Merrimac Ventures & Aria Development Group Break Ground on 600 Miami Worldcenter Condominium in Downtown Miami

A joint venture between South Florida-based developers Merrimac Ventures and Aria Development Group has broken ground on 600 Miami Worldcenter, a 32-story condominium tower set within Downtown Miami’s Miami Worldcenter 27-acre mixed use development, which will deliver 606 fully furnished units with no restrictions on short-term rentals. The groundbreaking, which took place on March 8, 2024, was made possible by a $95 million construction loan from Banco Inbursa which the development team secured earlier this year to help fund the sold-out tower’s development at 600 NE 1st Avenue. Construction is expected to be completed in 2026.

 

Buyers are responding to 600 Miami Worldcenter’s short-term “turn-key” rental model, with all of the development’s units already pre-sold to residents hailing mostly from the U.S., Colombia, Turkey and Argentina. Residences will range from 407-square-foot studios to 830-square-foot two-bedroom units, with prices starting in the $400,000s.

 

OneWorld Properties, led by CEO Peggy Olin, is managing sales and marketing for 600 Miami Worldcenter.

 

“As a growing cosmopolitan city, Miami is seeing incredible demand for residences with no rental restrictions, with the city among the top ten-highest markets in the U.S. for short-term rental average daily rates. We are thrilled to break ground on 600 Miami Worldcenter, providing flexible ownership and living options for a new generation of buyers coming to South Florida,” said Nitin Motwani, Managing Partner of Merrimac Ventures.

 

600 Miami Worldcenter is the latest residential offering within Miami Worldcenter, the $6 billion mixed-use development transforming the heart of Downtown Miami. As the second largest urban development in the U.S. after Hudson Yards, the ‘city within a city’ features a diverse mix of residential, commercial and hospitality uses complemented by approximately 300,000 square feet of retail, restaurant, and entertainment space.

 

Merrimac Ventures’ presence in Downtown Miami also includes the development of Miami Worldcenter, which is being developed by master developers Miami Worldcenter Associates, led by Managing Partners Nitin Motwani and Art Falcone, in partnership with CIM Group.

 

In addition to 600 Miami Worldcenter, Merrimac Ventures is also developing two more residential towers within Miami Worldcenter: The Crosby, a sold out 450-unit condominium with no rental restrictions in partnership with Related Group, and the second phase of Caoba, a 40-story tower with 420 apartments.

 

“We are thrilled to continue growing our residential footprint at the heart of Miami’s most dynamic neighborhood. 600 Miami Worldcenter clearly illustrates the alignment of supply and demand for the right product at the right price and in the right location,” said David Arditi, Managing Partner of Aria Development Group. 

 

Aria Development Group’s Downtown Miami portfolio includes the nearby YOTEL Miami, a 453-unit condominium and hotel, and 501 First, a 476-unit condominium in partnership with AQARAT – both of which have no rental restrictions and are completely sold out.

 

Residences at 600 Miami Worldcenter will be curated by the award-winning design company, The Design Agency, and are equipped with floor-to-ceiling glass windows with custom window treatments, expansive balconies, flooring and furnishings on all residential interiors. Kitchens and bathrooms will include custom Italian cabinetry and countertops, top-of-the-line appliances with speed ovens, integrated paneled refrigerators/freezers, dishwashers, in-unit washers and dryers, and fully built-out spacious closets.

 

Designed by Revuelta Architecture, 600 Miami Worldcenter will boast luxury amenities including a summer kitchen, rooftop swimming pool with resort seating, a state-of-the-art fitness center with an outdoor private training area by Homage Fitness. 600 Miami Worldcenter will also feature a covered porte-cochère, 24-hour attended lobby, dedicated co-working space, resident lounge, and entertaining space, air-conditioned resident storage, and bike storage.

 

Miami Worldcenter occupies 10 city blocks within walking distance of Museum Park, home to Pérez Art Museum Miami and the Frost Museum of Science; the Kaseya Center, the home of the Miami Heat; the Adrienne Arsht Center for the Performing Arts; and Miami Dade College’s Wolfson Campus. It is also adjacent to Brightline’s MiamiCentral station, which offers direct train service from Downtown Miami to Aventura, Fort Lauderdale, Boca Raton, West Palm Beach and Orlando, together with access to Tri-Rail, the Metromover, and the Metrorail – making Miami Worldcenter the largest and most connected transit-oriented development in Florida.

 

 

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About Merrimac Ventures:

Merrimac Ventures is a real estate investment and development firm located in Fort Lauderdale, Florida. Its primary focus is on prime resort and mixed-use development but also has extensive investments in multi-family residential, condominiums, retail and office. While Merrimac Ventures began its journey in South Florida, it has substantially expanded its holdings into a national footprint. Partners in Merrimac Ventures are currently involved in over $3 billion in real estate development projects, which are transformational, building communities and advancing cities. 

 

About Aria Development Group:

Aria Development Group is an award-winning real estate company that has been in the forefront of reimagining city center living and is currently developing more than 4,500 apartments and condominiums in great neighborhoods across the United States. Aria was founded in 2009 to generate outsized, risk-adjusted returns by marrying a classic value investment strategy with the real estate principles of location, scarcity, and beauty. Aria’s development portfolio comprises more than $2 billion of institutional-grade multifamily assets across the United States, ranging from adaptive reuse and repositioning to ground-up construction. Our current projects include investments and active developments in New York, Washington, DC, Miami, Nashville and Charlotte.

 

About Miami Worldcenter:

Miami Worldcenter is a new $6 billion mixed-use destination in the heart of Downtown Miami. As one of the largest private urban real estate developments underway in the United States, the project occupies 27 acres spanning ten city blocks and offers world-class retail, hospitality, commercial and residential uses. Several phases of the project have already been completed and occupied, including three residential towers, a significant portion of the retail component, and a newly opened citizenM hotel.

 

Miami Worldcenter Associates serves as the master developer for the overall mixed-use development, led by Managing Partners Art Falcone and Nitin Motwani, in partnership with CIM Group, a community-focused real estate and infrastructure owner, operator, lender and developer. Together they have assembled a best-in-class development team that is currently transforming the urban core of Miami into one of the country’s largest mixed-use destinations. 

 

About OneWorld Properties:

OneWorld Properties, led by Peggy Olin, is a Florida-based full-service real estate brokerage firm offering elite services for luxury properties as well as integrated sales and marketing for residential development condominium projects. With over 20 years of experience and over $4 billion in residential sales to date, the firm has dominated both domestic and international markets with sales to buyers from over twenty major U.S. cities and foreign buyers from over 60 countries. OneWorld Properties currently oversees a portfolio in excess of $1 billion in active inventory throughout Florida and has experience in working in markets across the U.S. including New York, Los Angeles, Houston and Atlanta among others. 

 

OneWorld Properties maintains offices in Miami and Fort Lauderdale, and is one of the only U.S. firms to have a permanent presence in China with offices in Shanghai, Beijing, and Shenzhen.