An aerial rendering of the Miami Worldcenter project in Downtown Miami.
MIAMI—The development team of the $4-billion Miami Worldcenter project has launched marketing efforts for the last remaining developable block for sale within the project's 27-acre site in Downtown Miami.
The project is being developed along Northeast 1st Avenue between 10th and 11th streets in the heart of Downtown Miami. The parcel, also known as the western portion of Block A, encompasses approximately 2.18 acres, with base development capacity of nearly 1,100 residential units and 1.7 million square feet. Cushman & Wakefield has been hired to market the property to potential buyers worldwide.
The mixed-use Miami Worldcenter development, which is being delivered in phases, features a diverse mix of residential, commercial and hospitality uses. These include approximately 300,000 square feet of retail, restaurant and entertainment space; the recently-completed Paramount Miami condominium; Caoba, a 444-unit apartment tower that is open and leasing; a 348-room CitizenM hotel; and Luma, a 434-unit rental tower that is currently under construction. In addition, Hines is preparing to build a new tower that will comprise up to 500,000 square feet of Class A office space and MDM Group is planning a 1,700-room Marriott Marquis hotel and adjacent 600,000-square-foot expo center.
"The coming year will see a series of important milestones at Miami Worldcenter, including the delivery of a substantial amount of retail space, the rise of a CitizenM hotel, the opening of our signature condo tower, and the announcement of our first retail tenants," says Nitin Motwani, managing Partner of Miami Worldcenter Associates. "In marketing our last remaining parcel, it's critical that we identify an investor or joint venture operator whose plans are aligned with our vision for creating a city within a city in the heart of Downtown Miami."
"This site represents a unique opportunity to be aligned with an impressive number of world-class developers including the Miami Worldcenter team in one of the most transformational projects in Miami's history," says Robert Given, vice chairman at Cushman & Wakefield.
Master developer Miami Worldcenter Associates, led by principals Art Falcone and Nitin Motwani, is a joint venture between the Falcone Group and Centurion Partners. South Florida-based Falcone Group is a privately held and vertically integrated real estate and land development organization specializing in all real estate product types. Centurion Partners, out of Newport Beach, CA, has a team of professionals with more than 150 years of combined real estate experience that possess the full range of property development and financial expertise to take advantage of complex opportunities in some of the world's most desirable markets.
In 2011, Miami Worldcenter Associates partnered with CIM Group on the project.
In April of this year, Miami Worldcenter's development team launched construction of 50,000 square feet of prime street-level retail and a 922-space public parking garage fronting Northeast 7th Street, between Northeast 1st and 2nd Avenues, in the heart of Downtown Miami. Construction began on a portion of Miami Worldcenter's high-street retail promenade as well as one of two public parking garages. A portion of the structure's rooftop will be home to a resort-style amenity deck serving Luma, a 43-story luxury rental tower being developed by ZOM next-door that broke ground earlier this year.
In late May of this year, Globest.com reported that New York-based Lalezarian Properties LLC was the latest real estate investment firm to join the Miami Worldcenter mixed-use project. Lalezarian Properties, a family-owned real estate manager and developer, bought nearly two 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.
Miami Worldcenter occupies 10 city blocks surrounded by some of the most exciting demand drivers in Miami, including: Museum Park, home to Perez Art Museum Miami and the Frost Museum of Science; American Airlines Arena; the Adrienne Arsht Performing Arts Center; and Miami-Dade College's Downtown Miami campus.
It is also adjacent to Virgin's newly-opened MiamiCentral station, which offers direct train service to Fort Lauderdale and West Palm Beach, together with access to TriRail, the Metromover and the Metrorail.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
