MIAMI — Los Angeles-based investment firm CIM Group and its development partners have officially opened Miami Worldcenter, a $6 billion mixed-use development in downtown Miami. CIM Group partnered on the project with Miami Worldcenter Associates, a development entity founded by Art Falcone and Nitin Motwani.
The development spans 27 acres across 10 city blocks in the city’s Park West neighborhood and has generated nearly 9,000 jobs over the course of its construction and operation. The site formerly housed blighted properties and surface parking lots.
The Miami Worldcenter master plan includes approximately $100 million in completed infrastructure; 100,000 square feet of new public space; 300,000 square feet of retail, restaurant and entertainment space; and 16 high-rise towers for residential and hospitality uses, many of which are completed or underway. The development will bring approximately 11,000 residences and more than 1,000 hotel rooms to downtown Miami.
“Miami Worldcenter is a game-changing development that has revitalized a dormant and distressed area of downtown Miami and repositioned it as a vital contributor to the community and the local economy,” says Shaul Kuba, co-founder and principal of CIM Group. “We joined partners Art Falcone and Nitin Motwani as the master developers in 2011 and have proudly worked alongside them throughout the many years that have led to today’s grand opening.”
Miami Worldcenter’s street-level shops are open to the public and include brands such as Apple, Sephora, lululemon, Lucky Strike Bowling, Savage x Fenty, Ray-Ban, Free People, The Container Store, Posman Books, Lucid Motors, HŸP Sneakers & Streetwear and The Spot Barbershop. Tenants opening soon include Openbank by Santander, SkinSpirit, Blo Blow Dry Bar, Bijoux et Montres and Club Studio.
The restaurant lineup includes Brasserie Laurel, El Vecino Cigar & Cocktail Bar, Maple & Ash, etta, Sixty Vines, Earls Kitchen + Bar, Chugs Express, Sweet Paris Crêperie & Café and Starbucks. Eateries coming soon include Serafina, Go Greek Yogurt and JUVIA.
The development also features World Square, a 20,000-square-foot outdoor public plaza and park that serves as a centerpiece of Miami Worldcenter, a permanent outdoor art museum and the Museum of Ice Cream.
Other completed components include the 351-room citizenM hotel, the 569-unit Paramount condominium tower and the 444-unit Flow apartment tower (formerly known as Coaba), as well as multifamily high-rises Bezel and Miami World Tower. The development team says more residential towers are underway or in the planning stages for Miami Worldcenter.
Since its founding in 1994, CIM has delivered more than $60 billion of real estate and infrastructure projects. The company has more than 1,000 employees and has approximately $29.9 billion in assets under management. CIM is currently underway on the development of Centennial Yards, a similarly large-scale mixed-use development in downtown Atlanta and recently sold the Turtle Creek Village development in Uptown Dallas.
— John Nelson