Buyer With Miami Beach Ties the Latest to Join Miami Worldcenter
IRR Parkwest Investments buys one of the last open Miami Worldcenter parcels for $27 million.
February 25, 2020 at 04:40 PM
3 minute read
An aerial view of the massive Miami Worldcenter mixed-use project underway in downtown.
A company with Miami Beach ties bought just over an acre of Miami Worldcenter mixed-use project for $26.78 million, likely a record price for downtown land.
IRR Parkwest Investments LLC bought 1.02 acres east of Miami Avenue between Ninth and 10th streets from master developer Miami Worldcenter Associates. The site allows for mixed-use development.
The deed hadn't been recorded by Miami-Dade County as of late Tuesday.
IRR Parkwest listed a Miami Beach address on its initial state corporate records filed Feb. 19. The papers were filed by Nexterra Law attorney Eric Jacobs of Miami Beach, but the filing was so new that no scanned images were available.
It wasn't immediately clear whether the deal is a record, but it's higher than the latest big downtown land deal, the $43 million purchase of a 2-acre lot in Miami Worldcenter by New York-based Lalezarian Properties LLC. That deal breaks down to $21.5 million per acre.
There is one remaining lot available at the development underway on 27 acres spanning 10 city blocks.
The master development team if offering a 2.18-acre parcel on Northeast First Avenue between 10th and 11th Streets. It could be developed with 1.7 million square feet of space, including 1,100 residential units.
Miami Worldcenter Associates is led by Art Falcone and Nitin Motwani, both big names in South Florida real estate, and includes Newport Beach, California-based Centurion Partners LLC and Los Angeles-based CIM Group. They are partnering with other developers building portions of the project.
Parts of the $4 billion endeavor were completed last year, including two residential towers and the buildout for half of the retail space.
The 60-story Paramount Miami luxury condominium tower and 43-story, 444-unit Caoba apartment tower were finished last year. Half of the planned 300,000 square feet of retail space is ready for tenant buildout.
The 43-story, 434-unit Luma apartment tower and the 12-story, 351-key citizenM hotel are under construction.
On their heels is a high-end Legacy Hotel & Residences hotel condominium with a 255-key hotel below 278 branded condo units. Developer Royal Palm Cos., which also built Paramount, started sales.
Other plans call for a 600,000-square-foot office tower and a 1,700-room Marriott Marquis Miami Worldcenter Hotel & Expo Center with 500,000 square feet of convention space.
Miami Worldcenter is east of the Virgin MiamiCentral train station and west of downtown attractions including the Perez Art Museum Miami, Frost Museum of Science and AmericanAirlines Arena.
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