A joint venture led by the Falcone Group has acquired the retail and entertainment component of Miami Worldcenter, according to an April 2 news release. The group includes ROK Acquisitions, Andrew Mirmelli, The Davis Companies, and Jamestown as partners in the transaction for the 27-acre open-air plaza located in downtown Miami.
The deal involves five parcels and two garages within the $6 billion master-planned community. These assets were sold by Miami Worldcenter Associates—a partnership of Art Falcone, Nitin Motwani, and CIM Group—to the new joint venture. While a spokesperson for the buyers declined to comment on the purchase price, a source familiar with the matter said it was a nine-figure transaction.
ROK Acquisitions and Andrew Mirmelli will join Falcone on operations for the project. The Davis Companies and Jamestown are participating as limited partners providing institutional capital and oversight. The sale includes about 300,000 square feet of retail, dining, and entertainment space; two garages offering 2,000 parking spaces; as well as 100,000 square feet of parks and plaza areas situated between Northeast Sixth and Eighth Streets along Northeast First and Second Avenues.
Miami Worldcenter’s first phase of retail opened last year with global brands such as Apple, Sephora, Lucid Motors, Savage X Fenty alongside restaurants like Maple & Ash, Serafina, Sixty Vines. Entertainment venues include Lucky Strike Bowling and Museum of Ice Cream. Adjacent developments feature condo towers from developers including Related Group and Naftali Group plus CitizenM hotel.
The broader development is expected to eventually include sixteen residential or hotel towers when complete. In March Tokyo-based Kasumigaseki Capital purchased a nearby parking lot for $88.8 million with plans for a branded condo-hotel skyscraper. According to Miami Downtown Development Authority data cited in materials from developers behind Miami Worldcenter’s original master plan—which began after assembling more than thirty parcels starting in 2011—over one hundred thousand people now live in greater downtown.
