Miami Worldcenter Coming Soon to Downtown Miami

Miami World Center Worldcircle

Miami Worldcenter, whose ambitious plan was stalled by the real-estate crash, appears ready to move forward with the development of a dynamic new urban core in Downtown Miami. With more than 12 million square-feet of buildable area across 25 acres, Miami Worldcenter aims to be a city within a city, a landmark mixed-use development consisting of retail, restaurant, entertainment, hotel, residential and commercial space. The mixed-use development also will incorporate major public spaces and parks, pedestrian-friendly sidewalks and pedestrian-only thoroughfares. The hope is that Miami Worldcenter will be able to transform the nine-block area, just north of the central business district, into a world-class destination with global appeal.

Miami Worldcenter Associates, a joint venture between South Florida-based Falcone Group and Centurion Partners, has partnered with CIM Group, a real-estate investment company that invests in urban communities, for this undertaking. The project, which has been rumored for years, is only now starting to take the steps necessary to come to fruition. The project scored its first major victory in November 2008 when the Miami City Commission approved Special District Zoning for Miami Worldcenter. In addition to the Special District Zoning, the Commission approved a Development Agreement with the principles of the project, which ensures the developer’s commitment to implementing the city’s long-term vision. However, then the real-estate bubble burst and little was heard about the project going forward.

Within the past few months, news of real-estate transactions and development agreements have been swirling around the Park West district, strong indicators that the project is very much a reality. In May, news broke that MDM Group (“MDM”), a major player in the development of downtown Miami, had reached an agreement to purchase Grand Central Park from Miami Worldcenter Associates, with plans to build a convention center topped by a massive 1,800-room hotel. The site, located at 700 North Miami Avenue, would be developed by MDM in coordination with Miami Worldcenter to ensure the planning and design meet the broader ambition of the project. While the project has been marketed as being privately financed, no concrete plans regarding the cost, financing or timetable has been submitted to the city of Miami. But MDM’s architect John Nichols, of the Coral Gables based firm of Nichols Brosch Wurst Wolfe & Associates, said the project would easily cost over $1 billion.

The site, which is located within the Overtown/Park West neighborhood, could qualify for public money from the special taxing district, in the form of tax rebates or tax increment financing, to improve public infrastructure. The convention center plan was given additional impetus by Florida East Coast’s plans to build a massive train station across the street for its planned All Aboard Florida rail service, a downtown intermodal district which will connect Miami to Orlando. The convention center and hotel would be linked directly to the train station and the Overtown Metrorail station through sky bridges.

Simultaneously, Miami Worldcenter appears to be ready to move forward with developing a dynamic metropolitan core consisting of a large retail center and several residential buildings next to the planned convention center. The progress of the proposed urban redevelopment is evidenced by the recent acquisitions of parcels of property in Park West. Miami Fourth LLC, a subsidiary of Miami Worldcenter Holdings LLC, purchased the property for $12 million. The seller, Equipment Leasing of Florida LLC, granted a $7 million mortgage on the property. The acquisition consists of two lots located at 130 Northeast 10th Street and 127 Northeast 9th Street. With this acquisition, Miami Worldcenter controls the entire block, which is located within a robust intermodal transit hub, and within walking distance of Downtown amenities such as the Adrienne Arsht Center, Museum Park, American Airlines Arena, Bayside Marketplace and Freedom Tower.

Miami Worldcenter is organized around five definitive districts: 1st Avenue, Worldcircle, Worldsquare, Worldwalk & Worldplaza and the 7th Street Promenade. 1st Avenue, which bisects the site, will serve as the main artery of the development. With lush native flora and expansive sidewalks, this vehicular and pedestrian thoroughfare will serve as the “Grand Avenue” of Miami Worldcenter. Worldcircle, planned as a idiosyncratically designed roundabout, will feature a dramatic central sculpture and water feature. Worldcircle will create a distinctive urban focal point and an attractive public amenity with its manicured landscaping and outdoor seating. Worldsquare is the planned heart of Miami Worldcenter. With multiple electronic media screens, Worldsquare will radiate a festive atmosphere similar to New York City’s Times Square. Worldwalk is a corridor that runs from the southeast corner of the site directly to its core, while Worldplaza is planned to be one of Miami’s largest urban parks capable of hosting events such as festivals, theater, live music and farmer’s markets. The 7th Street Promenade will be a pedestrian-only thoroughfare, running east west and opening the project to the American Airlines Arena and Biscayne Bay. With outdoor cafes, restaurants and retail, it will parallel Miami Beach’s Lincoln Road.

For those looking to purchase a Downtown Miami condo in buildings such as Marina Blue, 900 Biscayne Bay, Marquis Residences, One Thousand Museum or the not-quite-yet announced 700 Biscayne Bay and 600 Biscayne Bay towers, now is the time. With property values now on the rebound, an investment in one of these buildings BEFORE the official announcement of Miami Worldcenter is a no-brainer. A project of this scale within walking distance to your new Downtown Miami condo will definitely make your value skyrocket once completed. If you, or someone you know, are interested in purchasing a condo in Downtown Miami, please contact me. I appreciate the opportunity to earn your business.

Here are some additional photos of Miami Worldcenter:

Miami World Center Overview

Miami World Center Metrorail Station

Miami World Center Worldwalk

Miami World Center Promenade

Miami World Center Map

Miami World Center Neighborhood Guide

Miami World Center Amenities