Miami Worldcenter Associates Sells Development's Retail and Entertainment District to Falcone Group and Partners For $210 Million

Miami Worldcenter Associates has sold Miami Worldcenter’s 27-acre retail and entertainment district to a venture comprised of affiliates of the Falcone Group, ROK Acquisitions, Andrew Mirmelli, The Davis Companies (Davis) and Jamestown for $210 million. 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. Under the new ownership structure, Falcone Group will serve as General Partner responsible for day-to-day operations, joined by ROK Acquisitions and Andrew Mirmelli, with Davis and Jamestown serving as Limited Partners.

Miami Worldcenter’s journey began two decades ago with the assemblage of more than 30 parcels in Miami’s Park West neighborhood and in 2011 the current Miami Worldcenter Associates partnership was formed with Falcone Group, Nitin Motwani and CIM Group. Miami Worldcenter Associates has led the project’s construction in tandem with best-in-class developers from across the country. Along the way, Miami Worldcenter has catalyzed the revitalization of Downtown Miami, with billions in private sector investment pouring into the surrounding district and more than 100,000 residents now calling the neighborhood home.

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

“The coming to life of Miami Worldcenter has been a two-decade journey that began with the belief that Downtown Miami was poised to become a true global destination. What was once a stretch of vacant lots is now a vibrant, walkable neighborhood that reflects the energy, diversity, and ambition of our city. When CIM Group joined the partnership it provided momentum, enabling the team to realize our shared vision for Miami Worldcenter, and as the new owners, we’re committed to sustaining the property’s success well into the future,” said Falcone Group CEO and Miami Worldcenter Associates Founding Partner Art Falcone.

“When CIM Group team members first visited the Miami Worldcenter development site, it was collection of overgrown dirt plots and underutilized structures—but it was clear that this was a premier location with potential for a thoughtfully designed mixed-use development,” said Shaul Kuba, Co-Founder and Principal, CIM Group. “CIM Group joined Art Falcone and Nitin Motwani in a shared vision to create a dynamic, game-changing destination that has been realized as Miami Worldcenter.

The Davis Companies’ involvement reflects a shared conviction in Miami Worldcenter’s strong foundation, long-term potential, and next phase of growth. By combining continuity of vision with additional institutional capital, strategic oversight, and operational discipline, the partnership is well positioned to build on the project’s early success and thoughtfully execute the next phase of leasing, activation, and customer experience initiatives that will further elevate both performance and placemaking.

Davis, a Boston-based investment, development and real estate fund management company that is celebrating its 50th anniversary in 2026, is making this investment in Miami Worldcenter as the firm expands its portfolio of transformational projects turning underused underutilized space into vibrant mixed-use destinations.

“Miami Worldcenter is recognized nationally for its evolution from parking lots, low rise industrial buildings and undeveloped space to an entirely new district within a city, creating endless opportunities for residents to live, shop and socialize all in one neighborhood,” said Jerry Murphy, Managing Director of Investments at Davis. “This partnership with Falcone and Jamestown will unlock new potential for the site’s retail components as it enters its next chapter. Davis is thrilled to expand our South Florida portfolio and to be part of a project redefining the urban landscape in the vibrant and dynamic Downtown Miami area.”

Home to an array of shopping, dining, entertainment options set alongside thousands of residences and hotel rooms, Miami Worldcenter is a master-planned development which features 300,000 square feet of retail, $100 million in privately built infrastructure, 100,000 square feet of public space, a $5 million collection of public artworks, and more than 16 residential and hospitality towers – many of which are already completed or underway.

“More than a master-planned development, Miami Worldcenter is a true city within a city that has transformed Downtown Miami with top retail brands and food and beverage operators from around the world. Bringing it all together is an amazing network of public spaces that are bringing our community together every day. This would not have been possible without the foresight of Falcone Group and CIM Group, which understood the potential for this neighborhood long before anyone else,” said longtime Miami Worldcenter Associates Managing Partner Nitin Motwani.

The first phase of 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, and local favorites including Serafina, and Go Greek Yogurt. Entertainment destinations include Lucky Strike Bowling and the immersive Museum of Ice Cream.

Supporting Miami Worldcenter’s retail tenants are several residential towers which bring a built-in population that have been developed by notable owners such as of Related Group, Naftali Group, Witkoff, Adam Neumann’s Flow, Merrimac Ventures, Aria Development Group, Lalezarian Properties, Falcone Group, Abbhi Captial, and Lynd Group. On the hospitality front, the citizenM Miami Worldcenter hotel is now open, with additional hotel concepts set to debut in future phases.

Complementing these commercial and residential offerings is convenient access to rail, road, and pedestrian connections, with Miami Worldcenter standing as South Florida’s premier 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.

Images via Miami Worldcenter and Blue Water Drones

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$6 Billion Mixed-Use Miami Worldcenter Set For Official Grand Opening in Downtown Miami Welcoming New Restaurant And Retail Concepts

After nearly two decades of planning and development, Miami Worldcenter is set to host its official Grand Opening this week as the $6 billion, 27-acre mega-development continues Downtown Miami’s transformation into a vibrant, walkable destination where Miami lives, shops, dines, and plays. A flurry of new openings – from acclaimed restaurants and stylish cafés to retail and lifestyle staples – is bringing new energy to Downtown Miami’s urban core. Chicago’s famed steakhouse Maple & Ash, Earls Kitchen + Bar, and Sweet Paris Cręperie & Café are now open, joined by new tenants including The Spot Barbershop and Starbucks, adding to the project’s dynamic tenant mix that blends global flavors, lifestyle concepts, and everyday conveniences.

Miami Worldcenter was developed by Miami Worldcenter Associates, led by Managing Partners Art Falcone and Nitin Motwani, in partnership with Los Angeles-based CIM Group. Spanning 10 city blocks, 27 acres, in the heart of Downtown Miami, the $6 billion mixed use development blends residential, retail, hospitality, entertainment, and public spaces at the center of the city’s cultural core.

“As one of the largest and most ambitious urban developments in the U.S., Miami Worldcenter is delivering on its promise of creating a true ‘city within a city,’” said Nitin Motwani, Managing Partner of Miami Worldcenter Associates. “With every new opening – whether it’s a flagship restaurant, boutique shop, or everyday service – we’re bringing our vision of a connected, mixed-use community to life in the heart of Downtown Miami.”

Recently Opened Tenants:

Maple & Ash: The Chicago-based, award-winning steakhouse has debuted its boldest venture yet – a 22,000-square-foot, two-story flagship that blends culinary mastery with unrestrained luxury. 699 NE 1st Avenue

Sweet Paris Cręperie & Café: Known for its ‘art of eating crępes,’ this elegant café serves up sweet and savory crępes, waffles, paninis, and handcrafted cocktails. 851 NE 1st Avenue, #105

Earls Kitchen + Bar: A chef-driven restaurant offering globally inspired dishes, craft cocktails, and a vibrant, welcoming atmosphere. 150 NE 8th Street, #146

The Spot Barbershop: A South Florida favorite since 2001, The Spot brings its signature industrial design, classic bar, and upscale barbershop experience to Miami Worldcenter. This 1,700-square-foot location marks its third in Downtown Miami. 851 NE 2nd Avenue, #124

Starbucks: Serving its signature coffees, teas, and bites, this new café features original murals by local artists Jhonattan and Samantha Arango (Art of Anón), adding a distinct Miami touch to the beloved global brand. 150 NE 8th Street, #147

“Every opening adds to the diversity of options for visitors to Miami Worldcenter who will find great dining, shopping and entertainment in a lively atmosphere which invites guests to linger and fully experience all aspects of this new destination,” said Shaul Kuba, Co-Founder and Principal, CIM Group.

Miami Worldcenter is home to iconic global brands, world-class dining, public art displays, and entertainment for all ages. This pedestrian-oriented corridor offers nearly 300,000 square feet of street-level retail, dining, and lifestyle experiences designed to energize the heart of Downtown Miami.

Anchored by Downtown Miami’s first Apple store, Miami Worldcenter is home to a curated collection of premier retailers including Sephora, Lululemon, Ray-Ban, Lucid Motors, Free People, Savage X Fenty, The Container Store, Posman Books, HźP Sneakers & Streetwear, and The Spot Barbershop. Tenants opening soon include Openbank by Santander, SkinSpirit, Blo Blow Dry Bar, Bijoux et Montres, and Club Studio.

The culinary lineup showcases a diverse mix of global flavors and formats – from signature destinations like Maple & Ash, Sixty Vines, Earls Kitchen + Bar, Sweet Paris Cręperie & Café, and Starbucks, to local favorites including Brasserie Laurel, Chug’s Express, and El Vecino Cigar & Cocktail Bar. Eateries coming soon include the New York-famous Italian staple Serafina, Go Greek Yogurt, and the highly anticipated JUVIA, a beloved Miami favorite known for its rooftop views, striking design, and a fusion of French, Japanese, and Peruvian flavors.

For entertainment, families and visitors alike can enjoy Lucky Strike Bowling and the immersive, multi-sensory Museum of Ice Cream – making Miami Worldcenter a destination for shopping, dining, and play that reflects Miami’s vibrant energy and global appeal.

Miami Worldcenter is planned to bring more than 11,000 residential units to market over the course of the multi-phase development. Several luxury apartment and condominium towers are already completed, with thousands of additional units actively under construction or in planning. On the hospitality front, more than 1,100 hotel rooms are expected across the site, with the citizenM Miami Worldcenter hotel now open and additional hospitality destinations slated to debut in future phases.

As South Florida’s largest transit-oriented development, Miami Worldcenter offers unmatched connectivity with direct access to major expressways, MiamiCentral Station, and Brightline’s high-speed rail linking Downtown Miami to cities across Florida. Integrated with Metrorail, Metromover, Tri-Rail, and the Brickell/Biscayne trolley systems, it provides effortless regional access. Miami Worldcenter’s prime location puts it within walking distance of Museum Park, the Kaseya Center, the Adrienne Arsht Center, and Miami Dade College’s Wolfson Campus, placing it at the heart of Miami’s cultural and entertainment district.

Before & After:

Images via Miami Worldcenter | Before & After via PROFILEmiami

Miami Worldcenter Delivers Its First Tower As CAOBA Apartment Tower Launches Leasing In Downtown Miami

Miami Worldcenter, the 27-acre, $4 billion development in Downtown Miami, is preparing to welcome its first residents after 15 years of land acquisitions, planning and construction. The 444-unit, transit-oriented CAOBA rental tower has received the green light to welcome tenants and with the launch of leasing has become the first building to deliver within the master-planned Miami Worldcenter project. The opening of CAOBA is the first in a string of milestones that will take place at Miami Worldcenter in 2019. Over the coming months Paramount Miami Worldcenter, the only condominium for currently for sale in Miami Worldcenter, will be completed; the 348-room citizenM hotel will break ground, and 150,000 square feet of retail space deliver. CAOBA was co-developed by CIM Group and Falcone Group.

CAOBA’s apartments range from studios to 3-bedroom units which range in size between 500 SF and 1,300 SF. Monthly rents range from from $1,775 to $4,275. Units feature 9’ ceilings, contemporary finishes, in-unit washers and dryers, and private balconies offering sweeping views of Biscayne Bay and the Miami skyline. Amenities at CAOBA including a 10th-floor resort-style pool deck overlooking downtown, a rooftop fitness center, a club room with a fully-equipped kitchen, and an outdoor dog-walking lawn. CAOBA also offers more than 20,000 SF of street-level retail space that will be home to shops and restaurants creating an east-west pedestrian promenade linking Miami Central with Miami Worldcenter’s ‘High Street’ retail component and public plaza to the east as well as six transit systems located within one block of the tower.

“As the first tower to deliver at Miami Worldcenter, CAOBA is a cornerstone of our city within a city,” says Nitin Motwani, managing principal of Miami Worldcenter Associates. “CAOBA residents will be living at the intersection of arts, entertainment, education, retail and transit — introducing an element of convenience, proximity and walkability that is new to Miami. Our team has received countless inquiries from people interested in renting a luxury apartment at Miami Worldcenter, and they now have a chance to do just that as we open the doors at CAOBA.”

CAOBA Miami Worldcenter Reveals New Renderings As Tower Powers Towards Completion

CAOBA Miami Worldcenter has revealed new renderings and launched a website in anticipation of the buildings upcoming completion. CAOBA’s market-rate rental apartments range in size from 500 SF studios to 1,300 SF 3-bedroom floor plans. Residences feature 9' ceilings, contemporary design finishes, in-unit washers and dryers, and private balconies that open up to sweeping views of Biscayne Bay and the downtown Miami skyline. Amenities, including a pool deck overlooking downtown, a fitness center, a clubroom and an outdoor dog-walking lawn.

CAOBA was the first tower in the 27-acre, $2 billion Miami Worldcenter mega-project to top-off at 43 stories in Downtown Miami's Park West neighborhood. The transit-oriented rental complex is bringing 444 market-rate apartments to Miami’s urban core along with 888 parking spaces. CAOBA also will bring more than 20,000 SF of ground-floor retail space which will feature shops and restaurants, connecting Miami Worldcenter’s ‘High Street’ retail promenade and plaza to the east between Northeast 1st and 2nd Avenues.

The project was formerly known as the first phase of the Seventh Street Apartments and was co-developed by CIM Group with Falcone Group. CAOBA is located at 698 Northeast 1st Avenue and is one block from Miami Central, downtown’s new transportation hub and Brightline’s high-speed rail Miami terminal, which offers direct train service to Fort Lauderdale, West Palm Beach and Orlando. The 27-acre, 10-block Miami Worldcenter is one of the largest private real estate developments currently under construction in the United States. Miami Worldcenter features a diverse mix of urban land use, including high-street retail, hospitality, office and residential uses surrounded by world-class amenities and boasting convenient access to transit.

Check out the website: https://www.caobamwc.com

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