Miami: Paramount WorldCenter Review

June 1, 2019

 

 

The coastal luxury enclave of Miami continues to be the favourite destination for those leaving high price cities, taxes, cold winters and ready for retirement. The newest luxury residential tower the Paramount Miami Worldcenter is expected to be opened this summer 2019. The tower is part of an almost 30-acre mega multi-use urban development which is the 2nd largest development of its kind in America.  Four residential towers are part of the plan and will feature residences for 1,875 units. 

 

 

 

The developers the Forbes Company and Taubman Centers describe the new downtown Miami project:

 

“It is within walking distance of more than $5 billion in new public and private projects in mass transit, cultural institutions, recreational parks, and entertainment venues. A dynamic urban core of diversity and excitement, Miami Worldcenter brings a new energy to Miami with a compelling blend of exceptional retail, hospitality, residential, and commercial offerings in one unique location.”

 

The signature Paramount 60-storey residential tower will feature 513 luxury residences with each floor having 12 units. Amenities for residents include private lifts, outdoor living rooms with amazing views of Biscayne Bay and the city of Miami. The floor plans residences will be ranging in size from 1,294 to 2,394 square feet and are designed by architect Elkus Manfredi Architects with interiors by ID & Design Internationale. Prices have been ranging from $700,000 to $11 million.

 

South Florida real estate news The Real Deal reported earlier this year that 85 percent of available units had been sold adding up to $400 million in sales.

 

Amenities are available on a variety of floor levels with the Lower Level having 24-hour valet service, business centre, yoga studio and a racquetball court. The next features the Skydeck and Lounge with pools, a Tai Chi deck and  observatory on the upper most floor. An upper deck area features a resort pool, summer kitchens with a bbq, a children’s playground, dog park, tennis courts and soccer pitch. Seventh floor amenities will include relaxation areas with lounges, a spa and salon, a food market, indoor sports centre an entertainment centre with game rooms, children’s play area, a ‘Jam Room and Recording Studio’ and a demo kitchen. 

 

The investment on a per square foot (psf) basis value for luxury condos when compared to other international cities finds Miami to be well below other markets. Miami is valued at $800 psf whilst London is at $5000, Paris $4,500 Geneva at $3,000, Hong Kong $4,500 and Dubai at $1,500 psf.

 

The multi-use development will be a city unto itself as the condo tower will have the Mall at Worldcenter featuring luxury brand shopping and restaurants. Hotel space will have 2,050 hotel rooms including a 1,700- Marriott Marquis Room Hotel and Convention Center.Once completed the Miami Worldcenter will feature 300,000 square feet of retail space, 500,000 square feet of expo space and almost 500,000 square feet for offices.

 

Express Rail ServiceOne of the services expecting to benefit greatly the visitors an residents of Worldcenter is the new high-speed rail service by Richard Branson’s Virgin Trains USA.

 

Don Kodsi, CEO of Paramount Ventures says :

 

“There was a lot of conversation about connectivity and public transportation as we were planning this project.”

 

“With the amount of office space, hotel rooms, shops, restaurants and residences we are building, it’s like a little city. Everything is walkable. It’s pretty incredible.”

 

A new $1.75 billion rail infrastructure plan to connect West Palm Beach-to-Orlando link was announced on 4 April by Richard Branson from the Virgin MiamiCentral station in downtown Miami.

 

Wes Edens, co-founder and co-chief executive officer of Fortress Investment Group and chairman of Virgin Trains USA tells the Miami Herald:

 

“Connecting Miami and Orlando makes tremendous business sense, but even more, it provides a public benefit to the State of Florida including thousands of jobs that will keep the state economically competitive for decades.”

 

The Jetsons?

 

The latest updates for the Paramount Miami Worldcenter is a proposal to for a sky port for the top of the tower.Daniel Kodsi recently commented on WSVN 7 News of Miami:

 

“Ever since ‘The Jetsons’ came out, America’s been talking about flying cars.”“It’s something that inspires you, something that you think about when you’re building a project. You’re saying, ‘Well, what is the future? What’s going to happen in the future?'”

 

“We said, ‘What an opportunity to convert our sky deck into some type of ‘Jetsons,’ sky port where you can actually land passenger drones?’ And this technology exists today,” Mr. Kodsi said. He also added:“You can actually come to your home, land on your roof, and instead of coming in through the lobby on the ground floor, you can access your home from the roof,”

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