Paramount Miami Worldcenter, and the Mall at Miami Worldcenter, two of the key components of the multi-billion dollar Miami Worldcenter megaproject, held a joint groundbreaking ceremony today in Downtown Miami. The affair was likely the biggest ground breaking ceremony of this real estate cycle, and perhaps even in all of Miami's history. The project itself (Paramount and the outdoor Mall are linked in one gigantic building) actually began work late last year.
Beginning at 10 AM, the Veuve was flowing (orange juice optional), speeches were congratulatory, local officials (including various mayors and city commissioners. The governor was apparently supposed to attend, but didn't) were shaking hands, a confetti machine stood at the ready for the ceremonial dirt toss (although it was unfortunately up-wind, meaning very little confetti actually made it over the audience), and Miami was just being, well, Miami. The highlight of the bash was a helicopter ride around the city, where guests got to see the project's massive site from the air, an approximation of the soaring views from Paramount's rooftop amenity deck (it will have a very large amenity deck on the 9th floor, and a smaller one up on the 58th) and, in the span of about twenty minutes, a quick tour of the rest of Miami too.
Paramount Miami Worldcenter itself will have over 500 units, ranging in size from 1,180 to 2,350 square feet, with prices averaging $700 per square foot. Looking at Gridics data for units of comparable size in a half mile radius currently on the market (which range between $445 and $809 per square foot), those prices are leaning toward the high end. Water views, when compared to most neighboring buildings (like One Thousand Museum, Ten Museum Park, etc.) will be more limited, and a softening Downtown market may spell some trouble ahead. However, what this building has going for it is its sheer amount of amenitization, including everything from pools galore, to a private rooftop soccer pitch, a jogging track, tennis courts, a spa, "outdoor bath gardens" for the spa, and a boxing ring. Oh, and if we haven't said it already, it's being built on top of a mall.