Rendering of the Phillip and Patricia Frost Museum of Science

The Phillip and Patricia Frost Museum of Science is scheduled to open May 8 after months of delays and funding issues that required a public bailout last year.

Construction crews are now putting the finishing touches on the Frost Museum at 1101 Biscayne Boulevard in Miami. The location is next to the Pérez Art Museum and walking distance from the Adrienne Arsht Center for the Performing Arts.

“Together, this constellation of cultural institutions provides our community with one of the most dynamic sets of cultural attractions anywhere,” Miami-Dade County Mayor Carlos A. Gimenez said in a statement.

The Frost museum will be a four-building, 250,000-square-foot complex on a four-acre campus featuring a planetarium, an aquarium and a science museum. Grimshaw Architects designed it.

The museum will launch mobile software that owners of IOS and Android phones can download. Visitors will be able to use the app to view exhibit content and to participate in interactive scavenger hunts at the museum.

Admission tickets will be available for purchase starting Monday at website frostscience.org. Ticket prices for non-members will be $28 for adults and $20 for children ages 3 to 11. Admission will be free for children who are two years old or younger.

“None of this would be possible without the financial support and governance of Phillip and Patricia Frost,” Cesar L. Alvarez, chairman of the museum’s executive committee, said in a statement.

The museum development has faced financial problems and other obstacles since its location was moved to Museum Park in Miami from Coconut Grove.

The museum developers last year got a controversial $45 million financial bailout from Miami-Dade County after spending $165 million of county funds before finishing construction of the museum.

In February, the Frosts canned the museum’s board of trustees and installed new members, including Patricia Frost herself.

The Sears store at The Gardens Mall

Sears is fighting in court and the state legislature for the power to sublease the second floor of its department store at a mall in Palm Beach Gardens to Dick’s Sporting Goods. Blocking Sears is a city resolution in 2012 that prevents anchor tenants at The Gardens Mall from subdividing their space without approval from the city and the mall’s owner, Forbes/Cohen Florida Properties L.P.

Sears sued the mall owner and the city to sublease its second-floor space at the mall, but a Palm Beach Circuit Court judge ruled in favor of the defendants. Sears appealed the ruling to the 4th District Court of Appeals, which will hear oral arguments in the case April 25. Meanwhile, the Florida Retail Federation is supporting a legislative proposal to enact local business regulations only if they’re permitted by Florida statutes. If enacted, the proposal could cause the 2012 resolution by Palm Beach Gardens to expire by 2020. [Palm Beach Post] – Mike Seemuth

Left to right: George Helmstetter, Neil Fairman, Anthony Burns

The Plaza Group and DevStar Group, the developers behind the Marina Palms Yacht Club & Residences condominium project in North Miami Beach, have merged into a Miami-based company called Plaza Equity Partners.

They have finished construction of the second of two towers at Marina Palms, branded as The Reserve at Marina Palms. Marina Palms features a 112-slip, full-service marina accommodating yachts up to 100 feet with a full-time concierge.

In addition to Marina Palms, The Plaza Group developed the Palms in Fort Lauderdale and Ocean Palms in Hollywood Beach, among other major commercial developments in South Florida and Canada.

“We are capable of executing on complex transactions in a very short period of time, given our wide range of real estate development, sales and financing acumen,” Anthony Burns said in a prepared statement.

Burns and George Helmstetter, who were principals of DevStar Group, will be co-presidents of the merged company, a full-service real estate business with a staff of  professionals including architects, accountants, engineers, brokers, bankers and developers.

Burns and Helmstetter formed Plaza Equity Partners with Neil Fairman, founder and former president of The Plaza Group.

DevStar Group’s past projects include the redevelopment of Paramount Bay in Miami’s Edgewater District and the development Ocean House in Miami Beach’s South of Fifth Neighborhood.

20 Ocean Lane in Vero Beach

Concierge Auctions will offer an oceanfront estate in Vero Beach and a 1.3-acre lot next door at auctions scheduled for March 23.

The Mediterranean-inspired, six-bedroom estate at 10 Ocean Lane in Vero Beach previously was listed for sale with an asking price of $13.5 million.

The residence features mosaic-inlaid travertine marble floors, a two-story mahogany library, a theater, a sand volleyball court and an infinity pool and spa overlooking the ocean. The property also has a detached guest house and a four-car garage.

Vero Beach-based Cal Builders built the 13,514-square-foot home, and Marc-Michael Interior Design designed it.

The developable 1.3-acre lot next door at 20 Ocean Lane in Vero Beach previously was listed for $3.495 million.

New York-based Concierge Auctions plans to sell the lot and the home together or separately to the highest bidder or bidders.

Michael Jackson and the Railroad at Neverland Ranch (credit: CelebrityAbc)

From LLNYC: There aren’t many people who can afford a $100 million property, and even less, it seems, who want to spend that much money on Michael Jackson’s weird Neverland estate. [more]

Rural Lands West site in central Collier County

Home builder Minto Communities withdrew from a joint venture to build a rural master-planned community in central Collier County with as many as 10,000 homes.

Canada-based Minto had been planning the 4,000-acre development, called Rural Lands West, with Collier Enterprises, which traces its heritage to Barron Gift Collier, for whom Collier County is named.

But William Bullock, a vice president of Minto, told the Ave Herald that Minto withdrew due to uncertainty about the duration of the environmental permitting process for Rural Lands West.

“With the time frame associated with the environmental permitting, it made the most sense that Collier Enterprises move the project forward themselves,” the Minto executive told the newspaper.

The impact of Minto’s withdrawal on the Rural Lands West development was unclear. Calls to Collier Enterprises by the Ave Herald were not returned.

The master-planned community would require permitting under Collier County’s Rural Lands Stewardship program, plus approvals from state and federal agencies, including the U.S. Army Corps of Engineers. Collier County’s Rural Lands Stewardship program requires developers to protect natural resources.

Rural Lands West would be built next to a large residential development called Golden Gates Estates. In addition to as many as 10,000 homes, Rural Lands West would have a town center with office space, retail stores, restaurants and entertainment centers.

6100 Blue Lagoon Drive

MetLife Real Estate secured the LEED certification for three office buildings in the Waterford at Blue Lagoon office park in Miami.

The U.S. Green Building Council granted the LEED (Leadership in Energy and Environmental Design) designation for the office buildings at 6100, 6303 and 6505 Blue Lagoon Drive, which are branded as the Atrium buildings.

With assistance from brokerage firm Cushman & Wakefield, MetLife Real Estate obtained the LEED designations after a $3.5 million investment in the three office buildings. The upgrades included energy-conserving roof replacements and the installation of new LED light fixtures, along with renovated restrooms and new marble floors in lobbies.

“A LEED designation is a tremendous differentiator for landlords looking to drive asset performance,” Tim Rivers, senior managing director of asset services for Cushman & Wakefield in Florida, said in a prepared statement. “MetLife Real Estate’s capital projects have helped the Atrium buildings further solidify their ability to compete with the newer Class A buildings” in the Waterford at Blue Lagoon office park.

Tenants of the Atrium buildings include Club Med, Discovery Channel Latin America, Johnson & Johnson, Loreal Retail Americas, Oracle, Regus, The Art of Shaving, and Zimmer Biomet.

The Cushman & Wakefield team of vice chairman Brian Gale,  managing directors Ryan Holtzman and Andrew Trench, and director Jeanette Mendoza handle leasing for the Atrium buildings on behalf of MetLife Real Estate.

The Tapestry Citrus Park apartment complex in Tampa

Brokerage firm ARA Newmark announced the sale of a gated apartment complex in Tampa for $73 million or $182,500 per unit.

The 400-unit apartment complex, called Tapestry Citrus Park, is located at 12780 Olive Jones Road in Tampa, close to the city’s downtown area and its Westshore Business District as well as Tampa International Airport.

The seller is a partnership between the rental property’s developer, Alabama-based Arlington Properties, and an investment vehicle sponsored by Glenmont Capital Management, a New York-based private equity fund that invests mainly in multifamily properties, hotels and housing for students and senior citizens.

Glenmont Capital and Arlington Properties acquired the land for Tapestry Citrus Park in late 2013 and completed the construction and lease-up of the apartment complex in 2015 and 2016.

Patrick Dufour, executive managing director of ARA Newmark, and Scott Ramey, a director of ARA Newmark, represented the seller together with Matthew Williams, a senior managing director of NGKF Capital Markets.

The new owner of Tapestry Citrus Park is Uniondale, New York-based Brookview Realty Group LLC, led by its president, David Ostreicher.

The Tampa rental property has one-, two- and three-bedroom units that average 1,005 square feet. The units have private entrances, nine-foot ceilings, plank flooring, walk-in closets, and kitchens with granite counter tops, stainless steel appliances and islands with breakfast bars. Common-area amenities include two pools, a fitness studio with virtual spin and yoga classes, a sports pub with billiards and poker tables; a business center and a dog park.

A crowd in Times Square

From LLNYC: Tourists, love them or hate them, are certainly good for the economy in New York City. And now, for the first time in seven years, experts are expecting 300,000 fewer foreign tourists to visit, costing the city about $600,000 million in sales. The reason? President Trump. [more]

The Hampton Inn Daytona Beach Shores

CBRE Group Inc. arranged an $8.3 million loan on a Hampton Inn hotel in Daytona Beach Shores.

The borrower, Orando-based Avista Hotels and Resorts, will use the 10-year, floating-rate loan to pay refurnish the Hampton Inn Daytona Beach Shores. Avista will install new furniture, fixtures and equipment in every room, including new beds, lamps, and chairs.

Zac Brumbaugh, vice president with CBRE’s debt and structured finance practice in Orlando, placed the $8.3 million loan with a Midwestern bank.

Avista already had renovated the interior and exterior of the Hampton Inn prior to closing the $8.3 million loan.

“The hotel’s performance had leveled off prior to the building’s exterior and interior renovations in 2015. We were able to leverage the rapidly increased performance, post renovation, to place a uniquely aggressive piece of financing with one of our nationwide network of bank lenders,” Brumbaugh said in a prepared statement.

Over its 35-year history, Avista has owned, managed, and developed more than 54 hotels and resorts with about 6,135 guest rooms and suites, including partnerships with such flags as Marriott, Hilton, Hyatt, and IHG.

David Lukes

An Ohio-based real estate investment trust (REIT) hired three former top executives of North Miami Beach-based Equity One Inc., which merged into Regency Centers Corporation last week.

DDR Corp.,  a Beachwood, Ohio-based REIT, hired former Equity One CEO David Lukes as its president and chief executive officer and appointed him to its board of directors.

DDR also hired Matthew Ostrower as its chief financial officer and Michael Makinen as its chief operating officer. Ostrower and Makinen held the same positions with Equity One.

Terrance Ahem, chairman of DDR, said in a prepared statement that the company’s directors and its former CEO, Thomas August, “were very pleased when the opportunity arose to have David, Mike and Matt join DDR.”

Lukes is the fourth chief executive of DDR since 2009. August, his predecessor, had held the top job since July of last year. August’s prior real estate experience was in the office market.

Prior to joining Equity One, Lukes held CEO  jobs at Seritage Realty Trust, an affiliate of Sears Holdings Corp.; and Mall Properties, Inc. Before that, he was chief operating officer at Kimco Realty Corp., which owns and manages open-air shopping centers with tenants similar to those at DDR’s properties.

Equity One, a retail REIT, completed its $5 billion merger into Jacksonville-based Regency Centers on March 1. [Cleveland Plain Dealer] – Mike Seemuth

800 South Pointe Drive, Apartment 2204, in Miami Beach

Eight of the 10 most expensive Florida homes listed for sale are in South Florida, including two in Miami Beach and three in Palm Beach,  New York City-based PropertyShark.com reported.

Listed for sale for the first time in 30 years, a 10-bedroom house at 46 Star Island in Miami Beach has a $65 million asking price, the sixth-most expensive listing in Florida. The residence, which was fully renovated last year, features a 3,000-bottle wine cellar and a living room the size of a ballroom. Miami Beach pioneer Carl Fisher built the historic property. One Sotheby’s International Realty has the listing.

Also listed for sale for $65 million is a three-level penthouse at the Apogee condominium at 800 South Pointe Drive in Miami Beach. Apartment 2204 is one the 22nd, 23rd and 24th floors of the waterfront condominium.  The five-bedroom penthouse has a rooftop terrace with a private pool, Jacuzzi, cabana, movie theater, outdoor kitchen and dining space. The Douglas Elliman brokerage firm has the listing.

PropertyShark.com also reported that three homes in exclusive Palm Beach are among the 10 most expensive listings in Florida. They include a ninth-ranked lakefront residence at 1485 South Ocean Boulevard with seven bedrooms, a temperature-controlled wine room, a lanai, library, elevator and guesthouse. The asking price recently dropped $8 million to $59.5 million.

Ranked fourth with a $69.9 million asking price is 1071 North Ocean Boulevard in Palm Beach. The 35,000-square-foot, Mediterranean mansion has 242 feet of direct ocean frontage. The property features a home theater, game room, library and massage room, plus a private bowling alley. Premier Estate Properties has the listing.

Ranked second is the Il Palmetto estate in Palm Beach, an ocean-to-lake residence with an Italian Renaissance design on a 5.45-acre site. Il Palmetto has a carved limestone wine cellar big enough for 20,000 bottles and an underground tunnel, among other features. Netscape co-founder Jim Clark has put the property on the market for the first time since 1999, with an asking price of $137 million.

The most expensive listing in Florida is a 33-bedroom estate at 2000 South Ocean Boulevard in Manalapan. The asking price is $195 million.  The owners completed a full reconstruction of the residence, called Gemini, in 2003. Gemini is on a site exceeding 15 acres with 1,300 feet of frontage on the Intracoastal Waterway and 1,200 feet of beachfront on the Atlantic Ocean. The residence features two golfing areas, multiple swimming pools, a tennis court, butterfly garden and an intricate tree house, plus acre of tropical botanical gardens. Premier Estate Properties has the listing.

Two other South Florida properties rank among the 10 most expensive listings in the state, according to PropertyShark.com.

Seventh-ranked is 511 South Beach Road in Hobe Sound, an 18-bedroom compound spread over 8.5 acres tucked between the Intracoastal Waterway and the Atlantic Ocean. The property has three swimming pools, two multiple-vessel docks and several guest houses. Waterfront Properties has the listing. The asking price is $65 million.

Ranked third with a $95 million asking price is Pumpkin Key Island in Key Largo. The 26-acre private island has a three-bedroom main house, two cottages for caretakers and a dock master’s apartment. The island also has a 20-slip marina that can accommodate a large yacht and tennis courts that double as a helipad. The sole living coral barrier reef in North America is three miles offshore. One Sotheby’s International Realty has the listing.

Rendering of a home at GL Homes’ Dakota development

GL Home is launching sales of single-family homes at two new developments in Palm Beach County.

Sunrise-based GL held a grand opening Saturday for Berkeley, a development of 57 homes in west Boca Raton, next to Burt Aaronson South County Regional Park. Prices start at $865,900 and range up to $1.1 million.

Starting March 11, GL will be offering lots at Dakota in west Delray Beach, where GL plans to build 387 homes priced from $444,900 to $564,900. The site of the development is the southeast corner of State Road 7 and Atlantic Avenue.

The chief operating officer of GL, Marcie DePlaza, told the Sun-Sentinel the company has received 3,000-plus inquiries about the two developments and may hold lot-selection lotteries for both.

DePlaza also told the Sun-Sentinel that Berkeley and Dakota homes will have contemporary designs and lighter colors, not the Mediterranean designs that home buyers tended to prefer in previous years.

GL Homes is the most active home builder in Palm Beach County, where the company sold 732 homes last year, according to research firm Metrostudy.

So far this year, GL has sold 100-plus homes in Palm Beach County, mainly at Valencia Bay in west Boynton Beach and Seven Bridges in west Boca Raton, DePlaza told the Sun-Sentinel.

David Cobb, regional director of Metrostudy, told the newspaper in an email that both the Berkeley and Dakota developments probably will successful. Berkeley prices are on the high end, he wrote, “but has a Boca address, and they’ve been getting those prices in Seven Bridges.” [Sun-Sentinel] – Mike Seemuth

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From the New York website: Back in 1973, architect Ricardo Bofill discovered a dilapidated cement factory outside Barcelona. And after nearly 45 years of work, he has completely transformed the home into an industrial-chic wonderland, dubbed La fábrica.

One of Bofill’s first moves was to return the polluted factory to nature, covering the exterior of the property with vegetation. Inside the home is sleek, modern and expansive. Check out the photos via Bored Panda below.

Buildings in the Jiading district of Shanghai (credit: Getty images)

From the New York website: After two-year stretch during which the yuan depreciated against the dollar, the Chinese currency is on the rise in 2017, which could lead to a shift away from New York City real estate.

“The bulk of yuan depreciation has probably already happened, and if that’s the case there is less incentive for Chinese investors to place money in dollar-denominated assets,” Andrew Haskins, director of Asia research and advisory services at Colliers International, told Bloomberg.

Haskins added that political concerns such as President Donald Trump’s protectionist policies “may also slow the pace” of Chinese investment in the United States, especially if his rhetoric starts to materialize as policy.

Over the past two years the yuan has declined 13 percent against the dollar, but it’s gained almost 1 percent so far in 2017. At the same time, most other Asian currencies have strengthened, most notably the Korean won, which has appreciated 4.3 percent.

Asian investment in U.S. real estate peaked at $33 billion in 2015, but slid by 12 percent last year to $29.1 billion.

Chinese insurance firms, some of the most active buyers in the past few years, have been notably quiet so far in the first few months of 2017. They haven’t made any acquisitions thus far in 2017, amid a sweeping movement to stave off outbound capital and limit speculation.

Haskins said he expects Chinese investors to turn to Asian markets. He added that while the portion of China’s investment within Asia – 17.4 percent in 2016 – is still not dominant, Chinese investors will still look to place their money in foreign real estate markets and “increasingly directed towards Asian rather than non-Asian markets.” [Bloomberg] – Rich Bockmann

David Fleisher

Franklin Street hired David Fleisher as regional managing partner for Broward and Palm Beach counties.

Fleisher is taking the former role of Greg Matus, who was promoted last year to senior vice president of investment sales. Fleisher was previously director of business services for Bluegreen Vacations, where he oversaw the vacation ownership company’s resort client relationships, new client development in the U.S. and Caribbean and acquisitions.

Marcus & Millichap promoted Alex Zylberglait from senior vice president investments to senior managing director investments. Zylberglait, who’s been with Marcus & Millichap since 2003, focuses on office and industrial investments in South Florida.

Colliers International South Florida brought on Katy Welsh as senior vice president of retail services in South Florida. Welsh has more than 30 years of commercial real estate experience leasing and marketing shopping centers, and was previously with Konover South, Hunter Real Estate Brokerage and Kimco Realty.

Elena Christodoulou joined Douglas Elliman’s Lincoln Road office as a director of luxury sales. Christodoulou was vice president of sales at Fendi Chateau Residences in Surfside, a luxury condo development that opened last year. At Elliman, she will lead luxury sales in Surfside, Bal Harbour and Sunny Isles Beach. Christodoulou has also worked on projects like Regalia in Sunny Isles and Chateau Beach.

Reichel Realty & Investments Inc. has launched its health care real estate brokerage and business advisory division with Dr. Benjamin Patipa at the helm. Patipa was CEO of Tenet Healthcare Corp.’s Accountable Care Organization in Florida, and has experience with real estate investment, health care, technology and more.

Chris Smiles left Woolbright Development and joined CBRE as a senior vice president on its South Florida multifamily team. Smiles brought his son Cal Smiles, a senior financial analyst, along with him to CBRE. At Wooldbright, Chris Smiles was president of its multifamily division and Cal was an associate.

Aztec Group promoted Charles Penan to managing director, where he’s responsible for the financing and capital needs of real estate deals as well as investment sales on behalf of Aztec. He joined the firm in 2009, and was previously a director. He worked on the nearly $36 million construction loan for Newgard Development Group for the Gale Fort Lauderdale and the land sale of the Gables Station site to NP International for more than $60 million.

Cresa hired Jordana Smith as regional business manager in South Florida. Smith was previously with FirstService Residential and Atlantic & Pacific Management.

Palladium Residences (Crescent Heights)

From the Los Angeles website: Voters will cast their ballots next week, deciding on the future of Measure S and ultimately, the future of development in Los Angeles.

But the two biggest spenders in the fight – the AIDS Healthcare Foundation (AHF) and developer Crescent Heights – are also embroiled in a legal battle over Crescent’s planned Palladium Residences project next to AHF’s Sunset Boulevard headquarters.

Crescent Heights donated more than $2.5 million to the campaign against Measure S while AHF has funneled more than $5.5 million in support of the measure, the L.A. Times reported.

Measure S would impose a two-year moratorium on projects requiring zoning changes, banning amendments to the General Plan. Such amendments are currently used to allow individual projects in areas otherwise prohibited by the outdated code.

Proponents of Measure S have painted Crescent’s 30-story residential project as a prime example of development that would spoil neighborhoods and accelerate gentrification. In fact, before Measure S even existed, AHF president Michael Weinstein was suing to block the development — a legal battle which inspired the drafting of the initiative.

AHF sued both Crescent and the city over the two-tower Sunset Boulevard project, arguing L.A. violated CEQA and other laws when it approved changes to the zoning code that allowed the project to move forward, according to the L.A. Times.

Opponents of the measure have criticized Weinstein for spending nonprofit funds to support Measure S. Weinstein counters that people with HIV and AIDS are among the victims of gentrification. Meanwhile, many affordable housing groups oppose Measure S, saying it will skyrocket rents while supply is constrained during a housing crisis.

AHF has provided most of the funding for the Yes on S campaign. More than $7 million has been spent by both sides, The Real Deal previously reported.

Several other real estate and union interests have donated to the “No” camp, including Westfield shopping center, Century City Realty, Los Angeles County Federation of Labor and a company affiliated with former Dodgers owner Frank McCourt. [LAT] — Subrina Hudson

775 South Mashta Drive. Inset: Evan Metropoulos

Updated, 3:45 p.m., March 6: It turns out the Playboy Mansion isn’t the only multimillion-dollar estate the Metropoulos family bought last year. 

Newly filed records show Evan Metropoulos, the son of Hostess investor C. Dean Metropoulos, is the owner of the Key Biscayne estate at 775 South Mashta Drive. Owner Boca Breeze LLC just took out a $20 million mortgage for the property from JP Morgan, revealing the entity’s managers, Metropoulos and Metropoulos & Co.’s general counsel David M. Buchanan.

Boca Breeze, a Delaware company, paid a combined $58.9 million for the adjacent homes at 775 and 755 South Mashta Drive in between the end of 2015 and February of last year. The larger of the two, 775 South Mashta, sold for a Key Biscayne record of $47 million, and includes a five-story, 11,600-square-foot mansion with 360-degree views, a pool and gazebo area, and a private deep water yacht harbor. The second property is a newly built 10,250-square-foot, six-bedroom mansion, which Metropoulos purchased for $11.8 million.

Together, they total about 2.3 acres.

Metropoulos and his brother Daren are principals at their father’s company Metropoulis & Co. Daren Metropoulos purchased the Playboy Mansion in Los Angeles for $100 million in August. He also owns the the house next door, and plans to combine the two estates into one massive 7.3-acre compound.

Metropoulos & Co. owns Hostess Brands along with Apollo Global Management. C. Dean Metropoulos is worth $2.4 billion, according to Forbes.

Correction: An earlier version of this story incorrectly identified the buyer as Daren Metropoulos. His brother Evan purchased the property. 

Rendering of the project and a street view of the land. Inset: Miami Worldcenter developer Nitin Motwani and MDM Group principal Ricardo Glas

MDM Group has closed on the $45 million purchase of its Miami Worldcenter hotel and expo development site in Overtown.

The developer was under contract to buy the 5-acre site at 700 North Miami Avenue from Worldcenter developer Nitin Motwani. Old Arena LLC, led by Motwani, sold the former Miami Arena site. Records show the LLC paid $35 million for the property in 2012. The latest sale breaks down to $207 per square foot of land.

MDM will build the Marriott Marquis Miami Worldcenter Hotel & Expo Center in two phases, starting with 1,100 hotel rooms and a 600,000-square-foot conference and expo center, and then with a second 600-room hotel tower.

MDM, which is also developing the $1 billion Metropolitan Miami project farther south in downtown Miami, plans to break ground on the convention center hotel during the third quarter of this year, spokesperson Javier Fernandez told The Real Deal. Fernandez, a partner at Holland & Knight, worked on a key subsidy agreement for MDM for about two years before it was finalized in May.

The next step is getting the county and city to sign off on amendments to the CRA agreement, Fernandez said. The developer wants to extend the life of the Southeast Overtown/Park West Community Redevelopment Agency until 2042 to increase the value of the subsidies. It needs county approval to push the CRA’s end date from 2030, which would value MDM’s agreement at $50 million, to 2042.

MDM expects to create about 1,000 full-time jobs through the project and is working with local unions, Miami Dade College, Miami-Dade County Public Schools and other local groups on job training, Fernandez said.

The land deal is another sign of progress for Miami Worldcenter, a 27-acre master-planned community with condo, retail and apartment components. Just last week, the project’s community development district announced it issued private placement bonds that will fund $74 million of infrastructure upgrades to the project.

Overall, the mixed-use, master-planned community will include Paramount Miami Worldcenter, 450,000 square feet of high street retail, the Seventh Street Apartments, an additional 429-unit apartment building, and the 1,700-room Marriott Marquis Miami Worldcenter Hotel & Expo. Construction is vertical on Paramount and the Seventh Street Apartments, and Motwani said last week that he expects both to open in the fall of next year. Retail tenants will move in around the same time and are expected to open in early 2019.

Nichols Brosch Wurst Wolfe & Associates is the architect of the hotel and expo center and RTKL is the interior design firm. Both phases of the hotel will be completed by 2020, Fernandez told TRD.