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3.4M-Square-Foot Tower Could Rise At Former Miami Arena Site

The former home of the Miami Arena in downtown Miami could be developed into a 3.38 million-square-foot project with residential, offices and retail uses.

WG 700 North Miami LLC, a partnership between New York-based Witkoff Organization and Chicago-based Monroe Capital, filed a municipal pre-application with Miami-Dade County officials for the 4.7-acre site at 700 N. Miami Ave. The developers are seeking feedback from county officials on several code variances before asking the city for approval.

The project would have three 57-story towers connected by a podium at the base. They would combine for 2,195 residential units, 540,000 square feet of offices, 49,999 square feet of retail and 2,457 parking spaces. There would also be a park along the railroad tracks on the south side of the property.

The site plan shows most of the retail would fit in a 40,000-square-foot box at the center of the property, potentially for a large store. There would be residential units in all three towers and office space in two of the towers.

From 1988 until it was demolished in 2008, the Miami Arena hosted teams such as the Miami Heat, the Florida Panthers and University of Miami basketball. The arena was torn down after all three teams built new venues.

In 2021, Witkoff and Monroe Capital paid $94 million for the property.


Source: SFBJ

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