MIAMI—MDM Group, one of Miami-Dade County’s most respected developers, today announced that it has formally closed on the five-acre parcel in Overtown which once housed the original Miami Arena. The seller is Old Arena LLC, led by Nitin Motwani.
Located at NW 7th Street and 1st Avenue, the $45 million acquisition is a next step in the process of developing the Marriott Marquis Miami Worldcenter Hotel & Expo Center, bringing to downtown Miami the world class conference and exposition center long-sought by local leaders.
This landmark hotel and convention facility is slated to be built in two phases. The initial phase of the construction will include the 600,000 sq. foot conference and exposition space along with 1,100 hotel rooms. The second tower will consist of 600 hotel rooms, and will begin shortly after construction commences, making a total number of hotel rooms to 1,700. MDM expects to break ground towards the end of 2017.
“We have been passionately working on this project and are thrilled to be another step closer to creating a hotel & conference center that will continue to further the City of Miami’s stance as a true global destination,” said Joseph Herndon, Director of Development, for MDM Development LLC. “The property will be a transcendent step for the community, not only bringing thousands of jobs, but literally hundreds of thousands of visitors to area businesses.”
"MDM enjoys a long, successful history of building developments that improve South Florida neighborhoods while creating thousands of jobs for local residents," says Nitin Motwani, Managing Partner of Miami Worldcenter Associates. "The Marriott Marquis Miami Worldcenter Hotel & Expo Center will continue MDM's track record of transformative development, following the firm's past success in Brickell, downtown Miami and Dadeland. This transaction is a positive step forward for MDM, Miami Worldcenter and Miami as a whole."
Marriott Marquis Miami Worldcenter Hotel & Expo will be a game-changer for the community in the Park West area of downtown Miami and the region overall. It will help bring the same energy and excitement MDM Group has generated throughout all its projects including Dadeland, Brickell’s Financial District, and downtown Miami’s urban core.
The development is expected to generate thousands of jobs during construction phases and it is expected to pave the path for hundreds of both direct and indirect career opportunities once the hotel and conference center is fully operational.
Once completed, the hotel and expo center will also induce demand for approximately 4,200 hotel rooms, which will be provided both by the on-site hotel, along with other properties within a short distance from the hotel and conference center.
The project has been designed by leading Miami architects Nichols Brosch Wurst Wolfe & Associates (NBWW). RTKL, the globally acclaimed creative services organization, is the development’s interior design firm.
MDM Group has been collaborating with key community partners, including CareerSource South Florida, Miami Dade College, Miami Dade Public Schools and Goodwill Industries, among others, to ensure the community’s involvement with development of the hotel.
Founded in 1990, MDM Group began with the acquisition of the Miami Marriott Dadeland, along with the subsequent acquisition of the Datran I and II office complexes that same year. The development of the Courtyard by Marriott Dadeland solidified MDM’s role in the evolution of Dadeland into a vibrant business, retail and hospitality center. In 1998, MDM Group embarked on the visionary development of the JW Marriott Hotel Miami (the first luxury-branded hotel on Brickell Avenue) and Barclay’s Financial Center, a mixed-use facility in the heart of the Brickell financial district. This project was also a catalyst, serving as the key factor in the overall development of the Brickell Avenue corridor. Subsequent to that, MDM pioneered the development of mixed-use communities within the downtown core, with the unprecedented $1 billion Metropolitan Miami project, also designed by NBWW, and includes the JW Marriott Marquis Miami.