Adam Neumann, former CEO of WeWork, is spearheading a significant real estate endeavor through his startup Flow in Miami, with plans totaling $300 million in developments. These developments will transform an area once known as “tent city” into a vibrant urban center.
The project, outlined in a preliminary document filed on MuniOS, encompasses rental apartments, retail spaces, and small offices in Miami’s downtown. Flow, confirmed as the owner and developer of these projects, is part of the Miami Worldcenter, a vast urban redevelopment initiative involving multiple developers and spanning over 20 acres.
This venture provides insight into Neumann’s activities post-WeWork, following his departure from the company he helped grow into a real estate giant before its fall and subsequent bankruptcy. Flow, founded by Neumann post-WeWork, secured $350 million from venture capital firm Andreessen Horowitz in 2022.
Expected completion of the office and retail spaces is slated for next year, with the developer currently in the process of obtaining site plan approval. Miami Worldcenter aims to raise approximately $240 million through a municipal bond sale, with Neumann’s family office, 166 2nd Financial Services, initially cited as the developer. However, Flow’s spokeswoman refuted this claim, emphasizing inaccuracies regarding Neumann’s involvement.
The Miami Worldcenter project traces back to 2021, with Neumann-affiliated firms involved in the acquisition of the Caoba, a 44-story residential tower. Plans for an adjacent 41-story apartment tower, undertaken by Flow and the original Caoba developers, Falcone Group and Merrimac Ventures, are underway and expected to conclude this year.
Additionally, Flow intends to develop retail and office spaces across the street by 2025. Concord Group estimates the collective value of these buildings to be around $300 million.
Adam Neumann’s net worth is reported at $1.7 billion, according to the Bloomberg Billionaires Index, further underscoring his significant involvement in real estate ventures beyond WeWork.