Kasumigaseki Capital, a company based in Tokyo, bought a development site at Miami Worldcenter for $88.8 million, according to records released on Mar. 23. The purchase covers a 0.7-acre parking lot located at the southwest corner of Northeast 10th Street and Northeast Second Avenue in Miami.
The deal included $45 million in seller financing and breaks down to about $2,912 per square foot for the land. The seller was an entity tied to Art Falcone’s Boca Raton-based Falcone Group, which is one of the master co-developers of the larger Miami Worldcenter mixed-use project alongside Nitin Motwani and CIM Group from Los Angeles.
A source familiar with the property said that about five years ago, an investment group led by Marc Roberts acquired interest in the entity that owned the site. Roberts is known as co-founder of E11even Miami nightclub and has been involved with branded condo projects nearby.
Previously, plans had been submitted for a 53-story tower on this site featuring 351 condominiums, a hotel with 280 rooms, nearly 10,000 square feet of retail space and close to 4,000 square feet of open area. While it was set to be a branded project managed by Falcone Group as development manager for ownership interests at that time, no specific brand had been announced.
It remains unclear whether Kasumigaseki will move forward with those plans or pursue another direction; Roberts could not be reached for comment regarding future intentions or partnerships involving this property.
Market conditions continue to present challenges such as higher interest rates and insurance premiums—although costs for labor and materials have stabilized somewhat but remain elevated overall. Broader policy actions including tariffs imposed during recent U.S. administrations have also affected construction costs due to changes in labor availability and material pricing.
Developers may now be rethinking new branded condo-hotel projects given saturation in Miami’s market: other recent proposals include PMG’s Delano-branded supertall downtown and Frida Kahlo-branded condos planned by PMG with Lndmrk Development in Wynwood. According to Knight Frank reports last year, Miami leads globally in active branded residences as well as upcoming pipeline volume across the United States.
