Tall & Urban News

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.

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.

For more on this story go to The Real Deal Miami.