Miami Worldcenter developer obtains $43M to build retail, parking garage

Miami Worldcenter developer obtains $43M to build retail, parking garage

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By Brian Bandell - Senior Reporter, South Florida Business Journal

The developer of the 27-acre Miami Worldcenter mixed-use project obtained a $43 million construction loan for a large portion of the retail and parking garage elements.

The Fifth Third Bank mortgage will support 53,000 square feet of street-level retail and a 1,100-space parking garage fronting Northeast Second Avenue, between Eighth and 10th streets. This structure will also serve as the amenity deck for the Paramount Miami Worldcenter condominium that will rise from the garage. The condo tower is already under construction.

Miami Worldcenter Associates and CIM Group, the prime developers of the project, are working with Forbes Co. and Taubman Centers on the leasing of Miami Worldcenter. They have yet to say how much of the retail is preleased or announce any tenants.

"This is the latest in a series of loans and private bond sales that are fueling ongoing construction and infrastructure improvements at Miami Worldcenter to the tune of approximately $500 million,” said Nitin Motwani, managing principal of Miami Worldcenter Associates. “The Forbes and Taubman leasing team is engaged with shopping, entertainment and dining concepts from around the world that see value in having a presence in a well-located, well-connected site combining residential, hotel, convention, office and retail uses within a single master-planned development.”

Miami Worldcenter has 360,000 square feet of retail planned, and just over 140,000 square feet of that is currently under construction.

In addition to the 512-unit Paramount condo, construction of the 444-unit Seventh Street Apartments is also underway at Miami Worldcenter. Other future phases of Miami Worldcenter include a 429-unit apartment tower called Luma in partnership with ZOM, the 386-unit second phase of the Seventh Street Apartments, a 600,000-square-foot office building with Hines, and the Marriott Marquis hotel with 1,700 rooms and 350,000 square feet of convention space in partnership with MDM Group. There are several other parcels within the site that could be developed as residential and commercial space.