As we approach the holiday weekend, for some it is now a day when “work” is just a loose construction.
But for Witkoff and for Monroe Capital.
The two just completed their $94 million acquisition of a 4. 7-acre progression at 700 North Miami Avenue in downtown Miami.
In the past, the site was meant to be the Marriott Marquis Miami Worldcenter Hotel
The parcel occupies a prime position, to say the least: adjacent to MiamiCentral, which houses Brightline’s MiamiCentral station and also MiamiCentral buildings 2 and 3 recently acquired through Blackstone, and the 27-acre Miami Worldcenter megadevelopment.
Although the resources told the OC that a new concrete plan for the site had not yet been revealed, its zoning as residential, hotel and advertising uses up to 60 floors.
“Miami is becoming a position for money services, generation and media companies,” said Alex Witkoff, chief executive officer of Witkoff. “We are confident in the expansion of Miami and in particular this location given its proximity to public transportation and cultural centers. “
“We are at the beginning of an extended expansion cycle for South Florida,” added Kyle Asher, managing director of Monroe Capital. “Brightline will connect Florida’s largest economic centers, and we look forward to partnering with Witkoff to offer assignment in its steps. “
Mack Real Estate Credit Strategies (MRECS) offers a floating rate loan for acquisition as well as pre-development design work. The investment is made through Dustin Stolly and Jordan Roeschlaub of Newmark, as well as Nick Scribani.
Manny De Zárraga, co-director of JLL’s National Investment Sales Advisory Group, led the sale of the property.
Miami has noticed an influx of new citizens in recent years and, in the more than 15 months in particular, a wave of capital for opportunities for progress in its booming advertising real estate market. Witkoff opened a workplace in Miami in January 2020, before the outbreak. of the COVID pandemic that accelerated migration to South Florida.
Today, downtown Miami’s residential population has grown to 115,000, a 65% increase since 2010 and, while Blackstone has consolidated its commitment to Miami, as evidenced through MiamiCentral’s 2 and 3 purchases, many other big names, adding Icahn Enterprises, Elliott Management Corporation and Blumberg Capital, have also underscored the city’s appeal by moving their headquarters there.
In addition to its booming economy and lifestyle, Miami provides many benefits to giant corporations contemplating moving to the region, adding a low source of income taxes and no local corporate taxes.
“Miami Worldcenter has been managed through world-class genuine real progression corporations. Now that our long-standing vision of a 27-acre ‘city within the city’ comes alive in downtown Miami, we are pleased to welcome the Witkoff Group as we progress and look forward to their plans for the property,” motwani said. Witkoff is one of the most prolific genuine real estate corporations in the country, with leading housing in residences, hotels, offices, retail and mixed-use stores. in leading cities in the United States and abroad. With its location right next to Brightline Central Station in Miami, the Witkoff site is a key link between downtown Miami Worldcenter and access to regional transit, making it a vital component of our master plan.
An MRECS spokesperson did not return a request for comment.
You can reach Cathy Cunningham on ccunningham@commercialobserver. com.
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