Property Markets Group and Lion Development just launched 501 First — a fully-serviced, Airbnb-ready tower at the heart of Miami Worldcenter, with entry pricing under $600K and projected day-one cash flow.
Key Takeaways
- 501 First Residences is a 49-story, 464-unit fully-serviced condo-hotel at the center of Miami Worldcenter, built specifically for short-term rental cash flow.
- Pricing starts in the high $500Ks for studios, with one-bedrooms beginning in the high $700Ks — well below comparable Brickell Airbnb-friendly inventory.
- Developer team: Property Markets Group (PMG) and Lion Development Group, the same partnership behind the sold-out Society towers and E11EVEN-adjacent product.
If you've been following Miami Worldcenter — the 27-acre, $6 billion master-planned district stitching Downtown to Park West — you already know how few of the projects there are actually built for investors. Most of the Worldcenter towers being delivered now are residential-only or sell as primary-home product. The ones that genuinely lean into Miami's short-term-rental boom are rare.
501 First Residences is the latest, and it might be the most strategically positioned one yet.
The Project, Quickly
501 First Residences sits at 501 NE 1st Avenue, on what is essentially the southwest corner of Miami Worldcenter. The tower will rise 49 stories. The unit count: 464 fully-furnished residences ranging from compact studios to two-bedroom homes. The whole building operates as a condo-hotel — every unit has the legal right to be rented nightly through the building's branded hospitality program, or via Airbnb, Vrbo, and other third-party platforms.
The developer team is Property Markets Group (PMG) — the firm behind Society Las Olas, Society Atlanta, and the Waldorf Astoria Residences Miami, which I broke down in detail in 'Waldorf Astoria Residences Miami' — partnered with Lion Development Group. PMG essentially invented the short-term-rental-friendly Miami tower category with The Crosby Worldcenter and Society Wynwood. They know how to deliver this product and they know how to lease it.
What Makes 501 First Different From the Other Worldcenter Towers
Worldcenter already has several deliverable or in-construction condo towers — Casa Bella, JEM Private Residences, The Crosby, Okan Tower. I've covered most of them in past articles. 501 First differentiates on three fronts.
First, price point. Studios are starting in the high $500Ks, one-bedrooms in the high $700Ks, and two-bedrooms in the low $1Ms. That puts it well below JEM Private Residences (starting around $850K for studios) and below Casa Bella's current resale floor. For investors targeting a sub-$1M entry with positive cash flow, this is the lowest-friction Worldcenter option.
Second, operational model. The tower has an on-site full-service hospitality team, integrated booking platform, housekeeping, valet, and 24/7 front desk. Owners can opt into the building's rental program (one click, all-in pricing) or self-manage through Airbnb. The Crosby pioneered this model; 501 First refines it.
Third, location within the district. 501 First sits one block from the Miami Central Brightline station — the same station that connects to Fort Lauderdale, West Palm Beach, and Orlando. For the rental guest, that means walk-to-train access from a furnished condo. For the investor, that means a guest pool that includes Orlando weekend travelers, Disney-to-beach families, and corporate users — not just South Beach tourists.
- Miami Market Snapshot — May 2026:
- Short-term-rental-approved Miami condos: trading at 11-14% premium to comparable non-approved units
- Average nightly rate for furnished one-bedroom in Worldcenter: $285-$340
- Average occupancy for managed STR units in Downtown Miami: 71% (up from 67% in 2025)
- Miami Central Brightline ridership: up 28% YoY through Q1 2026
The Investment Math
Let me run real numbers on a one-bedroom at 501 First, conservatively.
Purchase price: $785,000 (median one-bedroom) Down payment (35% — pre-construction standard): $275,000 Furniture/turnkey allowance: included in price Monthly HOA (estimated): $980 Estimated annual property tax: $14,200 Estimated insurance: $2,800
Revenue projection: Nights occupied: 257 (70% occupancy) Average nightly rate: $310 Gross annual revenue: $79,670 Platform/management fees (25%): -$19,920 Cleaning costs (passed to guest, net zero) Net operating revenue: $59,750
Expenses: HOA + tax + insurance: $28,800 Maintenance reserve: $3,000 Net cash flow before debt service: $27,950
For an all-cash buyer, that's a 3.5% net yield with built-in furniture appreciation, asset appreciation, and the bonus depreciation tax shield I covered in 'Cost Segregation for Miami Real Estate Investors.'
For a financed buyer at 65% LTV with current rates (~7.0% on a 30-year), debt service runs roughly $40,800/year — meaning small monthly outlay covered by appreciation and tax savings. Not a yield play; a long-term appreciation + tax-position play.
Why a Miami Business Owner Should Care
If you're a Miami business owner already running my Real Estate Professional Status or STR loophole strategy, 501 First fits perfectly into the portfolio. The unit is operationally turnkey from day one — you're not waiting for furniture, navigating short-term-rental regulations, or managing turnover. You're buying a cash-flowing asset with full bonus depreciation eligibility, in a district that's still in mid-build-out with rising rents.
For a first-time Miami investor — a Boston relocator, a New York remote worker, a Latin American family diversifying — 501 First is also one of the cleanest entry points into the market. No retrofit work, no compliance gymnastics, no HOA arguments about Airbnb. The whole building is purpose-built for the model.
As I broke down in 'How to Buy Pre-Construction in Miami: The 2026 Deposit Schedule, Timeline, and Risk Playbook,' Worldcenter projects have generally been on schedule because the master infrastructure is already in place. 501 First's projected delivery is late 2027 to early 2028.
View the full 501 First Residences project page with current pricing, floor plans, and availability at carloscabalerealtor.com/new-development/501-first-residences.
Risks Worth Naming
Short-term-rental performance depends on supply. As more Airbnb-friendly Worldcenter buildings deliver (The Crosby is fully open, JEM coming, Okan Tower operational), the per-unit revenue could compress. The numbers above are 2026 actuals; underwrite conservatively.
Also: condo-hotel financing has fewer lender options than traditional condo financing. Most buyers in this category are either cash or use specialty pre-construction financing. Talk to a Miami lender who actively does this product before assuming you can underwrite at conventional terms.
Frequently Asked Questions
Q: How much is the deposit schedule for 501 First Residences? A: Pre-construction deposits typically run 30-40% during construction (10% at signing, 10-20% at groundbreaking, additional 10% at top-off), with the balance at closing. PMG's standard schedule applies. Confirm exact percentages with the on-site sales team before signing.
Q: Can foreign buyers purchase at 501 First? A: Yes. PMG's projects are foreign-buyer-friendly. International buyers typically pay in cash or use foreign-national lending programs available through specialty Miami banks. FIRPTA withholding rules apply at resale.
Q: Is 501 First Residences a good investment for short-term rental income? A: It's purpose-built for it. The building includes on-site hospitality services, no HOA restrictions on nightly rentals, and integrated booking technology. Among 2026 pre-construction projects in Downtown Miami, it's one of the few that bakes short-term rental viability into the project from day one.
Q: When will 501 First Residences be completed? A: Projected completion is late 2027 to early 2028. Worldcenter projects have historically delivered close to schedule due to master infrastructure being in place. Confirm timing with the developer before signing.
Explore the full 501 First Residences project on my website: carloscabalerealtor.com/new-development/501-first-residences
Let's find your next property together.
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