$6B Miami Worldcenter Sees Retail Change Hands

Falcone Group—in partnership with ROK Acquisitions, Andrew Mirmelli, The Davis Cos. and Jamestown—has acquired the retail component of the $6 billion Miami Worldcenter master-planned district. Miami Worldcenter Associates sold it for $210 million.

Falcone Group, one of the founding partners of Miami Worldcenter Associates along with CIM Group and Managing Partner Nitin Motwani, will retain a majority stake in the downtown Miami retail collection. Under the new ownership structure, Falcone Group will serve as general partner and run day-to-day operations. ROK Acquisitions, Andrew Mirmelli, Davis and Jamestown will be limited partners.

The deal marks the largest non-mall retail transaction in South Florida since 2017. It includes 300,000 square feet of retail, dining and entertainment space; approximately 2,000 parking spaces; and 100,000 square feet of public parks and plazas.

Newmark’s Retail Capital Markets business arranged the deal. Conor Lalor, head of retail capital markets, North America, acted as strategic advisor to his longtime client CIM Group. Senior Managing Director Eric Williams and Adam Spies, co-head of U.S. capital markets, represented the seller.

Miami top project

The deal also comes nearly a year after the official opening of the 27-acre, 10-block master-planned property. The mixed-use campus, one of the largest development projects in Miami, will also include more than 600,000 square feet of office space, 850 hotel keys and approximately 12,000 residential units when completed. It’s the second-largest such project in the U.S.

“We’ve established a strong foundation with the retail, dining and entertainment mix, and this next phase is focused on building on that momentum—introducing new concepts and expanding programming that keeps the district active throughout the day and into the evening,” Art Falcone, CEO of Falcone Group, told Commercial Property Executive. “With new partners bringing additional institutional expertise, we’re well positioned to continue elevating the experience while remaining thoughtful about how the district evolves.”

Jerry Murphy, managing director at Davis, said in a prepared statement the partnership with Falcone and Jamestown will unlock potential for the site’s retail components as it enters its next chapter.

A closer look

The first phase of retail development came online and opened in early 2025. It is anchored by a flagship Apple store at 100 NE Eighth St. Other leading national and international brands include Sephora, Lululemon, Ray-Ban, Lucid Motors, Free People, Savage X Fenty, Posman Books, HYP Sneakers & Streetwear, Timeluxe, Openbank by Santander, SkinSpirit, Blo Blow Dry Bar and Club Studio.

Food and beverage offerings include Maple & Ash, Eight Bar, Sixty Vines, Earls Kitchen + Bar, Sweet Paris Creperie & Café, Starbucks, Serafina and Go Greek Yogurt. Entertainment destinations include Lucky Strike Bowling and the Museum of Ice Cream.

The 351-key citizenM Miami Worldcenter hotel is open, with additional hospitality concepts set to debut in future phases. Several residential towers have also been completed by developers such as Related Group, Naftali Group, Witkoff, Adam Neumann’s Flow, Merrimac Ventures, Aria Development, Lalezarian Properties, Abbhi Capital, Lynd Group and Falcone Group.

The mixed-use district is also a transit-oriented development. It is located adjacent to Brightline’s MiamiCentral Station and also connected to Tri-Rail, Metrorail, Metromover and the Brickell/Biscayne trolley systems.

Falcone told CPE Miami Worldcenter has played a significant role in reshaping downtown Miami—transforming underutilized land into a vibrant, walkable district at the crossroads of Interstate 395 and Biscayne Boulevard.

“Surrounded by major destinations including the Kaseya Center—home to the Miami Heat—the Adrienne Arsht Center for the Performing Arts, Perez Art Museum Miami, Frost Science Museum, Government Center, Brightline and PortMiami, it has become a true center of gravity for the city. As downtown continues to grow, we see it remaining a central hub and a key driver of the area’s evolution,” he said.

What’s next for Miami Worldcenter retail?

Stephanie Toothaker, a Fort Lauderdale, Fla.,-based development strategist and president & chairwoman of Toothaker.org, said the new ownership group will be focused on strategic refinement.

“That means merchandising, programming and activating the space in a way that keeps it relevant to both residents and visitors,” she said. “The groups that succeed will treat retail as something that needs to be actively managed and evolve, which includes active programming and community engagement.”

Toothaker also noted Miami has shifted fundamentally from being just a tourism-led city to a resident-driven community, especially in downtown Miami. She called Miami Worldcenter a clear example of how to create a retail environment that actually performs over time from both a development and planning standpoint.

“The integration of residential density, transit, and entertainment is not accidental; it is what allows retail to function as part of a daily ecosystem rather than a one-time destination,” she said. “This process takes time, but when developers create with intention and the future in mind, success follows.”