Another residential tower is getting underway at Miami Worldcenter.
Lalezarian Properties scored $150 million to build a 550-unit tower rising 52 stories, property records show. The development, dubbed Miami World Tower, will also feature 3,000 square feet of retail on the ground floor and a 4,000-car parking garage.
Located at 700 NE 1st Avenue, the property is part of the Miami Worldcenter master development, one of the largest in the country, spanning 27 acres in Downtown Miami.
Projects already completed include the 60-story Paramount condominium, 43-story Bezel Miami apartment tower, and the Caoba, another 43-story rental building, which ex-WeWork CEO Adam Neumann bought earlier this year.
Just west of Lalezarian’s site, The Witkoff Group has proposed a 2,195-unit development; The Related Group and Merrimac Ventures, led by Dev Motwani, who also spearheaded the master development, is developing a condominium geared toward short-term rentals; in February, Neumann nabbed $108 million for the second phase of Caoba; and a Miami Worldcenter mall is also under construction, just to name a few.
New York-based Lalezarian bought the 1.9-acre vacant parcel for $43 million in 2019 and shortly thereafter landed a $23 million mortgage from Bank of New York Mellon, per records. The lender also provided the $150 million construction loan.
In 2020, before the pandemic struck, the developer secured approvals from Miami’s Urban Development Review Board.
Construction has already begun, but it’s unclear when it will end. A representative for Lalezarian Properties did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.