Royal Palm Companies, a Miami-based developer led by Dan Kodsi secured a $340 million construction loan from New York City-based Silverstein Capital Partners for the development of Legacy Miami World Center, a luxury mixed-use residential and hotel skyscraper to be built in downtown Miami. This is the first major construction loan in South Florida for Silverstein and the third largest construction loan ever in the state of Florida according to Royal Palm Companies.
Jay Roberts, founder and CEO of Prosper Group, was hired by Royal Palm Companies as a strategic adviser for the nearly half a billion-dollar project in January 2021 to raise capital and work closely with RPC's executive team to capitalize the nearly one million square foot tower. The team successfully closed on the financing in early December 2021 with Silverstein Capital Partners, developers of the World Trade Centers in Manhattan.
Legacy, when completed, will be a 55-story, 671-foot-tall skyscraper consisting of luxury residences, hotel and wellness center in the heart of the Miami World Center. The tower will consist of 310 residences, 219 hotel rooms and a $100 million, 10-floor, 120,000 square foot wellness center. Owners of the condo residences can rent their units on Airbnb, Vrbo, Expedia and other travel OTAs to earn income when not staying in the units.
Miami World Center, a $4 billion, 27-acre mega project, is currently America's largest urban core construction project and the nation's second-largest mixed-use real estate development.
Accor Hotels, which operates 3,700 properties in 100 countries, was selected to manage the hotel and food and beverage portion of the tower.
Miami-based starchitect Kobi Karp designed the luxury high rise.
Jay Roberts is the founder of Prosper Group, a Florida-based development firm, currently building homes in Tampa Florida and Huntsville, Alabama. Jay is a former investment banker at Bank of America Merrill Lynch in New York City and founder of an Airbnb-based hospitality startup.