Witkoff's Downtown Miami Tower Gets $175M, 52-Floor Permit
Miami-Dade issued a $175M permit on Oct. 22 for 893 rental units over 52 floors at the Miami Arena site, three months after Witkoff's $302.6M loan.
- Source Briefing
- Public record
- Also reported by Witkoff
Miami-Dade County issued a $175 million building permit on Oct. 22 for a 52-floor, 893-unit rental tower at 721 NW 1st Ave, the Downtown Miami parcel Witkoff markets as 700 North Miami Avenue. It is the step between financing and construction: the permit follows the venture’s $302.6 million construction loan by about three months.
Why it matters
Permit 2027004650 lists Wg 700 North Miami LLC as owner and Coastal Construction as contractor for a new multifamily building of 1,002,258 square feet. The county record does not name Witkoff. The link rests on the entity name and Witkoff’s own project page, which describes 893 rental residences at the address. Our July report on the loan covered the financing, and a brief mention of the permit ran in our Oct. 27 Out to Bid roundup with no detail on scale.
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The new fact is the stage. A vertical permit means the first tower has cleared plan review and can move from site work to structure, a milestone many large downtown rental sponsors have not reached this cycle.
The numbers
The $175 million permit valuation works out to roughly $175 per square foot, or about $196,000 per unit. The $302.6 million loan, as reported by Commercial Observer, is far larger than the permit value, which suggests the loan covers land, soft costs, financing and reserves beyond the hard-cost figure filed with the county. Permit valuations are applicant-declared and often lag final contract prices.
The unit count also sits slightly above the roughly 890 units cited when the loan closed, so the filed building is a touch larger than the financing coverage described then.
What’s next
Watch for Coastal Construction’s mobilization and any foundation or superstructure sub-permits at the parcel. The two remaining towers on the site, which public filings have described as later phases, still show no permit. For the wider submarket, see the South Florida hub. A clerk mortgage record for the upsized loan was not pulled for this report, so the lender split rests on the cited trade report.
More in Foreclosure & Distress News. See the upcoming commercial foreclosure auctions. Every South Florida foreclosure case, with the debt and the case file, is on the Deal Board.
Quick answers
- What is the latest on 700 North Miami Avenue?
- Miami-Dade issued a $175M permit on Oct. 22 for 893 rental units over 52 floors at the Miami Arena site, three months after Witkoff's $302.6M loan.
- Who is developing 700 North Miami Avenue?
- Witkoff, Monroe Capital and Coastal Construction, according to Miami-Dade County Property Appraiser.
- What are the key numbers for 700 North Miami Avenue?
- permit valuation: $175M; rental units: 893; floors: 52; construction loan: $302.6M.
On the record
Miami-Dade permit 2027004650 was issued 2026-10-22 for a new multifamily building at 721 NW 1st Ave: $175M valuation, 893 units, 1,002,258 square feet, 52 floors, Coastal Construction as contractor, owner of record Wg 700 North Miami LLC.
Permit · miamidade.gov
Also reported by