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.