YIMBY spotted a new rendering of another potential large scale mixed-use project for an undeveloped site in Miami Worldcenter, better recognized as MWC Block A in Park West, Downtown Miami. 2.2-acres of this city block is under the ownership of Miami-based developer and investment firm Abbhi Capital, led by founder and managing partner Sankesh Abbhi, which was assembled by the firm under the Sanaproperty8 LLC between 2020 and 2021 for a total of approximately $44 million. The developer is reportedly planning a mixed-use project with multi-family, office, retail and hotel components, currently in the pre-construction and entitlement phases. The property allows for up to 2 million square feet of development, which would be incorporated into the 27-acre Miami Worldcenter complex.
Miami Worldcenter Associates
YIMBY recently went to check out views of construction from above Miami Worldcenter (MWC), a 27-acre world-class mixed-use development under construction in the Park West district of Downtown Miami. The $4 billion development, led and master planned by Miami Worldcenter Associates, a joint venture between master developers Art Falcone, Nitin Motwani and CIM Group, spans 10-blocks and includes immense residential, hotel, office and retail spaces across multiple buildings. The development stretches as far as Northeast 2nd Avenue on the east, Northwest 1st Avenue on the west, Northeast 11th Street on the north and Northeast 6th Street on the south.
Miami Worldcenter, the 27-acre ‘city within a city’ transforming the heart of Downtown Miami, is teaming up with international art dealer and curator Jeffrey Deitch who will spearhead the overarching curatorial vision for the $4 billion mixed-use development’s public art program. Deitch will collaborate with Primary, a Miami-based curatorial collective with a focus on public works, to bring Miami Worldcenter’s aesthetic vision to life.
New York-based developer, Naftali Group, a leading privately held global real estate development and investment firm, recently announced it has closed on a development site allowing 1.3 million square feet of new construction at 1016 Northeast Second Avenue in Miami Worldcenter, which spans 27 acres near Downtown Miami and is the second largest active private development in the United States with $4 billion in total investments. Naftali, in partnership with Cara Real Estate Management, purchased the site for $40.5 million. Mika Mattingly, Executive Managing Director at Colliers’ Urban Core Division, represented both Naftali, and Akara Partners, the seller, in the off-market transaction. According to a press release, the developer is planning to construct two supertall residential towers, which would be the first for Miami Worldcenter. Pre-sales for 1016 Northeast Second Avenue are slated for the end of this year.
The 27-acre Miami Worldcenter mega project, has reached a new milestone in construction with the completion of Block H, adding to the residential, retail and parking components on the $4 billion mixed-use development reinvigorating the Park West neighborhood of Downtown Miami. Block H is comprised of 50,000 square feet of prime street-level and rooftop retail space, and a 922-space public parking garage fronting Northeast 7th Street, between Northeast 1st and 2nd Avenues. A portion of the structure’s rooftop is also home to a resort-style amenity deck serving Bezel Miami, a recently completed 43-story luxury rental tower developed next door by the Moinian Group in collaboration with ZOM Living. Miami Worldcenter was envisioned and master planned by Miami Worldcenter Associates, a joint venture led by Principal Art Falcone and Managing Partner Nitin Motwani in partnership with CIM Group.