Worldcenter Developers Get Deep Discount

(This story, in slightly different form, originally appeared in Incisive Media’s Daily Business Review.)

MIAMI-A nearly $50-million price cut on a seven-acre property in the Park West neighborhood has put an end to a legal battle between developers of the proposed Miami Worldcenter and an Israel-based conglomerate. Africa-Israel Properties, led by Israeli-Russian diamond billionaire Lev Leviev, agreed to sell the parcel to the Worldcenter developers for $39 million, less than half the original $88.7-million contract price.

The deal is expected to close by Sept. 14. The developers, the Falcone Group and Marc Roberts Cos., can extend the closing for another month in exchange of an additional $1 million deposit.