MIAMI—Now that the City of Miami has unanimously approved the zoning package and development agreement for Miami WorldCenter, plans are unfolding quickly. The $2 billion project's master development team has announced an initial construction timeline for its first phase. Physical site work is expected to get underway in the first quarter of 2015 with vertical construction set to begin in mid-2015.

Miami Worldcenter will occupy 27 acres in the heart of Downtown Miami, making it one of the largest real estate developments underway in the United States. The first phase of the 10-block project will include world-class retail, residential towers, and an expo center with a hotel right beside it.

Miami Worldcenter is a collaboration between Miami Worldcenter Associates and a team of best-in-class development, design, and engineering firms. On the retail front, Forbes Company and Taubman will deliver a 765,000 square-foot shopping mall anchored by Bloomingdale's, Macy's, and complementary dining and entertainment options.