Kasumigaseki Capital, a Tokyo-based real estate investment and development company, acquired a 0.7-acre development site at Miami Worldcenter for $88.8 million, according to records and real estate database Vizzda. The transaction took place on Mar. 23 and included $45 million in seller financing.
The deal involves a parking lot located at the southwest corner of Northeast 10th Street and Northeast Second Avenue in downtown Miami. The land sale equates to approximately $2,912 per square foot.
The selling entity is tied to Art Falcone’s Boca Raton-based Falcone Group, which is one of the master co-developers of the larger Miami Worldcenter mixed-use project alongside Nitin Motwani and CIM Group from Los Angeles. However, a source familiar with the property said that about five years ago an investment group led by Marc Roberts purchased interest in the entity owning this parcel.
Roberts is known as co-founder of E11even Miami nightclub and has been involved in branded condo projects in downtown Miami. The previous owner’s proposal for this site included plans for a 53-story tower featuring 351 condominiums, a hotel with 280 rooms, nearly 10,000 square feet of retail space, and almost 4,000 square feet of open space; however, no brand was announced at that time.
It remains unclear whether Kasumigaseki will move forward with these plans or pursue another project on the site. Broader market conditions may influence their decision: while costs for labor and materials have stabilized but remain high due to elevated interest rates and insurance premiums; recent federal policies including tariffs could also impact construction costs.
Kasumigaseki Capital is led by CEO Koshiro Komoto and operates as both fund manager and developer across sectors such as healthcare and logistics in Japan as well as internationally—including expansions into the United Arab Emirates, Indonesia, and Thailand—but public records show this acquisition marks its first known U.S.-based investment.
