Miami Worldcenter Developers Outline Construction Timeline for Phase One

By Balazs Szekely, Associate Editor

Miami Worldcenter developers have outlined an initial construction timeline for the first phase shortly after the City of Miami unanimously approved the zoning package and development agreement. Spread over 27 acres in downtown Miami, it is one of the largest private real estate developments currently underway in the nation.

The project is a collaboration between Miami Worldcenter Associates and a team of leading development, design and engineering firms. Miami Worldcenter Associates is led by principals Art Falcone and Nitin Motwani and serves as the master developer. The first phase of the 10-block mega mixed use project is designated for residential towers, retail spaces, an expo center and a hotel.

The residential section will contain around 1,000 housing units including luxury residences, boutique condominiums as well as market-rate apartments. The first residential tower to break ground in the second quarter of 2015 will be the 466-unit PARAMOUNT Miami Worldcenter condominium that launched sales this November. Additionally, the Forbes Company and Taubman will deliver a 765,000 square-foot shopping mall anchored by Bloomingdale’s and Macy’s plus complementary dining and entertainment options. The hotel planned in the first stage is a 1,800-room Marriott Marquis – both that and the expo center featuring 600,000 square-feet of meeting and event space is to be developed by Miami-based MDM Group.

Phase I is expected to account for $2 billion in new investment within downtown Miami. With plans for construction preparation in progress, physical site work is expected to get underway in the first quarter, with vertical construction slated to begin in mid-2015.

Photo credits: Miami Worldcenter Associates