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An early look at Miami Worldcenter as buildings rise

The $2 billion Miami Worldcenter project is quickly sprouting out of the ground in downtown Miami, and the first building is set to open later this year.

The Business Journal was part of a media tour of the project encompassing about 27 acres. It comes at a crucial time, as more people are moving to the urban core and the Brightline passenger train opened nearby to boost regional mobility.

Master developer Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, highlighted the progress of the multiple phases of the project.

“Miami Worldcenter’s master plan has been in the making for more than a decade, and we’re only months away from our first tower opening its doors,” Motwani said. “From this point forward, we’re going to see a steady stream of project elements delivering to market – residential, retail, office and hotel – as our vision for a ‘city within a city’ in Downtown Miami becomes reality.”

The 444-unit Caoba apartments should be open in the fourth quarter. They’re being developed by CIM Group and Falcone Group, and will be managed by Bozzuto Group. The building has already topped off.

The 569-unit Paramount Miami Worldcenter has reached the 48th out of 60 stories on its way to completion in the first quarter of 2019, the developer said. Daniel Kodsi is spearheading the condo project. The media garnered a look at a model unit that’s been furnished inside the building.

About 140,000 square feet of retail is currently under construction at Miami Worldcenter, with most of it in the parking deck of Caoba and Paramount. The developer declined to disclose any information about leases in the retail space. An additional 160,000 square feet of retail is planned at the project. Forbes Co. and Taubman are collaborating with Miami Worldcenter Associates on the retail component.

ZOM hopes to break ground on a 434-unit, 40-story apartment tower called Luma at Miami Worldcenter by the end of this year. It should be ready in 2020.

MDM Group plans to break ground on the first phase of its Marriott Marguis Miami Worldcenter Hotel & Expo Center by the end of this year. It would have 1,700 hotel rooms, 500,000 square feet of meeting and exhibition space, and another 350-room boutique hotel.

Hines hopes to break ground on a 500,000-square-foot office building at Miami Worldcenter in 2019. It would be the largest office building delivered in Miami since 2010.

Source: Brian Bandell, South Florida Business Journal