Legacy Residences at Miami Worldcenter: On Hold Since 2024

South Florida New Construction · Downtown Miami · Legacy Residences at Miami Worldcenter

About 310 condominiums and a 219-key hotel planned across 50 floors.

By Josh Stein · Florida license SL3057661 · Updated 26 September 2026

Verified 24 September 2026The Real Deal, Commercial Observer, Bisnow +11 more14 sources

Josh’s take

The county does not hold this site as one parcel. On 24 September 2026 I found ten folios in Block 23 of City of Miami North, all in the name of Legacy MWC Trustee LLC, together 65,850 square feet, about 1.5 acres. The folio at 942 NE 1st Avenue (01-0102-030-1010) is the smallest of them at 2,250 square feet, so I would not read anything about the whole tower into its figures alone.

On the 942 NE 1st Avenue folio the last sale the county codes as qualified is December 2000: 1,200,000 dollars, on a deed the county notes includes more than one parcel. It is not the last time the ground changed hands. All ten folios carry the same two later entries, both coded unqualified: a warranty deed dated 30 November 2020 at 33,988,200 dollars (the county’s reason code reads atypical exposure to market, atypical motivation), which matches the 33.9 million dollar sale of a 1.53-acre parcel that Miami Worldcenter Associates announced on 3 December 2020, and a corrective deed for 100 dollars dated 10 December 2021.

The county has not begun valuing a structure: the building value on all ten folios is zero, and they are classed as vacant land or parking lot. The 2026 assessed values add up to about 28.9 million dollars against a land value of about 36.2 million. On the 942 NE 1st Avenue folio alone the assessment went from 816,750 dollars in 2024 to 898,425 in 2025 and 988,267 in 2026, about ten per cent a year.

The county’s zone label on every folio reads “Urban Core 60 Story / 11 Flr Open”. I have not found a source that explains the “11 Flr Open” part, so I am quoting the label rather than interpreting it.

The county carries these folios as land, not as condominium units, so it has no unit count, no floor plans and no unit sales history. What the roll does show as of 24 September 2026 is that the entity named in the foreclosure reporting still owns all ten folios and that no transfer has been recorded on any of them since December 2021. I have found no sign of a foreclosure sale, but the roll is not a live feed of recorded deeds, so read this as what the county shows on 24 September 2026, not as proof that nothing has been recorded since.

Josh Stein · Florida real estate sales associate, license SL3057661 · selling South Florida since 2002

Legacy Residences at Miami Worldcenter — photography to follow

Legacy Residences at Miami Worldcenter — image to follow

By Josh Stein — Miami real estate sales associate, Florida license SL3057661. Selling Miami luxury property since 2002, with more than $1 billion closed.

Key Takeaways

About 310 condominiums and a 219-key hotel planned across 50 floors — at 942 NE 1st Avenue (The Real Deal, 30 July 2024). Counts have moved between reports: Bisnow (7 July 2025) gave 308 condominiums and 218 hotel rooms, and reports from 2020 and 2021 gave 274 to 290 residences.
Status: construction paused since March 2024, reportedly at about the 16th floor — The Real Deal, 30 July 2024; Commercial Observer, 7 July 2025. I have found no report that work restarted (searched 24 September 2026).
Lender foreclosure in litigation — a Monarch Alternative Capital affiliate sued on 2 July 2025 (Bisnow, 7 July 2025). The latest item I found is Law360 of 5 March 2026, of which I could read only the headline and first sentence.
Developed by Royal Palm Companies (The Real Deal, 30 July 2024).
Architecture by Kobi Karp (Florida YIMBY, 26 May 2021).
Completion: no date announced. The Real Deal (30 July 2024) reported that delivery had previously been expected in 2024; the developer’s website (read 24 September 2026) gives no delivery date.
Condominiums reported sold out on presales — Florida YIMBY (26 May 2021) reported the sell-out from the project’s own announcement, and The Real Deal (1 October 2025) put it at an estimated $160 million. I have not found a current price list.

Legacy Residences at Miami Worldcenter, by the numbers

50Storeys planned

~310Condos planned

UnannouncedDelivery date

On HoldStatus

Developer: Royal Palm Companies · Architect: Kobi Karp · Construction paused since March 2024, reportedly at about the 16th floor (The Real Deal, 30 July 2024); condominiums reported sold out, an estimated $160 million of presales (The Real Deal, 1 October 2025).

Downtown Miami

Yr. Built

On hold since March 2024

Have a question about Legacy Residences at Miami Worldcenter? This page is built from the county record and the trade press, not a listing feed. If you want what has actually closed here, or an honest read on whether it suits you, ask me directly.

Call (305) 695-8257 Email about Legacy Residences at Miami Worldcenter

Stories

50 planned

No. Units

~310 planned + 219 hotel keys

Construction On Hold

Condominiums reported sold out in presales

942 NE 1st Avenue, Miami, Florida 33132 | Neighborhood: Downtown Miami

Legacy Hotel & Residences at Miami Worldcenter was planned as a 50-storey mixed-use tower of about 310 condominiums, a 219-key hotel and a medical and wellness centre at 942 NE 1st Avenue in Downtown Miami (The Real Deal, 30 July 2024); permit filings and some reports give the address as 930 NE 1st Avenue (Florida YIMBY, 15 April 2021). It appears among the Miami new construction pages on this site, but it is not an ordinary new-construction sale: construction has been paused since March 2024, reportedly at about the 16th floor (The Real Deal, 30 July 2024; Commercial Observer, 7 July 2025), and I have found no report that it has restarted (searched 24 September 2026). The lender’s foreclosure suit was filed in Miami-Dade Circuit Court on 2 July 2025 (Bisnow, 7 July 2025); the latest item I found is a Law360 report of 5 March 2026, of which I could read only the headline and first sentence. The Miami-Dade County Property Appraiser lists Legacy MWC Trustee LLC as owner of the ten folios I found for the site, with no transfer recorded since December 2021 (checked 24 September 2026). I have not found a recorded condominium declaration for this project, so I cannot say whether short-term rental will be permitted. The Real Deal has described the planned condominiums as short-term-rental friendly (1 October 2025); that describes the marketing, and the binding rule is whatever the recorded declaration says.

See the other South Florida new-construction buildings on this site.

Paused since March 2024 · lender foreclosure in litigation

Legacy Residences at Miami Worldcenter is a partly built tower. Construction stopped in March 2024, reportedly at about the 16th floor, and I have found no report that it restarted (The Real Deal, 30 July 2024; Commercial Observer, 7 July 2025). The tower was planned at 50 storeys and about 661 feet (Florida YIMBY, 15 April 2021), with about 310 condominiums and a 219-key hotel; architecture by Kobi Karp.

Monarch Alternative Capital took over the construction loan from Silverstein Capital Partners on 6 June 2025, and a Monarch affiliate sued the developer’s entities to foreclose on 2 July 2025, alleging about $31.9 million was owed. On 7 July 2025 the developer counterclaimed, alleging predatory tactics by the lender. Those are each side’s allegations, not findings (Bisnow, 7 July 2025). An agreed order entered on 22 August 2025 set 22 September 2025 for a $32 million surety bond and about 5 November 2025 for a payment of about $35.1 million plus interest and fees (The Real Deal, 4 September 2025); the lender’s notice said the bond was not posted on time (The Real Deal, 1 October 2025). On 7 November 2025 the developer’s chief executive said the project is on a path to restarting construction (The Real Deal, 7 November 2025); on 1 December 2025 The Real Deal still described Monarch as moving to foreclose; and on 5 March 2026 Law360 reported that the developer was dealt a blow in its bid to stave off the suit (headline and first sentence only; the article is behind a paywall). I have not found a source that reports what happened after that.

Reports differ on the loan: $340 million was announced in December 2021 (developer’s press page; The Real Deal; Bisnow), while Commercial Observer (7 July 2025) and Law360 (5 March 2026) give $290 million, and the developer has said that only part was funded (The Real Deal, 4 September 2025). I have not resolved the difference. If you hold a contract here, read your contract and the escrow terms, and ask the escrow agent named in it, in writing, where your deposit is held.

Verified 24 September 2026. Sources listed below

Interested in Legacy Residences at Miami Worldcenter?

Construction at Legacy Residences has been on hold since 2024. Ask Josh Stein what the current position is before considering any deposit.

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Sources and further reading

In the research: 8 Miami Pre-Construction Projects: What the Record Shows, as of 1 September 2026

Legacy Residences at Miami Worldcenter — questions buyers ask

Is Legacy Residences at Miami Worldcenter still being built?

No. Construction stopped in March 2024, reportedly at about the 16th floor of a planned 50 (The Real Deal, 30 July 2024; Commercial Observer, 7 July 2025). I have found no report that it restarted. Checked 24 September 2026.

What is the legal position?

A Monarch Alternative Capital affiliate sued the developer’s entities to foreclose on the construction loan on 2 July 2025, alleging about $31.9 million was owed, and the developer counterclaimed. Those are each side’s allegations, not findings (Bisnow, 7 July 2025). Law360 reported on 5 March 2026 that the developer was dealt a blow in its bid to stave off the suit (headline and first sentence only; the article is paywalled). I have not found a source that reports an outcome. As of 24 September 2026 the Miami-Dade County Property Appraiser lists Legacy MWC Trustee LLC as owner of the ten folios I found for the site, with no transfer recorded since December 2021.

Can I buy here?

The Real Deal reported that the condominium portion sold out during the pandemic, on an estimated 160 million dollars of presales (30 July 2024). I have not found a current price list or an open sales release. Given the construction pause and the foreclosure litigation, anything you are offered on this building needs to be read in full before a deposit, not after.

Are short-term rentals allowed?

I cannot say. The county roll shows no condominium units at these folios and I have not found a recorded declaration of condominium, so I have no rule to quote. The Real Deal has described the planned condominiums as short-term-rental friendly (1 October 2025); that describes the marketing, not a recorded rule.

What was planned?

About 310 condominiums, a 219-key hotel and a medical and wellness centre across 50 storeys at 942 NE 1st Avenue, by Royal Palm Companies with architecture by Kobi Karp (The Real Deal, 30 July 2024; Florida YIMBY, 26 May 2021). Counts differ between reports: Bisnow gave 308 condominiums and 218 hotel rooms on 7 July 2025, and Florida YIMBY gave 287 residences and 262 hotel rooms on 26 May 2021.

Thinking about Legacy Residences at Miami Worldcenter?

I have sold South Florida property since 2002, more than $1 billion of it. Ask me for the recorded declaration, what has genuinely closed, or a straight answer on whether this building fits what you are after.

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Josh Stein · Florida real estate sales associate, license SL3057661 · (305) 695-8257 · hello@joshsteinrealtor.com

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