Art Falcone is switching up partners at Miami Worldcenter’s retail and entertainment component, teaming up with ROK Acquisitions, Andrew Mirmelli, The Davis Companies and Jamestown to acquire the 27-acre open-air plaza in downtown Miami.
Miami Worldcenter Associates, a partnership between Falcone, Nitin Motwani and Los Angeles-based CIM Group, sold five parcels and two garages within the $6 billion master-planned community to the joint venture led by Boca Raton-based Falcone Group, a news release states.
A joint venture spokesperson declined to comment on the purchase price. But it’s a nine-figure deal, a source familiar with the transaction told The Real Deal. Miami Worldcenter Associates listed the retail component last year.
Aventura-based ROK Acquisitions, led by Sergio Rok, and Mirmelli, a Miami Beach parking mogul and real estate investor, will join Falcone on the operations team. Boston-based Davis Companies, led by Jonathan Davis, and Atlanta- and New York-based Jamestown, led by Matt Bronfman, are limited partners providing institutional capital and oversight, the release states.
The sale entails roughly 300,000 square feet of retail, dining and entertainment space, 2,000 parking spaces in the two garages, and 100,000 square feet of parks and plaza. The properties are between northeast sixth and eighth streets and northeast first and second avenues.
Anchored by global brands like Apple, Sephora, Lucid Motors and Savage X Fenty, as well as dining concepts such as Maple & Ash, Serafina and Sixty Vines, the first phase of Miami Worldcenter’s retail opened last year. Entertainment destinations include Lucky Strike Bowling and the immersive Museum of Ice Cream.
The district is supported by adjacent condo and apartment towers by developers such as Related Group, Naftali Group, Witkoff and Adam Neumann’s Flow, along with the newly opened CitizenM hotel. When fully built, Miami Worldcenter will have 16 residential and hotel towers, the release states.
Last month, Tokyo-based Kasumigaseki Capital dropped $88.8 million for a 1.4-acre parking lot on the southwest corner of Northeast 10th Street and Northeast Second Avenue. The firm is planning a branded condo-hotel skyscraper.
Miami Worldcenter Associates initiated its master plan in 2011 after assembling more than 30 parcels in the city’s Park West district. More than 100,000 people now live in the greater downtown area, according to the Miami Downtown Development Authority.
