Kasumigaseki Capital, a Tokyo-based development firm, entered the Miami real estate market with an $88.8 million purchase of a 0.7-acre lot at the Miami Worldcenter complex, according to a March 26 report.
The deal marks Kasumigaseki’s first known venture in the Western Hemisphere and represents South Florida’s largest development site transaction so far this year. The company paid $121.6 million per acre for the property on Northeast 10th Street and Northeast Second Avenue, utilizing $45 million in seller financing.
Despite the significance of the acquisition, Kasumigaseki has not publicly commented on its plans for the site or released project renderings. A source familiar with the transaction said Kasumigaseki is “trying to keep this thing quiet.” Preliminary plans reportedly include constructing two towers—likely condos and a hotel—potentially through a joint venture with a local developer such as Boca Raton-based Falcone Group, though no partnership has been finalized.
Records indicate that Falcone previously had ties to the property but sold its stake about five years ago to an investment group led by Marc Roberts, co-founder of E11even Miami nightclub and condos brand. In 2024, Falcone acted only as development manager for that ownership group when it filed plans for a branded condo-hotel tower on the site.
Founded by Hiroyuki Ogawa in 2011, Kasumigaseki Capital began investing in shopping centers before expanding into renewable energy and later focusing on industrial warehouses under its Logi Flag brand and hotels through Fāv Hospitality Group. The firm is listed on Tokyo Stock Exchange’s Prime Market with nearly $1 billion market capitalization and operates mainly in Japan but has expanded into Asia and now Miami.
Kasumigaseki’s business model relies heavily on joint ventures where it typically holds a majority stake while partners hold minority interests. Its strategy also involves selling entitled sites to fund investors while retaining involvement as project manager and earning related fees until completion.
Japanese companies have historically invested more heavily in New York than South Florida; however, notable transactions like Sumitomo Corporation’s acquisition of Miami Tower demonstrate occasional major Japanese investments in the region.
