Witkoff and Monroe Capital Land $302.6 Million Construction Loan for Miami Worldcenter

• Witkoff and Monroe Capital have secured a $302.6 million construction loan for the first phase of 700 North Miami Avenue in Miami Worldcenter.
• The first phase will include an 894-unit residential tower, ground-floor retail space, and a nine-story parking garage.
• The full master plan calls for three residential towers, totaling 2,346 apartments, making it one of the largest projects planned in Miami Worldcenter.

What the Construction Loan Will Fund

Construction is set to begin on the first phase of 700 North Miami Avenue, one of the last major undeveloped sites within Miami Worldcenter, after developer Witkoff, in partnership with Monroe Capital, secured a $302.6 million construction loan. The financing was provided by Athene Annuity and Life Company, an affiliate of Apollo Global Management, together with J.P. Morgan Chase. The loan refinances approximately $57.3 million in existing debt while providing roughly $245.3 million in new funding to move construction forward.

What the First Phase Includes

Located at 700 North Miami Avenue, Miami, FL 33136, the first phase will feature a residential tower rising approximately 600 feet with 894 apartments. Plans also include 17,367 square feet of ground-floor retail space and a 167,237-square-foot, nine-story parking garage with multiple vehicle entrances. Designed by Kobi Karp Architecture & Interior Design, the tower represents the first portion of a larger mixed-use development planned for the nearly five-acre site formerly occupied by the historic Miami Arena.

What the Full Development Will Deliver

Once completed, the master-planned project will consist of three residential towers rising 50, 51, and 53 stories. Together, the development will deliver 2,346 residential units, approximately 30,535 square feet of commercial space, and 2,078 parking spaces. The project continues moving through the City of Miami's permitting process. Site preparation has already been approved, while permits for the vertical construction phase remain under review. Construction costs for the first phase are estimated at nearly $270 million, with Coastal Construction serving as the general contractor.

What This Site Means for Miami Worldcenter

The development occupies the former site of the Miami Arena, once home to the Miami Heat before the team relocated to what is now the Kaseya Center. After the arena was demolished in 2008, the property was slated for a hotel and convention center project that was never built. Witkoff and Monroe Capital acquired the nearly five-acre property for $94 million in 2021, repositioning it for residential development. Its location just steps from Brightline's MiamiCentral Station, Metrorail, Metromover, and other transit connections makes it one of the most strategically located remaining development sites within Miami Worldcenter.

What This Means for Miami's Residential Market

The financing marks another major investment in Downtown Miami's rapidly growing residential market. As Miami Worldcenter continues to fill with new apartments, retail, hotels, and entertainment destinations, projects like 700 North Miami Avenue will help meet the city's growing demand for housing while strengthening one of South Florida's largest mixed-use districts. With construction now moving forward, the development represents another milestone in the continued transformation of Downtown Miami into one of the country's fastest-growing urban neighborhoods.