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The Real Deal
E11even Owner Marc Roberts Returns to Miami Worldcenter with $27M Purchase
February 25, 2020
By Katherine Kallergis
Miami Worldcenter’s master developers sold another site within their project, for $26.78 million, to a buyer that previously invested in the property.
IRR Parkway Investments LLC closed on a 1-acre site between North Miami Avenue and Ninth and 10th streets in downtown Miami, according to a press release. The property is zoned for mixed-use development within the master-planned project. Miami Worldcenter Associates, led by Nitin Motwani and Art Falcone, sold the property.
State records show IRR Parkway Investments is led by Ira Saferstein, co-owner and managing member of Titan Capital ID, real estate lenders in the New York City market; and Marc Roberts, owner of Worldwide Entertainment and Sports.
Roberts, a successful boxing promoter, was also previously an investorin the Miami Worldcenter project. After the financial crisis, he filed for personal bankruptcy, forcing him to drop his affiliation with Miami Worldcenter. Roberts is also an owner of E11even, a nearby nightclub.
Miami Worldcenter, a $4 billion project with condo, apartment, retail and hotel components, is being completed in stages. In early 2019, Miami Worldcenter Associates, CIM Group and Falcone Group completed the first building, Caoba, a 444-unit rental tower at 698 Northeast First Avenue. The Paramount Miami Worldcenter condo tower was delivered in July.
Dan Kodsi, who co-developed Paramount, launched sales in November of Legacy Hotel & Residences at Miami Worldcenter, which is expected to have 278 branded condo-hotel units and a 255-key hotel.
About 150,000 square feet of retail space has been completed at Miami Worldcenter, and retailers are expected to open in 2021.