A joint venture led by Falcone Group has acquired the retail and entertainment section of Miami Worldcenter, according to an April 2 news release. The new partnership includes ROK Acquisitions, Andrew Mirmelli, The Davis Companies, and Jamestown.
The transaction involves five parcels and two garages within the $6 billion master-planned community in downtown Miami. Miami Worldcenter Associates—comprising Art Falcone, Nitin Motwani, and CIM Group—sold these assets to the new joint venture. A spokesperson for the buyers declined to comment on the purchase price; however, a source familiar with the deal told The Real Deal that it is a nine-figure transaction.
The acquisition covers approximately 300,000 square feet of retail, dining, and entertainment space along with 2,000 parking spaces across two garages and about 100,000 square feet of parks and plaza areas. The properties are located between Northeast Sixth and Eighth Streets as well as Northeast First and Second Avenues.
ROK Acquisitions—led by Sergio Rok—and Andrew Mirmelli will join Falcone on operations. Limited partners providing institutional capital include Boston-based Davis Companies (led by Jonathan Davis) and Atlanta- and New York-based Jamestown (led by Matt Bronfman).
Miami Worldcenter’s first phase opened last year with anchor tenants such as Apple, Sephora, Lucid Motors, Savage X Fenty alongside restaurants like Maple & Ash. Entertainment venues include Lucky Strike Bowling and Museum of Ice Cream. Surrounding residential towers have been developed by Related Group among others; when completed Miami Worldcenter will feature sixteen residential or hotel towers according to developers.
Recent activity in the area includes Kasumigaseki Capital’s $88.8 million purchase of a nearby parking lot for a planned condo-hotel skyscraper. Since launching its master plan in 2011 after assembling over thirty parcels in Park West district more than 100,000 people now reside in greater downtown Miami.
