Development site marks the last remaining parcel at the 27-acre mixed use development. Colliers South Florida’s Urban Core Division team represented both the buyer and seller in the transaction.
MIAMI, FL | Nov. 30, 2022 – Colliers Executive Managing Director Mika Mattingly, Executive Director Jack Lowell, and Senior Associate Cecilia Estevez represented the buyer, a joint venture between Aria Development Group, Nitin Motwani and Dev Motwani’s Merrimac Ventures, and the seller, International Longshoreman Association, in the acquisition/disposition of the 24,000 square-foot development site known as The Miami Link, located at 33-55 NW 6th Street, one block from Brightline Miami Central. ADG and Merrimac, the buyer, also acquired the adjoining corner parcel located at 600 NE 1st Ave (from a separate seller), increasing the total assemblage to 34,800 square feet. The assemblage is located within the Miami Worldcenter mixed use development zoning district, one of Miami’s most favorable mixed-use zoning codes, allowing for up to 1,000,000 square feet of development and a density of 700 residential units. Aria and Merrimac are currently planning a 600+ unit condominium project (named 600 Miami Worldcenter). Launched earlier this month, the project already has significant demand for presales. OneWorld Properties is leading sales for the project.
Located at the southern entrance of Miami Worldcenter, 600 Miami Worldcenter will be positioned within 1,000 feet of Miami's largest transportation hub, creating new mobility pathways so residents and employees can embrace the perks of working, living, and playing in the enhanced, vibrant neighborhood. The sale of 600 Miami Worldcenter’s development site marked the last remaining parcel available for purchase within Miami Worldcenter.
As one of the largest private urban real estate developments in Florida, Miami Worldcenter, is currently coming alive in phases, it will feature a diverse mix of residential, commercial and hospitality uses complemented by a total of 300,000 square feet of retail, restaurant, and entertainment space. Approximately 255,000 square feet of retail space has now been completed at Miami Worldcenter as tenants actively build out their spaces. Recently announced retail tenants include two food and beverage concepts by Michelin-Star Chef Michael Beltran, Brasserie Laurel and El Vecino; Chicago’s Maple & Ash and Etta restaurants; Sports & Social, a dining and entertainment concept; as well as other nationally recognized brands including Rihanna’s Savage X Fenty, Lululemon, Ray-Ban, Sephora, Posman Books, Bowlero, and Lucid Motors. Brasserie Laurel and Sephora are expected to open to customers later this month.
Miami Worldcenter is being developed by master developers Miami Worldcenter Associates, led by Principal Art Falcone and Managing Partner Nitin Motwani, in partnership with CIM Group.
“600 Miami Worldcenter’s prime location and advantageous zoning provide a unique opportunity to capitalize on the continued strong demand for housing in Downtown Miami,” said Mattingly. “The site will expand Aria Developments Group’s presence in Downtown where they currently already have two successfully sold-out projects – Yotel Miami and 501 First.”
”We are thrilled to have the opportunity to develop another fantastic project in the vibrant and dynamic Downtown Miami market. Pre-sales for 600 Miami World Center are already off to a strong start,” commented David Arditi, Co-Founder of Aria Development Group and Head of Aria Miami.
Aria Development Group (ADG) is a real estate investment and development firm with offices in New York City, Miami, and Washington, D.C. The award-winning real estate company was founded in 2009 by Joshua Benaim, David Arditi, and Timothy Gordon to focus on generating outsized, risk-adjusted returns through a hands-on, vertically integrated approach to creating value. The firm focuses on developing premier residential properties in notable neighborhoods nationally. ADG has completed or has under development $1 billion+ in projects and over 5,000 residential units. In Downtown Miami, ADG has developed Yotel Miami and recently began construction of 501 First Residences, which is 100% sold out.
Merrimac Ventures is a real estate investment and development firm based in Fort Lauderdale, FL. 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. Merrimac Ventures is led by brothers Nitin Motwani and Dev Motwani. Nitin Motwani has served as the Managing Partner and visionary behind Miami Worldcenter since 2006, overseeing all aspects of the $4 billion, 27-acre development project.
The seller of Miami Link, the International Longshoremen’s Association, is the largest union of maritime workers in North America, representing upwards of 70,000 dockers on the Atlantic and Gulf Coasts. The labor union has owned the property for more than 45 years while operating a 5,130-square-foot building on the site.
