Rendering of the Miami Worldcenter in Downtown Miami.
A New York-based real estate company is the latest to join the sprawling Miami Worldcenter mixed-use project.
Lalezarian Properties LLC, a family-owned real estate manager and developer, bought nearly 2 acres for $43 million as part of the 27-acre, 10-block downtown project. The property is between Miami and Northeast First avenues and Seventh and Eighth streets.
The $4 billion Miami Worldcenter east of the Virgin MiamiCentral train station will have four residential towers, two hotels and 300,000 square feet of retail across two promenades and a main square.
It's unclear exactly what Lalezarian has planned, although the South Florida Business Journal, which first reported the sale, reported the site is entitled to up to 2,600 residential units.
A partnership that includes Nitin Motwani and Art Falcone leads the Miami Worldcenter project, and other developers are building individual aspects.
Hotel chain CitizenM, based in the Netherlands, earlier this year paid $10.75 million for a hotel site.
ZOM Living and the Moinian Group are developing a 43-story, 434-unit luxury luxury Luma apartment tower.
Another apartment tower, the 43-story, 444-unit Caoba at 698 NE First Ave., is finished.
The 700-foot-tall Paramount condo tower at 1010 NE Second Ave. is at least 85% sold and due for completion in June.
As different parts of Miami Worldcenter are finished, more interest has come from investors, Motwani said in an emailed statement.
“With the development of Miami Worldcenter's first phase moving forward on schedule and various elements of our $4 billion master plan now delivering to market, we are seeing heightened interest among investors and developers who are tapping into the area's new amenities, privately funded infrastructure upgrades, and the surge of commercial and residential activity that Miami Worldcenter is bringing to the community,” Motwani said of the Lalezarian purchase.
A Lalezarian representative declined to comment.
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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
