Formerly known as the first phase of the Seventh Street Apartments, the 43-story market-rate rental building at 698 Northeast 1st Ave. becomes the first tower to top-off construction at the $2 billion Worldcenter, marking a major milestone for one of the largest urban development projects underway in the country, the developers say in a news release. Construction of CAOBA is anticipated to be completed in the fall of 2018.
CAOBA will include more than 20,000 sq. ft. of ground-floor retail space for shops and restaurants, connecting Worldcenter’s ‘High Street’ retail promenade and plaza to the east between Northeast 1st and 2nd Avenues. Plans for an adjacent 40-story, 429-unit tower have been approved by the City of Miami.
“Caoba is the Spanish word for mahogany, which is a variety of wood prized for its beauty, durability and color – attributes that will reflect the luxurious, organic sensibility of the building’s amenity and public spaces,” Miami Worldcenter’s managing principal Nitin Motwani says in a statement. “Residents of this complex will value being able to walk outside their door and be in the heart of a 10-block ‘city within a city’ complete with offices, shopping, dining and entertainment. And our proximity to Miami-Dade’s primary transit systems, including the new Brightline high-speed rail, means residents will be able to jump on a train and beat the traffic to anywhere in South Florida.”