Developer Witkoff and Monroe Capital have secured a $302.6 million construction loan to begin building the first residential tower at 700 North Miami Avenue, the last large undeveloped parcel within the Miami Worldcenter mixed-use district in downtown Miami.
What is being built at 700 North Miami Avenue?
Witkoff and Monroe Capital are developing a high-rise on the former Miami Arena site that will deliver approximately 890 rental apartments and 15,000 square feet of ground-floor retail space as the first phase of a planned three-tower complex. Architecture firm Kobi Karp Architecture is leading the design of the project, which sits at one of downtown Miami's most prominent remaining development opportunities.
- First tower is phase one of a three-building master plan
- Full buildout could exceed 3 million square feet of mixed-use space
- Ground-floor retail is intended to activate the street-level experience along North Miami Avenue
- Kobi Karp Architecture, a Miami-based firm, is handling design duties
Who is financing the construction?
Apollo Global Management's Athene Annuity unit and J.P. Morgan Chase are jointly backing the $302.6 million construction loan that will fund the first phase at 700 North Miami Avenue. The involvement of two major institutional capital sources signals strong lender confidence in Miami Worldcenter's continued absorption of large-scale residential product in the urban core.
- Apollo Global Management is providing financing through its Athene Annuity subsidiary
- J.P. Morgan Chase is co-lending alongside Apollo on the deal
- The loan amount, $302.6 million, reflects the scale of a nearly 900-unit ground-up tower in downtown Miami
Why does this site matter for downtown Miami?
The 700 North Miami Avenue parcel, the former home of the Miami Arena, represents one of the last large undeveloped tracts within downtown Miami's urban core, making this project a significant milestone for the neighborhood's ongoing densification. Miami Worldcenter itself spans roughly 27 acres and has seen substantial development activity over the past decade, but this site remained unbuilt, creating a visible gap in the district's fabric.
- The former Miami Arena was demolished years ago, leaving a prominent vacant site in the heart of downtown
- Miami Worldcenter is one of the largest private mixed-use developments in the United States
- Completing this parcel would link the northern edge of the district more cohesively to surrounding blocks
What comes next for the project?
With financing now secured, Witkoff and Monroe Capital are positioned to move forward with construction on the first tower, which anchors a longer-term vision for the site that could ultimately produce more than 3 million square feet of residential, retail, and mixed-use space across three towers. The scale of the eventual buildout places 700 North Miami Avenue among the most consequential development projects currently in the pipeline for downtown Miami.
Original reporting on the financing was published by Commercial Observer.
