{"id":1004105101,"date":"2014-10-06T06:51:25","date_gmt":"2014-10-06T14:51:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004105101"},"modified":"2022-12-07T22:16:11","modified_gmt":"2022-12-08T06:16:11","slug":"2b-miami-mixed-use-project-takes-big-step-forward","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/2b-miami-mixed-use-project-takes-big-step-forward\/","title":{"rendered":"$2B Miami Mixed-Use Project Takes Big Step Forward"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Miami-Worldcenter.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004105103\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/2b-miami-mixed-use-project-takes-big-step-forward\/miami-worldcenter\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Miami-Worldcenter.jpg\" data-orig-size=\"800,450\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Miami Worldcenter\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Miami-Worldcenter.jpg?w=800\" class=\"alignright size-medium wp-image-1004105103\" alt=\"Miami Worldcenter\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Miami-Worldcenter.jpg\" width=\"300\" height=\"168\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Miami-Worldcenter.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Miami-Worldcenter.jpg?resize=300,169 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Miami-Worldcenter.jpg?resize=768,432 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>The $2 billion Miami Worldcenter is one of the largest private real estate developments underway in the U.S. and it is the largest ever private development in downtown Miami&#8211;and it just moved one significant step closer to realization. Developer Miami Worldcenter Associates, a partnership consisting of The Falcone Group and Marc Roberts Cos.&#8211;recently obtained the Miami City Commission\u2019s approval of the zoning package and master development agreement for the 27-acre mixed-use project.<\/p>\n<p>Worldcenter is a big project with a big purpose. Simply put, Nitin Motwani, managing principal for Miami Worldcenter Associates, told <em>Commercial Property Executive<\/em>, \u201cWe believe this will be a transformative project for the City of Miami.\u201d<\/p>\n<p>The Commission voted unanimously to green light Special District Zoning, thereby paving the way for Miami Worldcenter Associates to execute state-of-the-art planning principles. And the approval of the development agreement solidifies the developer\u2019s commitment to incorporating open public space at the gargantuan project, which has been designed by master planner Elkus Manfredi Architects to transform an underutilized pocket of downtown into a world-class\u00a0city-within-a-city.<\/p>\n<p>\u201cOur vision will convert one of downtown\u2019s most underserved neighborhoods from 10 blocks of urban blight into a thriving retail, residential and commercial destination,\u201d Motwani added.<\/p>\n<p>The initial phase of Worldcenter will include the upscale 765,000-square-foot The Mall at Miami Worldcenter, to be developed by the Forbes Co. and Taubman. Forbes and Taubman have already secured commitments from Macy\u2019s and Bloomingdale\u2019s, which will occupy 120,000-square-foot and 195,000-square-foot anchor spaces, respectively.<\/p>\n<p>Phase One will also yield a pedestrian-only promenade with 90,000 square feet of premier retail offerings; a 1,800-room Marriott Marquis Hotel with a 600,000-square-foot expo center to be developed by MDM Group; and 1,000 residential units ranging from luxury condominiums to market-rate apartments.<\/p>\n<p>In addition to serving as the new face of downtown, Worldcenter will be an economic boon to the area, creating roughly 35,000 direct and indirect jobs and yielding in excess of $1 billion in economic impact, to say nothing of the troves of tourists and new investment the project is expected to attract.<\/p>\n<p>The mega-development will also act as a connector in the City. \u201cWe view Miami Worldcenter as the missing link in Miami\u2019s urban landscape, connecting all corners of downtown, creating pedestrian access where it doesn\u2019t currently exist, and linking several transit systems.\u201d said Motwani.<\/p>\n<p>With the City Commission\u2019s go-ahead in place, Miami World Associates is poised to commence construction of Worldcenter late this year or in early 2015.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The $2 billion Miami Worldcenter, one of the largest private real estate developments underway in the U.S., has just moved one significant step closer to realization. <\/p>\n","protected":false},"author":969,"featured_media":1004105103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21752,21742],"tags":[],"class_list":["post-1004105101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-mixed-use","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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