainment options.

“This is an exciting time for the entire master project,” said developer Daniel Kodsi. “PARAMOUNT Miami Worldcenter has already secured more than $250 million in sales since launching last April, and we look forward to capitalizing on this momentum with the newly announced High Street Retail coming to Miami Worldcenter.”

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. 

Featuring 500+ 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 $2 billion in mixed-use, multi-family, condominium and single-family home developments. With 27 separate development projects completed and underway 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. 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.

About Miami Worldcenter:

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. Learn more at www.miamiworldcenter.com.

For information on Coastal Construction please visit: www.coastalconstruction.com. Tishman Construction please visit: www.tishmanconstruction.com.