Brazilian developer Gilberto Bomeny and Regalia develper Louis Montello have teamed up and are moving ahead with the World Trade Center of the Americas at 340 Biscayne Blvd. after completing a sale and 99 year leaseback of the property and obtaining financing. They purchased the property which is currently the Holiday Inn Downtown in November 2015 for $65 million.
The World Trade Center of the Americas will be a 77-story mixed-use development that will rise 969 ft. The FAA and city approved the height, which will continue to push Miami's skyline higher. The mixed-use project will include 1.4 million SF of space including 400 residential units, 100 hotel rooms, 250,000 SF office space and 516 parking spaces. The total sell-out is expected to exceed $1 billion. Ground breaking is expected to come around late 2018 with an expected completion of 2022.