Art Falcone is changing partners in the Miami Worldcenter retail and entertainment area, joining with ROK Acquisitions, Andrew Mirmelli, The Davis Companies, and Jamestown to acquire the 27-acre open-air plaza in downtown Miami, according to an April 2 news release.
The transaction involves a major section of the $6 billion master-planned community. Miami Worldcenter Associates—a partnership of Falcone, Nitin Motwani, and Los Angeles-based CIM Group—sold five parcels and two garages to a joint venture led by Boca Raton-based Falcone Group. The purchase price was not disclosed by a spokesperson for the joint venture; however, a source familiar with the deal told The Real Deal that it was a nine-figure sum. The retail component had been listed for sale last year.
The new operations team will include Aventura-based ROK Acquisitions led by Sergio Rok and Andrew Mirmelli, known as a parking mogul and real estate investor from Miami Beach. Boston-based Davis Companies under Jonathan Davis and Atlanta- and New York-based Jamestown led by Matt Bronfman are limited partners providing institutional capital and oversight.
The sale covers about 300,000 square feet of space dedicated to retail, dining, and entertainment; two garages with 2,000 parking spaces; plus 100,000 square feet of parks and plazas located between Northeast Sixth and Eighth Streets as well as Northeast First and Second Avenues. Major brands such as Apple, Sephora, Lucid Motors, Savage X Fenty anchor the district alongside restaurants like Maple & Ash, Serafina, Sixty Vines. Entertainment venues include Lucky Strike Bowling and Museum of Ice Cream.
Surrounding this district are condo towers developed by Related Group among others including Naftali Group; Witkoff; Adam Neumann’s Flow; along with CitizenM hotel. When completed fully per the release’s information on future plans for Miami Worldcenter there will be sixteen residential or hotel towers in total.
Recently Tokyo-based Kasumigaseki Capital purchased nearby land for $88.8 million intending to build a branded condo-hotel skyscraper at Northeast Tenth Street cornering Northeast Second Avenue. Since its start in 2011 after assembling over thirty parcels in Park West district more than one hundred thousand people now live within greater downtown according to data from the Miami Downtown Development Authority.
