A joint venture led by Falcone Group has acquired the retail and entertainment district of Miami Worldcenter, according to an April 2 news release. The partnership includes ROK Acquisitions, Andrew Mirmelli, The Davis Companies, and Jamestown. The acquisition covers a 27-acre open-air plaza in downtown Miami.
The sale was made by Miami Worldcenter Associates, which is a partnership between Art Falcone, Nitin Motwani, and CIM Group from Los Angeles. The transaction includes five parcels and two garages within the $6 billion master-planned community. A spokesperson for the joint venture declined to disclose the purchase price but described it as a nine-figure deal.
The new operations team will consist of Boca Raton-based Falcone Group alongside Aventura-based ROK Acquisitions led by Sergio Rok and real estate investor Andrew Mirmelli. Boston-based Davis Companies headed by Jonathan Davis and Jamestown from Atlanta and New York led by Matt Bronfman are limited partners providing institutional capital and oversight.
The properties involved total about 300,000 square feet dedicated to retail, dining, and entertainment space along with two garages offering 2,000 parking spaces. There is also an additional 100,000 square feet of parks and plaza area between Northeast Sixth and Eighth Streets as well as Northeast First and Second Avenues.
Anchors in the first phase include brands such as Apple, Sephora, Lucid Motors, Savage X Fenty along with restaurants like Maple & Ash, Serafina, Sixty Vines; entertainment venues include Lucky Strike Bowling and Museum of Ice Cream. Adjacent residential towers have been developed by Related Group among others; CitizenM hotel recently opened nearby. When completed fully built out Miami Worldcenter will feature sixteen residential or hotel towers according to the release.
Last month Kasumigaseki Capital from Tokyo purchased a nearby parking lot for $88.8 million with plans for a branded condo-hotel skyscraper at Northeast Tenth Street and Second Avenue corner. Since its inception in 2011 after assembling over thirty parcels in Park West district more than one hundred thousand people now live in greater downtown area.
