New York-based Witkoff and Chicago-based Monroe Capital could soon move forward with a mixed-use project on the former Miami Arena site after obtaining a $302.6 million loan.
Athene Annuity and Life Co., part of Apollo Global Real Estate, assumed the prior mortgage $57.3 million with WG 700 North Miami LLC, a partnership between Witkoff and Monroe Capital, and boosted it to $302.6 million. It covers the 4.7-acre site at 700 N. Miami Ave.
That’s the former home of the Miami Arena, which was torn down in 2008. The Miami Heat and Florida Panthers once played there.
The developers acquired the property for $94 million in 2021 and filed a mixed-use development plan.
According to county records, it was approved for 2,360 apartments, 28,000 square feet of restaurants, and 11,500 square feet of retail. It’s expected to be three towers of roughly 57 stories. This site is considered part of the 27-acre Miami Worldcenter district, one of the largest developments in the history of Miami.
Officials with Witkoff couldn’t be reached for comment. The company was founded by Steve Witkoff, who is President Donald Trump’s U.S. Special Envoy to the Middle East.
According to the second quarter Miami-Dade Multifamily report from Marcus & Millichap, county-wide vacancy rate was 4.4%, a year-over-year decrease of 50 basis points, while the average rent has increased 2.7% to $2,750. The report says 7,000 apartments will be added this year.
