Co-Developers CIM Group and Falcone Group recently topped off construction at Caoba, a 444-unit apartment tower located within Miami Worldcenter, the 27-acre mixed-use development in the heart of downtown Miami.
Formerly known as the first phase of the Seventh Street Apartments, the 43-story market-rate rental building becomes the first tower to top off construction at the $2 billion Miami Worldcenter development, marking a major milestone for one of the largest urban development projects underway in the country. Construction of Caoba is anticipated to be completed in the fall of 2018, with apartments set to open for pre-leasing this summer.
Caoba is located at 698 NE First Ave., one block from Miami Central, downtown’s new transportation hub and Brightline’s high-speed rail Miami terminal, which offers direct train service to Fort Lauderdale, West Palm Beach and, in the future, Orlando. Additionally, the tower’s connectivity to other South Florida public transit systems such as the Metromover, Metrorail, Metrobus, Miami Trolley and Tri-Rail, will make owning a car optional for residents.
Caoba will include more than 20,000 square feet of ground floor retail space for shops and restaurants, connecting Miami Worldcenter’s “High Street” retail promenade and plaza to the east between NE First and Second avenues. Plans for an adjacent 40-story, 429-unit tower have been approved by the City of Miami.
“Caoba is the Spanish word for mahogany, which is a variety of wood prized for its beauty, durability and color — attributes that will reflect the luxurious, organic sensibility of the building’s amenity and public spaces,” explained Nitin Motwani, Miami Worldcenter’s managing principal. “Residents of this complex will value being able to walk outside their door and be in the heart of a 10-block ‘city within a city’ complete with offices, shopping, dining and entertainment. And our proximity to Miami-Dade’s primary transit systems, including the new Brightline high-speed rail, means residents will be able to jump on a train and beat the traffic to anywhere in South Florida.”
With completion anticipated in the fall, Caoba’s entry into the downtown Miami rental market will coincide with a surge in demand that shows no sign of waning. According to the Miami Downtown Development Authority’s mid-year 2017 report, demand for urban living continues to grow, with a 25 percent year-over-year monthly increase in the volume of signed leases.
Caoba’s market-rate apartments range from studios to three-bedroom units measuring between 500 and 1,300 square feet in size. Features include nine-foot ceilings, contemporary design finishes, in-unit washers and dryers, and private balconies that open up to sweeping views of Biscayne Bay and the downtown Miami skyline. The residential complex will feature a full suite of amenities, including a pool deck overlooking downtown, fitness center, clubroom and outdoor dog-walking lawn.
Encompassing 27 acres in the heart of downtown Miami, Miami Worldcenter is one of the largest private real estate developments underway in the United States. The 10-block project, now under construction, will feature a diverse mix of urban land use, including high-street retail, hospitality, office and residential uses surrounded by world-class amenities and boasting convenient access to transit.
Located two blocks south of I-395, Miami Worldcenter will link downtown Miami’s Central Business District with its Arts and Entertainment District, which is coming alive as a hub for culture and entertainment. Its neighbors include many of Miami’s most exciting cultural and entertainment venues, including Museum Park, home to the Perez Art Museum Miami (PAMM) and the new Frost Museum of Science; AmericanAirlines Arena, and the Adrienne Arsht Center for the Performing Arts. Major destinations including Brickell Avenue, Miami Beach, Miami International Airport, Port Miami, and the Miami Health District are all minutes away.
Caoba apartments will open for pre-leasing in summer 2018 and be ready for occupancy in fall 2018. For more information, visit www.Caobamwc.com.
