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 8 October 2026Leer en español →
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Last updated 13 minutes ago
Verified 24 September 2026The Real Deal, Commercial Observer, Bisnow +11 more14 sources
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.
- Bought pre-construction at Legacy Residences at Miami Worldcenter? — before closing, a sale is usually an assignment of your purchase contract, and whether that is allowed depends on its assignment clause; after closing it is an ordinary resale. Ask Josh what your unit could sell for at delivery on WhatsApp.
Legacy Residences at Miami Worldcenter, by the numbers
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).
942 NE 1st Avenue, Miami, Florida 33132 | Neighborhood: Downtown Miami
Legacy Hotel & Residences at Miami Worldcenter was planned as a 50-story 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.
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 stories 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.
Sources and further reading
- Construction at Legacy Miami Worldcenter still on hold — The Real Deal, 30 July 2024 (stalled since March 2024; reported stop at the 16th floor; 50 stories at 942 NE First Avenue; 310 condos, 219-key hotel; condominiums sold out at an estimated $160 million; delivery previously expected in 2024; $340 million loan)therealdeal.com
- Legacy Miami Worldcenter foreclosure: agreed order sets bond and payment deadlines — The Real Deal, 4 September 2025 (order entered 22 August 2025; $32 million surety bond and about $35.1 million payment; lender took over the loan 6 June 2025; $31.9 million alleged; only about $30 million funded, per the developer)therealdeal.com
- Legacy Miami Worldcenter foreclosure: developer misses bond deadline — The Real Deal, 1 October 2025 (lender’s notice that the bond was not timely posted; 310 short-term-rental-friendly condos, 219-key hotel; $160 million presales)therealdeal.com
- “Built on cash”: How developers survive the squeeze in Miami — The Real Deal, 7 November 2025 (developer’s chief executive says the project is on a path to restarting construction; court order bars him from discussing the suit)therealdeal.com
- Distress call: Foreclosures threaten 13 South Florida dev sites — The Real Deal, 1 December 2025 (Monarch moving to foreclose; construction paused; loan of roughly $340 million only partially funded, per the developer; no outcome reported)therealdeal.com
- Monarch sues to foreclose on unfinished Miami Worldcenter project — Commercial Observer, 7 July 2025 (suit filed in Miami-Dade Circuit Court; $290 million loan later amended to $293 million; 310 condos, 219-room hotel, 1.5-acre site; construction halted March 2024 at the 16th floor)commercialobserver.com
- Developer, Lender Trade Lawsuits For Control Of Stalled 50-Story Miami Tower — Bisnow, 7 July 2025 (Monarch affiliate sued 2 July; developer counterclaim 7 July; $340 million loan December 2021; 308 condos and 218 hotel rooms; 1.5-acre lot)bisnow.com
- Miami Developer Can’t Avoid Lender’s $290M Foreclosure Suit — Law360 Real Estate Authority, 5 March 2026 (paywalled: only the headline and first sentence were readable; developer dealt a blow in its bid to stave off the foreclosure suit)law360.com
- Miami Worldcenter completes $33.9 million sale of 1.53-acre development parcel for Legacy Hotel & Residences — Miami Worldcenter Associates release, 3 December 2020 (parcel at 942 Northeast First Avenue; then-planned 50 stories, 274 residences, 256-room hotel)miamiworldcenter.com
- Construction Permits Await Approval For 50-Story Legacy Hotel & Residences At Miami Worldcenter — Florida YIMBY, 15 April 2021 (designed by Kobi Karp; about 661 feet; permit address 930 Northeast 1st Avenue)floridayimby.com
- Legacy Miami Worldcenter Officially Sells Out Ahead Of Breaking Ground — Florida YIMBY, 26 May 2021 (condominiums sold out per the project’s announcement of 24 May 2021; 287 residences and 262 hotel rooms at that date; Kobi Karp)floridayimby.com
- Legacy Hotels & Residences — developer website home page, read 24 September 2026 (still marketing the project; no delivery date; sales gallery at 1010 NE 2nd Avenue; no statement on construction status)legacymwc.com
- Legacy in the news — developer website press page, read 24 September 2026 (reprinted 2021 items: 310 residences, 255 hotel rooms, $340 million loan, August 2021 groundbreaking; newest item dated 2022)legacymwc.com
- Property Search — Miami-Dade County Property Appraiser (ten folios in Block 23 of City of Miami North owned by Legacy MWC Trustee LLC, 65,850 sq ft in total; vacant land or parking lot, building value zero; latest sales on each folio 30 November 2020 for $33,988,200 and 10 December 2021 corrective deed for $100; retrieved 24 September 2026)miamidadepa.gov
In the research: 8 Miami Pre-Construction Projects: What the Record Shows, as of 1 September 2026
Already bought at Legacy Residences at Miami Worldcenter?
If you signed a pre-construction contract here, this part of the page is for you: what you can do with your contract, and how to get the record as it changes.
Your three options
- Close and keep it. Live in it, or rent it out within the condominium’s rental rules.
- Assign your contract before closing. A new buyer takes over your contract. Whether that is allowed, and at what fee, depends on your contract’s assignment clause and usually on the developer’s written consent.
- Close, then resell. After closing it is an ordinary resale, priced against what similar homes have actually recorded.
What I will send you
Tell me your unit. I will send you the project’s status from the public filings as it changes, the first recorded sales here when they land, and a straight read on whether to hold, assign or sell.
Two free things for buyers here
Legacy Residences at Miami Worldcenter — questions buyers ask
I bought pre-construction at Legacy Residences at Miami Worldcenter. Can I sell before or at delivery?
It depends on your purchase agreement. Before closing, selling usually means assigning your contract to a new buyer, which developers often allow only with their written consent and sometimes for a fee, so read the assignment clause first. After closing it is an ordinary resale, priced against what similar homes in the building and nearby have actually closed for. If you bought at Legacy Residences at Miami Worldcenter and want to know what your unit could sell for at delivery, message Josh Stein on WhatsApp at (305) 695-8257.
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 stories 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.
Josh Stein · Florida real estate sales associate, license SL3057661 · (305) 695-8257 · hello@joshsteinrealtor.comGet this building’s next recorded sale — before the listing sites catch up
- Every closed sale we can verify from the Miami-Dade record — price, date, and $/sqft when the deed supports it — not an IDX feed.
- Optional alert when a new deed posts in this building (or a short list of comps you choose).
- No spam inventory blasts. One building. One record. You decide what happens next.
Tell Josh which building. He’ll send the latest closed sales and set a quiet alert.
Get the sales record