Adam Neumann’s real estate startup Flow Global is reportedly planning on constructing $300 million in Miami developments amid its attempts to gain control of WeWork.
Flow’s Miami blueprints include rental apartments, retail space and small offices in what was once considered a tent city for the homeless, according to a preliminary document filed March 11 on MuniOS, a web-based repository for municipal offerings, obtained by Bloomberg.
A spokesperson for Flow confirmed the enterprise to Bloomberg as a part of the Miami Worldcenter, an urban mixed-use redevelopment project that spans 20-plus acres, multiple city blocks and a number of other developers.
The office and retail space is anticipated to be accomplished by 2025, and the developer is “within the strategy of submitting an application to obtain site plan approval for its current development plan,” the court document says, per Bloomberg.
The projects related to Miami Worldcenter — which is raising some $240 million through a municipal bond sale — are being developed by 166 2nd Financial Services, the family office of Neumann and his wife, according to the 800-page filing on Municipal Bond Offerings service MuniOS.
Nevertheless, a spokesperson for Flow disputed this, telling Bloomberg in a press release that “any references that anyone falsely made to Adam, Rebekah or their family office are provably incorrect.”
A spokesman for the Miami Worldcenter has since said that the document can be updated to reflect Flow’s ownership stake, though it wasn’t immediately clear what that figure could possibly be.
The Post has sought comment from Neumann and Miami Worldcenter, which is anticipated to price March 26, according to the investor roadshow document reviewed by Bloomberg.
The involvement of firms linked to Neumann in Miami Worldcenter dates back to a minimum of 2021, according to the document, when Flow first landed financing to go towards constructing the second phase of a 44-story luxury residential tower called the Caoba.
As of December, 95% of Caoba’s 444 units were occupied, according to Bloomberg.
Together with the developers of the unique Caoba tower, Florida-based Falcone Group and Merrimac Ventures, Flow is reportedly constructing one other 41-story apartment tower right round the corner that may welcome residents later this 12 months, Bloomberg reported.
Come 2025, the upcoming constructing’s residents will enjoy 19,000 square feet of retail space and 40,000 square feet of office space just across the road.
The buildings could collectively be value around $300 million, according to an estimate by Concord Group, an actual estate consulting firm, which was included within the document and earlier reported on by Bloomberg.
So far, Neumann has raised more for Flow, which he founded after his unceremonious ousting as WeWork CEO in 2019 over reports about his outlandish behavior, which included leaving a wad of marijuana stuffed in a cereal box on a borrowed private plane in addition to staff meetings where the tequila was flowing.
Neumann, 44, has already raised $350 million from the enterprise capital firm Andreessen Horowitz for his recent startup, which he’s also using because the entity to scoop up bankrupt WeWork.
In a letter sent to WeWork’s advisers last month, Flow is in search of to get additional capital from hedge fund titan Dan Loeb to buy the embattled co-working giant or its assets, in addition to provide bankruptcy financing.
It’s not a recent quest. Flow’s counsel — including power lawyer Alex Spiro, who also represents Elon Musk and Kanye West — accused WeWork’s advisers of a “lack of engagement even to provide information to my clients in what is meant to be a value-maximizing transaction for all stakeholders.”
Spiro said that Neumann and affiliates of latest enterprise have worked since December 2023 “to obtain information crucial for a suggestion to purchase the corporate or its assets,” though “they still would not have access to that information.”
Even before that, Neumann has made a years-long attempt to put money into the embattled firm, though its subsequent CEO canceled a scheduled meeting with Neumann, where he was expected to share his plans for “a considerable equity infusion that may have helped the corporate,” Spiro wrote.
But the corporate’s then-chief, Sandeep Mathrani, “shut down that process without explanation,” according to the letter.