RPC (Royal Palm Companies), the developer of Legacy Hotel & Residences, downtown Miami’s highly anticipated mixed-use development, closed on a $340 million construction loan from New York City-based Silverstein Capital Partners. Best known for the redevelopment of the World Trade Center after 9/11, Silverstein Properties is a family held, full-service real estate development, investment, and management firm. Silverstein Capital Partners has committed $2.0 billion largely on construction projects in major US markets since its first loan in 2019. The loan is the third largest construction loan in the state of Florida, following Acqualina and Five Park, and is SCP’s first construction loan in South Florida.
Legacy broke ground in August of this year in the heart of mega-project Miami Worldcenter (MWC), the second-largest urban development in the U.S. Legacy will offer 310-residences sitting atop a 219-room hotel. By fusing the best in luxury, hospitality, health and wellness, Legacy filled a void in the market, which led to a $160 million sellout of Legacy’s 310 residences in less than 12 months and before groundbreaking, led by Peggy Olin, founder and CEO of OneWorld Properties. The development is expected to be the crown jewel of Miami Worldcenter once completed in 2024.
“Silverstein Capital Partners brings the development know-how that that no other lender could bring us because they understand both the development and lending business,” said Daniel Kodsi, CEO and Developer of RPC. “Silverstein’s projects transform neighborhoods, so to come together as they break into the South Florida market for the first time with one of the largest loans in Miami history is reflective of potential of the product, the organizations behind it and most importantly Downtown Miami, set to be the next global destination of South Florida.”
“Legacy Hotel & Residences is a large-scale, world-class, mixed-use project that we are proud to put our name behind as it redefines wellness and hospitality,” said Michael May, President of Silverstein Capital Partners. “This loan fits SCP’s strategy of writing large loans on complicated developments with creative financial structuring.”
Designed for the international and cosmopolitan traveler seeking a home away from home, Legacy Hotel & Residences aims to disrupt the condo space by introducing microLUXE™ living to Miami. The concept offers homeowners luxury small space living with the flexibility to live in or rent their home without rental restrictions, fulfilling the demand of a rapidly growing and more international downtown core.
The luxury skyscraper will also host ground-floor retail, five world-class restaurant and bar concepts, downtown’s largest hotel pool deck set on one acre and the city’s first enclosed seven-story rooftop atrium with a restaurant bar and lounge, the city’s first Singapore-inspired cantilevered pool soaring 500 feet in the sky, and a members-only international business lounge.
Legacy will be home to the world’s first 10-floor $100 million Blue Zones Medical and Wellbeing Center. Blue Zones, acquired by Adventist Health in 2020, is a worldwide leader in transforming populations by empowering people to live longer, healthier, happier lives with stronger connections with the community. The Blue Zones Center will combine modern medicine, holistic healing, and the most sophisticated artificial intelligence and medical and wellness technology to its members, guests, visitors, residents, and employees. Most impressive is the Diagnostic Room, which will offer more than 15 tests to track one’s health from every angle – all intended to put health back in the people’s hands.
The loan helps brings to life a first-of-its-kind ‘pandemic-proof’ development where all aspects of the 50-floor tower, from the hotel rooms and residences to the five restaurants, to the design and programming, will follow Blue Zones methods. The joint venture between Legacy Medical Holdings and Adventist Health called Blue Legacy will run and operate the Center. The joint venture is the first step in turning Miami into the next Blue Zone city.
Legacy is tapping into some of the world’s top brands to offer the best of the best in service, design and amenities. Accor will manage and operate the tower as part of the Morgan Original’s portfolio which will provide homeowners an exclusive membership to Accor’s Ownership Benefits Program, providing complimentary beach access at other Accor properties, priority reservations, perks, discounts and more.
RPC’s in-house design team tapped into top architecture and design firms to collaborate and help bring the tower to life including Miami-based, Kobi Karp Architects, Design Agency, and ID & Design International. For the Blue Zone Center, Legacy is working with top healthcare architecture firm, Perkins & Will, healthcare consulting firm Coker Group and Cactus, NY-based tech-driven design firm. The Blue Zone Center’s team of experts will be working together to ensure the entire property meets medical building and design standards that are typically unheard of for a traditional hotel.
The Miami Worldcenter 27-acre project provides unmatched accessibility, conveniently locating Legacy Hotel and Residences next to I-95 and I-395, the Brightline Central Station, the Metrorail and Metromover stations, as well as to all tunnels and bridges leading to South Beach.
For more information about the development, visit http://www.legacymwc.com/.
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About RPC:
Daniel Kodsi is a real estate veteran and CEO of RPC, a leading real estate development firm with more than 40 years of history. Established in the 1970s, RPC has developed over 6,000 residences across mixed-use, master-planned communities, hotels, multi-family, and high-rise residential projects exceeding more than $3.5 billion in asset value with over $2 billion in the pipeline. Under Daniel Kodsi’s leadership, the company has developed and repositioned more than 50 projects and delivers a proven track record of identifying underserved market opportunities and executing complex large-scale projects. With its visionary leadership, deep market insight and data driven analytics; RPC’s developments are considered a combination of exceptional design, cutting-edge execution, and luxurious amenities that elevate the lifestyle of residents, guests and communities while generating value for both private and institutional investors.
About OneWorld Properties:
OneWorld Properties, led by Peggy Olin, is a Florida-based full-service real estate brokerage firm offering elite services for luxury properties as well as integrated sales and marketing for residential development condominium projects. With over 20 years of experience, OneWorld Properties is an international leader in luxury real estate marketing and sales, reaching markets in Asia, Europe and South America through their knowledgeable and multilingual staff. The company was founded in 2009 and since then has worked along some of the most prestigious U.S. developers topping over $4 billion in residential sales and over 3,000 residences sold representing some of South Florida’s top developments including 100 Las Olas, PARAMOUNT Fort Lauderdale Beach, PARAMOUNT Miami Worldcenter, Brickell Ten, SPECTRUM+ at Reunion Resort, YOTELPAD Miami and Legacy Hotel & Residences. Nationally, the OneWorld Properties brand is also recognized for their work in New York, Los Angeles, Houston and Atlanta with offices in Fort Lauderdale, Miami, Orlando, Shanghai, Beijing and Shenzhen.
About Silverstein Properties:
Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by Chairman Larry Silverstein, the company has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space. Recent projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006), 4 World Trade Center (2013), Four Seasons Walt Disney Resort (2014), the Four Seasons Downtown and 30 Park Place (2016), One West End (2017), and 3 World Trade Center (2018). For further information on Silverstein Properties, please visit www.silversteinproperties.com or www.wtc.com.
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