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Miami Worldcenter’s First Residential Tower Tops Off

Scheduled for completion this fall, CAOBA will feature a wide array of amenities, including private balconies with views of Biscayne Bay and the downtown skyline.

CIM Group and Falcone Group have topped off CAOBA, a 444-unit apartment tower within the 27-acre Miami Worldcenter, a mixed-use development in downtown Miami.

The 43-story building is the first tower to top off at the $2 billion master-planned project. CAOBA is slated for delivery in the fall of 2018, with apartments set to open for preleasing in the summer.

TRANSIT-ORIENTED DEVELOPMENT

Located at 698 NE First Ave., the rental tower’s apartments will range from studios to three-bedroom units between 500 and 1,300 square feet. Features will include in-unit washers and dryers, nine-foot ceilings and private balconies with views of Biscayne Bay and the downtown Miami skyline. CAOBA will offer a pool deck, fitness center, clubroom and an outdoor dog-walking lawn. Additionally, the City of Miami has approved plans for an adjacent 40-story, 429-unit tower.

CAOBA Rendering
CAOBA Rendering

“Residents of this complex will value being able to walk out their door and be in the heart of a ten-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,” said Nitin Motwani, managing partner of Miami Worldcenter Associates, in prepared remarks.

Formerly known as the first phase of Seventh Street Apartments, CAOBA will include more than 20,000 square feet of ground-floor retail space for shops and restaurants.

Earlier this month, Miami Worldcenter Associates secured additional financing for Miami Worldcenter. Fifth Third Bank provided a $43 million mortgage for the on-going construction of the project’s retail component.

Images courtesy of CAOBA Miami Worldcenter