Falcone Group Proposes Miami Worldcenter Hotel and Resi Tower
By Julia Echikson March 15, 2024 3:41 pm
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Here comes another Miami Worldcenter high-rise.
Falcone Group has proposed a 53-story mixed-use tower at 155 NE 10th Street, just north of the Paramount building in Downtown Miami, according to a filing to the Miami Urban Development Review Board, which will hear the plan March 20.
The proposed tower would feature 280 hotel rooms and 351 multifamily units as well as a 5,214-square-foot rooftop restaurant and pool deck and 9,723 square feet of ground-floor retail space. The 0.6-acre site, which is now vacant, would also be home to a 14,000-square-foot plaza.
“The Falcone Group is looking forward to delivering another best-in-class tower to Miami WorldCenter,” Alfonso Costa Jr., Falcone Group’s chief operating officer, said in a statement. “This project is coming at an exciting time, particularly with all of the great things this City is doing to drive continued growth and consumer demand.”
Art Falcone, who founded and leads Boca Raton-based Falcone Group, is also a master developer of Miami Worldcenter, the 27-acre mega-development that’s attracted a slew of high-profile developers, such as Naftali Group, Related Group, and Witkoff Group, among others.
Just last week, an entity tied to WeWork’s ex-CEO Adam Neumman proposed a mixed-use development in the southern part of Miami Worldcenter with about 40,000 square feet of offices and 19,000 square feet of retail space, alongside the Miami Worldcenter developers.
Miami Worldcenter Holdings, led by Nitin Motwani and Falcone, are looking to raise $240 million through a municipal bond sale for the project, an offering document shows.
Update: The story was amended to include a comment from Alfonso Costa Jr.
Julia Echikson can be reached at jechikson@commercialobserver.com.
