Witkoff CEO Steven Witkoff, Monroe Capital CEO Theodore Koenig and 700 North Miami Avenue in Miami (Google Maps, Witkoff, Monroe Capital, Kobi Karp)
Witkoff and Monroe Capital proposed a 3.4 million-square-foot, mixed-use addition to the Miami Worldcenter development downtown.
An affiliate of New York-based Witkoff and Chicago-based Monroe plans to build three towers on the 4.7-acre site at 700 North Miami Avenue. The buildings could each be up to 57 stories tall.
The duo bought the land for $94 million in July.
The proposal calls for 540,000 square feet of office, nearly 50,000 square feet of retail, about 2,500 parking spaces and nearly 2,200 residential units, according to a project application the developers submitted to Miami-Dade County.
The application shows the homes would be one- and two-bedroom units, but it does not specify whether they would be apartments or condos. The project’s land-use attorney declined comment.
The Kobi Karp-designed project would include a park on the south end of the property that abuts the railroad tracks where cargo trains travel to the port, according to the proposal.
Although the property is in the city of Miami, Witkoff and Monroe are asking Miami-Dade for feedback on several code variances.
If approved, the project would mark a new chapter for the site formerly home to the Miami Arena, which hosted the Miami Heat and other teams until it was demolished in 2008.
Miami-based MDM Group, through its hospitality-focused MDM Hotel Group, had planned a 1,700 Marriott Marquis hotel and 600,000-square-foot expo center as part of the 27-acre Miami Worldcenter. It paid $45 million for the land in 2017.
When it sold the land to Witkoff and Monroe, MDM cited the pandemic’s toll on the convention and hospitality markets.
Witkoff, led by Chairman and CEO Steven Witkoff, and Monroe, led by Chairman and CEO Theodore Koenig, are also partnering on the makeover of the Shore Club in Miami Beach. According to an application filed with the city in November 2021, they plan a 17-story tower with 54 residences and a 17-key hotel in place of a 20-story building and two-story cabanas.
Last year, Witkoff also partnered with Ari Pearl on part of a Hallandale Beach mixed-use golf resort project. The second phase of the development includes 60 hotel suites, condo-hotel units, as well as the extension of the golf course and the addition of a golf practice facility, spa, ballroom and entertainment space, and a clubhouse.
