By: Ismael Rodriguez
After receiving $285 million from Miami-Dade County, marking the second biggest condo construction loan over the past two years, the Paramount Miami Worldcenter broke ground in March and premiered late last month, showcasing what has now become America’s second-largest luxury real estate development.
Daniel Kodsi, Paramount’s CEO, watched hundreds celebrate the first phase of a colossal 60-story, 542-unit skyscraper, which includes an abundance of pools, a fitness center and spa, astronomy observatory, tennis courts, soccer field and a bar.
“Paramount Miami Worldcenter is going to change the skyline, but Miami Worldcenter is going to change the city landscape,” Kodsi told the press at the showing. “Now, we’re also modernizing the infrastructure, adding new sidewalks, new streets.”
Earlier this year, the Miami Worldcenter’s community development district issued private placement bonds that will fund $74 million of infrastructure upgrades to and around the 27-acre site.
In doing so, Kodsi and Miami-Dade officials expect the project to bring 15,000 new jobs, enriching the region’s economy in the process.
“This is going to create billions of dollars in revenue and create American jobs in the surrounding areas that desperately need the work,” Kodsi told the press.
The tower is expected for completion by next year, opening its doors between December 2018 and January 2019.