Four years ago, developers launched sales of the Paramount Miami Worldcenter condominiums, and now construction of the downtown Miami tower is complete.
Developer Dan Kodsi and Miami Worldcenter Associates received a temporary certificate of occupancy for the majority of the 60-story building’s units, up to the 38th floor, Kodsi said. Closings are expected to begin in a couple of weeks on the 569-unit tower, which cost about $500 million to build.
“Paramount is nearly 90 percent sold, with just under $500 million in sales to buyers from 56 countries.”
According to Kodsi, Paramount is nearly 90 percent sold with just under $500 million in sales to buyers from 56 countries. The average sale price comes out to about $1.2 million, but asking prices for penthouses exceed $10 million.
In addition to the condominium tower, the $4 billion Miami Worldcenter is also expected to include about 450,000 square feet (41,806 square meters) of high street retail, a 1,100-space parking garage, a 1,700-room convention center hotel from MDM Development Group, and an office tower being built by Hines. Art Falcone and Nitin Motwani are leading the development of the 27-acre (11-hectare) master-planned community with a number of partners, like CIM Group, Kodsi, citizenM and others. In January, Miami Worldcenter Associates, CIM Group and Falcone Group completed the first building, Caoba, a 444-unit rental tower at 698 Northeast First Avenue.
Paramount made headlines when Kodsi announced that he was modifying the rooftop’s design to fit a 5,000-square-foot (464 square-meter) skyport for passenger drones—if and when flying cars become legal. For now, amenities will include an outdoor soccer field, two tennis courts, a resort-style pool, bungalows, a boxing gym, jam room, a gym, spa, and a golf simulator.
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