Recently, MDM Hotel Group announced that they will be selling its Miami Worldcenter site. Originally, a convention center and hotel were planned. However, because the pandemic has greatly impacted the dynamics of meetings and conventions, the plans for this project have changed.
MDM originally purchased the site for $45 million in 2017. The plan was to create a 600,000 square foot expo center and a 1,700 Marriott Marquis hotel. However, construction had not begun once the pandemic hit in early 2020. Because building a convention center and hotel right now seems like a risky move for the Group, they decided to sell instead.
Regardless, Miami Worldcenter will be an incredible project that has drawn deals from many investors. From condos, rental apartments, offices, retail and hotels, this project will truly have it all. This is a project that is going to revolutionize and improve Downtown Miami. Although the plans for the convention center have changed, there is optimism that another incredible project will take its place.
Read full article: https://www.miamiherald.com/news/business/real-estate-news/article252515533.html
About Miami World Center
Miami World Center is the 2nd Largest Development in the U.S. and one of the biggest mixed-use developments in the world. In addition, two of the most sophisticated and world-renowned retailers, with over 100 years of combined experience and successful track records, join together to help build the future of downtown Miami.
With 30 acres surrounded by over $3 billion of new public and private projects, Miami World Center is one of the largest and most exciting urban developments in the U.S.
Furthermore, it will offer a diverse mix of retail, residential, office, hospitality, and entertainment components including: mass transit, museums, shopping, parks, sports venues, entertainment and 365,000 sq. ft. of convention space. Miami Worldcenter provides unmatched accessibility and sits at the nexus of nearly 150 million transit trips per year:
- Conveniently located next to I-95 and I-395
- Several Metromover stations
- Adjacent to Miami Central — new train station transporting visitors to and from Orlando in three hours
- Minutes from the Miami International Airport
- Thousands of new parking spaces, giving visitors to nearby attractions a convenient place to park.
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Chat with me on WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).