Related and Merrimac Score $94M for Miami Worldcenter Condo Tower
By Julia Echikson May 3, 2023 1:20 pmreprints
Jorge Perez’s Related Group and Merrimac Ventures scored $94.2 million to build a condo tower geared toward short-term rentals at Miami Worldcenter, the mega-development in the city’s downtown, property records show.
The financing from Bank OZK will go toward building The Crosby, a 33-story development that’s set to include 450 units and 3,370 square feet of retail space on the ground floor, per the mortgage documents.
The project broke ground in January and is expected to be completed by 2025.
The development is already sold out with prices starting at $300,000, according to the joint venture. The units, which together will total 273,000 square feet, will be free of rental restrictions, allowing owners to list them on sites such Airbnb and Vrbo.
Related, Miami’s largest condo developer, joined the development by paying $24 million for a stake in the half-acre parcel at 601 N. Miami Avenue, a block east from the MiamiCentral train station, according to property records. Merrimac, led by brothers Nitin and Dev Motwani, have controlled the site since 2011.
Nitin Motwani is a master developer of Miami Worldcenter, one of the largest private development projects in the country, spanning 27 acres. Other high-profile developers that purchased land and have projects underway at Miami Worldcenter include Naftali Group, The Witkoff Group and Royal Palm Companies, among others.
In another major project, Merrimac, alongside BH3 Management, purchased the 75-year ground lease for a 10.8-acre parcel on Watson Island from Flagstone Property Group. The joint venture has yet to announce plans for the site.
Representatives for Related and Merrimac did not immediately respond to requests for comment.
Julia Echikson can be reached at firstname.lastname@example.org.