One address, two programmes
The Legacy Hotel & Residences sits at 942 NE 1st Avenue inside Miami Worldcenter. The December 2021 construction loan covered 308 condominium units and 218 hotel rooms, as reported by Bisnow. The tracker records 310 residences and 219 hotel keys.
Two published counts sit two units and one key apart. A credit model needs one programme. A two-product building carries separate revenue lines, separate delivery dates and separate buyer pools, and each line prices off its own count.
The building reached roughly its sixteenth floor before work stopped in March 2024. Expected opening is recorded as TBD.
The residences carry no rental restriction
The tracker describes the residences as compact and fully furnished, sold with no rental restrictions. The hotel half carries no brand, operator, management agreement, franchise term or licence on the record.
A furnished unit with no rental restriction can enter the same nightly market as the hotel in the same building. Without a rental programme, the residences take guests from the hotel while the hotel carries the operating cost.
A lender prices the flag, the reservation channel and the management fee at term sheet. Where the flag never arrives, the stabilised revenue line rests on a projection with no contract behind it.
Two clocks
A residence converts to cash at closing. A hotel converts to cash at stabilisation. The file pairs a product that pays on closing with an operating business whose opening date is unset.
The first clock funds the second only while the closing schedule holds. At the sixteenth floor neither clock runs.
The bond date as a valuation event
A $32 million surety bond fell due on 22 September 2025 and was not posted. The settlement behind the order also required more than $35 million paid by early November. The foreclosure claim is $31.9 million.
That date sets the price. A developer who posts the bond keeps the asset and the case. A developer who misses it hands the lender two exits, receivership or a debt auction.
The district is still building
The tracker counts 95 Miami developments, with 37 announced and 40 under construction. Its pipeline reads 85 projects and 32,648 residences and keys. Peak delivery falls in 2028, at 19 projects and 7,841 units.
Ten projects sit within two miles of this address. Four trade already: Miami World Tower 1 in 2024, Miami Worldcenter in May 2025, The Crosby Miami Worldcenter in 2025 and E11EVEN in June 2026. Four are dated at or before 2028: JEM Private Residences in Q4 2027, Waldorf Astoria Residences Miami in Q2 2028, Okan Tower in 2028 and One West Twelve Residences in 2028. Two are announced beyond 2030: Palm Tree Residences Miami in 2030 and Delano Residences Miami in 2031.
The district's own coverage records Miami Worldcenter at 95 percent leased after Maple & Ash, Apple, Juvia and the Museum of Ice Cream took space.
Four items in the next filing
A programme count reconciled to the permit set. An operator named with the term of its agreement. A rental programme for the furnished units, or a written statement that none exists. A remediation scope with its engineer's report and its cost.
Each item is checkable against a public document. Together they decide whether the district's next tower prices execution risk at term sheet.
The line the record supports
District demand and building execution are separate risks. The second can stop the first from ever being tested at this address.
Whether the market priced that separation is a judgment. The evidence before a lender is a two-count programme, no operator, sixteen floors standing and a bond date that passed. Around it sits a 32,648-unit pipeline on a 2028 peak.