Kasumigaseki Capital, a Tokyo-based development company, entered the South Florida real estate market with the purchase of a 0.7-acre lot at Miami Worldcenter for $88.8 million, according to a March 26 announcement. The acquisition marks Kasumigaseki’s first known venture in the Western Hemisphere.
The deal stands out as the largest development site transaction in South Florida so far this year and gives Kasumigaseki a prominent location at Northeast 10th Street and Northeast Second Avenue in downtown Miami. Despite the significance of the purchase, Kasumigaseki has not publicly commented on its plans or issued press releases about the project.
A source familiar with the deal said that “Kasumigaseki is ‘trying to keep this thing quiet.'” Preliminary plans reportedly include constructing two towers—likely condos and a hotel—that could share a podium structure. Talks are ongoing for a joint venture with Boca Raton-based Falcone Group, though no partnership has been finalized.
Falcone Group previously had ties to the property through master co-developer Art Falcone, who filed plans in 2024 for a branded condo and hotel tower on behalf of an ownership group led by Marc Roberts. A representative from Falcone said that “the firm sold its stake in the site ownership entity about five years ago to an investment group led by Marc Roberts,” adding that Falcone acted only as development manager in recent proposals.
Founded by Hiroyuki Ogawa in 2011, Kasumigaseki Capital is publicly traded on Japan’s stock exchange and focuses primarily on developing warehouses under its Logi Flag brand and hotels through Fāv Hospitality Group. The company’s portfolio is mainly based in Japan but has expanded into other Asian markets such as Dubai, Bangkok, Jakarta, Kuala Lumpur, Indonesia, Thailand, Malaysia and United Arab Emirates (UAE). Its business model often involves joint ventures where it typically holds a majority stake while relying on fund-based strategies to maintain asset-light operations.
Historically, Japanese investment activity has been more concentrated in New York than South Florida; however, notable deals have occurred recently—including Sumitomo Corporation of America’s acquisition of Miami Tower for $220 million in 2016 before selling it at a loss six years later.
Industry observers expect Kasumigaseki may announce more details about its Miami project soon.
