Multi-billion dollar Miami Worldcenter development makes debut
A massive mixed-use real estate project has opened its doors in Florida’s hottest market.
Real estate investment and development firm CIM Group has announced the grand opening of Miami Worldcenter, a 27-acre, 10 block mixed-use development in the city’s downtown. The approximately $6 billion project features a mix of residential, retail, commercial, and hospitality uses developed by master developers Miami Worldcenter Associates, led by managing partners Art Falcone and Nitin Motwani, in partnership with CIM Group.
The Miami Worldcenter master plan includes approximately $100 million in completed, privately-built infrastructure, 100,000 sq. ft. of new public space, 300,000 sq. ft. of retail space, and 16 high-rise towers for residential and hospitality uses, many of which CIM Group says are completed or underway, that will bring approximately 11,000 residences and more than 1,000 hotel rooms to the property.
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Anchored by Downtown Miami’s first Apple store, Miami Worldcenter is home to a large collection of retailers, including Sephora, Lululemon, Ray-Ban, Lucid Motors, Free People, Savage X Fenty, Posman Books, HŸP Sneakers & Streetwear, The Container Store, and The Spot Barbershop. Tenants opening soon include Openbank by Santander, SkinSpirit, Blo Blow Dry Bar, Bijoux et Montres, and Club Studio.
Dining tenants include Maple & Ash, Sixty Vines, Earls Kitchen + Bar, Sweet Paris Crêperie & Café, and Starbucks, along with many local chains, while entertainment options include Lucky Strike Bowling and the multi-sensory Museum of Ice Cream.
Miami Worldcenter’s retail area is accompanied by World Square, a 20,000-sq.-ft. outdoor public plaza and park, which aims to serve as a central gathering space.
“Miami Worldcenter is a game-changing development that has revitalized a dormant and distressed area of Downtown Miami and repositioned it as a vital contributor to the community and the local economy,” said Shaul Kuba, co-founder and principal at CIM Group. “CIM Group’s experience across many types of commercial real estate, including mixed-use environments and our focus on enhancing communities, allowed us to quickly recognize the opportunity of Miami Worldcenter. We joined partners Art Falcone and Nitin Motwani as the master developers in 2011 and have proudly worked alongside them throughout the many years that have led to today’s grand opening.”
Since its founding in 1994, CIM Group has created more than $60 billion of real estate and infrastructure projects.
