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In his second act, WeWork founder Adam Neumann is taking on another project at a massive development in Miami.
Neumann, who now runs real estate startup Flow and has attempted to buy back his lost stake in WeWork, is one of the developers building at Miami Worldcenter, a 10-block project on the northern end of Downtown Miami.
Miami Worldcenter Holdings, led by Nitin Motwani and Art Falcone, aims to raise $240 million through a municipal bond sale, according to an offering document released last week.
The bond filing describes an entity known as 166 2nd Financial Services as “the family office of Adam Neumann and Rebekah Neumann.” That organization proposes 40,000 square feet of offices and 19,000 square feet of retail space in the southern part of the Worldcenter development, according to the document. (However, in a twist, Flow says the bond filing is incorrect — Flow is involved in the project, but the couple’s family office is not.)
That project, dubbed Block E Promenade, is seeking approval and could be completed next year, the bond filing said.
Neumann’s involvement in Miami Worldcenter dates to at least 2021, with the purchase via Flow of a 44-story residential tower called Caoba.
Meanwhile, Flow and two other developers, Falcone Group and Merrimac Ventures, are building a 41-story apartment tower at Worldcenter. That building is expected to be completed this year, the document said. (Merrimac is run by brothers Dev Motwani and Nitin Motwani, the latter of whom is the lead developer of Miami Worldcenter.)
Neumann rose to stardom as the head of WeWork, the shared-office concept that he built into a company briefly valued at $47 billion. The rapid growth led to financial problems, and Neumann left WeWork in September 2019 after a failed initial public offering, although WeWork later successfully went public in 2021.
Adam and Rebekah Neumann were married in 2008. In 2022, Flow raised $350 million from venture capital firm Andreessen Horowitz.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
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