2,346-Unit Mixed-Use Project Under Construction at 700 N. Miami Ave

Updated filings for 700 North Miami Avenue confirm a mixed-use development totaling 3,379,131 square feet with a maximum height of 615 feet. The master plan calls for 2,346 residential units across three towers of 50, 51, and 53 stories on the former Miami Arena site, adjacent to Brightline's MiamiCentral Station. Monroe Capital is developing, with design by Kobi Karp Architecture & Interior Design.

Phase one broke ground in July 2026 after the team secured a $302.6 million construction loan from Athene Annuity and Life Company, an Apollo Global Management affiliate, and J.P. Morgan Chase. Lotus Capital Partners arranged the deal, which refinanced roughly $57.3 million in existing debt and added about $245.3 million in new construction financing.

Phase one includes 894 units in a roughly 600-foot tower, 17,367 square feet of ground-floor retail, and a nine-story, 167,237-square-foot parking garage. Construction costs are estimated at nearly $270 million. The full project will include approximately 30,535 square feet of commercial space and 2,078 parking spaces, with a pool, outdoor terraces, resident club areas, and indoor amenity space.

The Witkoff-Monroe Capital partnership acquired the site for $94 million in 2021. Miami Arena was demolished in 2008, and the plan first went before Miami's Urban Development Review Board in early 2023. The site offers direct Brightline access to Fort Lauderdale, West Palm Beach, and Orlando. Completion is expected in late 2028.