MIAMI — The Miami City Commission has unanimously approved Miami Worldcenter’s zoning package and master development agreement. The vote paves the way for construction of the $2 billion mixed-use project to begin in late 2014 or early 2015 in downtown Miami. The project is a collaboration between master developer Miami Worldcenter Associates, Los Angeles-based CIM Group and a team of development firms.
“Following the city commission’s approval, we are now a few months away from breaking ground on one of the most important real estate projects that Miami has ever seen,” says Nitin Motwani, managing principal for Miami Worldcenter Associates. “Our master plan for Miami Worldcenter will transform 10 blocks of urban blight into a thriving retail, residential and commercial destination while creating tens of thousands of local jobs and attracting new investment to the city’s urban core.”
Phase I of the 27-acre development will include upscale retail, residential towers and an expo center and adjacent hotel.
The Forbes Co. and Taubman will deliver a 765,000-square-foot shopping mall at the site anchored by Bloomingdale’s, Macy’s and dining and entertainment options. For the hotel adjacent to the expo center, Miami-based MDM Group will develop a new Marriott Marquis, which will feature 1,800 suites and 600,000 square feet of meeting and event space. A pedestrian-only promenade with retail offerings will connect the hotel with Biscayne Boulevard and the bay front to the east.
For the multifamily component of Miami Worldcenter, residential developments will account for approximately 1,000 housing units, including luxury residences, condominiums and market-rate apartments.
Miami Worldcenter is expected to yield nearly 35,000 jobs, including approximately 18,000 direct jobs, according to a study by Fishkind & Associates.
Elkus Manfredi Architects created the master plan for the transit-oriented development, which is accessible to the new All Aboard Florida high-speed rail terminal and the existing Miami-Dade Metromover system.
Law firm Greenberg Traurig is providing legal counsel for the project’s approved zoning package and development agreement, and Kimley Horn & Associates serves as the development’s traffic engineering consultant.
— John Nelson