Ambitious Downtown MXD Approved

(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-Miami Worldcenter, a 25-acre, 12-million-square-foot proposed Downtown development project, has been given Special District Zoning by the City Commission. The approval gives developer Miami Worldcenter Group, a partnership between the Falcone Group and Marc Roberts Cos., the green light to begin designing and signing agreements for the first phase of the massive mixed-use project.

As of right now, the exact uses and size of the components of the project are unknown, says Nitin Motwani, principal and managing director of Miami Worldcenter. “It will evolve as the market evolves,” he tells GlobeSt.com. What is known is that the first stage of development is planned to include a 750- to 1,000-room conference hotel, a boutique hotel with a size to be determined by the flag and a select service hotel with approximately 150 rooms, along with 500,000 square feet of retail, restaurants and entertainment. It is also too early to determine the overall value of the project, he says.