MIAMI–(BUSINESS WIRE)–CIM Group and its partners in Miami Worldcenter announced today the sale of the 27-acre development’s retail and entertainment district to a venture comprising Falcone Group, ROK Acquisitions, Andrew Mirmelli, The Davis Companies (Davis) and Jamestown. The district features 300,000 square feet of retail, dining and entertainment businesses, approximately 2,000 parking spaces and 100,000 square feet of parks and plazas. Miami Worldcenter, a $6 billion mixed-use development, is one of the largest in the U.S. and has activated Downtown Miami with global retail and dining brands, residential towers, hotel options, and new public spaces.
The creation of Miami Worldcenter began two decades ago with the assemblage of more than 30 parcels in Miami’s Park West neighborhood and in 2011 the current partnership was formed with Falcone Group, Nitin Motwani and CIM Group. The partnership has led the master development of the project, with best-in-class developers from across the country participating in the various high-rise residential and hospitality towers within the Miami Worldcenter district.
The following properties are included in the transaction:
- Block H Garage – 644 NE 2nd Avenue (922 parking spaces)
- Block H Retail – 652 NE 2nd Avenue
- Block F West – 725 NE 1st Avenue (including the Apple store at 100 NE 8th Street)
- Block F East – 150 NE 8th Street
- Block D East Retail – 850 NE 2nd Avenue
- Block D East Garage – 888 NE 2nd Avenue (1,100 parking spaces)
- Block CD West – 851 NE 1st Avenue
“Miami Worldcenter is an exceptional mixed-use development and an example of CIM Group’s successful approach to executing large, complex projects. It exemplifies our company’s commitment to community-focused development which includes providing significant public spaces and access to transportation,” said Shaul Kuba, Co-Founder and Principal, CIM Group.
Miami Worldcenter today is a vibrant new destination following a decade-long redevelopment of 27 acres of former surface parking lots and other barren and blighted properties. The master plan for the project included approximately $100 million in completed, privately built infrastructure, 100,000 square feet of new public space, 300,000 square feet of retail and 16 high-rise towers for residential and hospitality uses. The masterplan provided a framework for development, whereby the partnership invested in and delivered critical program components that paved the way for high density development in what was formerly an under-utilized district and drew other premier developers to bring their investment and expertise to the project.
The retail development was completed and opened in early 2025 and is now home to an array of global brands – including a flagship Apple store, Sephora, Lululemon, Ray-Ban, Lucid Motors, Free People, Savage X Fenty, Posman Books, HŸP Sneakers & Streetwear, Timeluxe, Openbank by Santander, SkinSpirit, Blo Blow Dry Bar, and Club Studio.
Miami Worldcenter’s food and beverage offerings include Maple & Ash, Eight Bar, Sixty Vines, Earls Kitchen + Bar, Sweet Paris Crêperie & Café, and Starbucks, to local favorites including Serafina and Go Greek Yogurt. Entertainment destinations include Lucky Strike Bowling and the immersive Museum of Ice Cream.
The retail leasing program was executed under the leadership of CIM Group in partnership with Miami-based The Comras Company. CIM Group has extensive experience with various types of retail, from street-retail districts and infill neighborhood programs to traditional retail centers. CIM Group applied its community-focused retail approach, leasing strategies and relationships to securing an enviable collection at Miami Worldcenter.
Supporting Miami Worldcenter’s retail tenants are several residential towers which bring a built-in population. In 2019, the first residences at Miami Worldcenter were delivered by a partnership including CIM Group with the 569-unit Paramount condominium building. Also in 2019, CIM Group completed its development of the 444-unit Caoba apartments, now known as Flow. On the hospitality front, the citizenM Miami Worldcenter hotel opened in 2023, with additional hotel concepts set to debut in future phases.
A key aspect of CIM Group’s commercial real estate initiatives is its focus on creating engaging public spaces, with extensive landscaping and inviting gathering spots which are prevalent at Miami Worldcenter. In 2022 CIM Group introduced internationally renowned gallerist and curator Jeffrey Deitch to Miami Worldcenter who spearheaded the overarching curatorial vision for Miami Worldcenter’s $5 million public art initiative which has created a permanent outdoor art museum.
CIM Group has a long-standing track record of investing in and developing transportation-oriented developments. At Miami Worldcenter the available transit offers unmatched connectivity and is South Florida’s largest transit-oriented development. Located adjacent to Brightline’s MiamiCentral Station – a high-speed rail hub linking Downtown Miami to major cities across Florida – the development is also seamlessly connected to Tri-Rail, Metrorail, Metromover, and the Brickell/Biscayne trolley systems, ensuring effortless regional mobility.
A CIM managed fund is providing a first mortgage loan to Falcone Group in connection with the acquisition. Falcone selected a lender after a widely marketed process and the sale was not contingent on CIM providing the loan. Through its CIM Real Estate Debt Solutions business, CIM Group applies its broad experience as an owner, operator, and developer of high quality commercial real estate to its lending strategy and believes this helps differentiate the company from many other debt providers. Through mortgage and mezzanine loans, affiliates and managed funds, CIM Group provides bridge and construction financing to owners and developers of commercial real estate in major markets across the United States and works with borrowers to offer an array of lending solutions.
For 30 years, CIM Group has applied its community-focused investing approach by utilizing its broad expertise in owning, developing, repositioning, and operating real estate assets to enhance communities throughout the Americas.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.businesswire.com ’
