Miami Worldcenter | Approved

By exMiami Staff on January 19, 2012

Miami Worldcenter
http://www.miamiworldcenter.com/

http://i.imgur.com/kPplp.jpg

With a recent investment by CIM Group of LA, this project could be back on track.

Related Items

33 Comments

langbro

January 19, 2012 at 9:29 pm

An article in the 1/12/12 Miami Today states that Miami Worldcenter might rise piecemeal.

Reply
sandman

January 29, 2012 at 5:21 am

Las Vegas Sands CEO Sheldon Adelson hosted local leaders in an office suite overlooking a potential Sands Miami site on the land known as the Miami World Center, a cluster of parking lots and night clubs a short walk from the AmericanAirlines Arena.

“He likes to talk, mostly about him and the things he’s done… He never mentioned any political allegiances,’’ Miami Mayor Tomas Regalado said of Adelson. The two of them met in an office suite in downtown’s Everglades residential tower late last year, near where Sands hopes to build a roughly 1,500-room hotel and a convention center twice the size of the one in Miami Beach.

“He didn’t promise anything,’’ Regalado continued. “He just said, ‘I’m here to tell you who I am.”

http://www.miamiherald.com/2012/01/27/v-fullstory/2612070/sands-ceo-backs-gingrich-and-a.html

Read more here: http://www.miamiherald.com/2012/01/27/v-fullstory/2612070/sands-ceo-backs-gingrich-and-a.html#storylink=cpy

Reply
Afi K. James

March 4, 2012 at 2:36 am

I Hope it gets open soon.

Reply
sandman

March 15, 2012 at 4:03 am

Word is that Mekka nightclub is being closed. Miami Worldcenter owns the building and is planning to demolish it, so the lease has not been renewed. The Mekka property is directly behind 900 Biscayne.

Reply
sandman

March 15, 2012 at 2:24 pm

It is most likely indicative that they plan to use the property in the near future.

Reply
Afi K. James

March 16, 2012 at 1:55 am

sandman, post: 461, member: 1 wrote: Word is that Mekka nightclub is being closed. Miami Worldcenter owns the building and is planning to demolish it, so the lease has not been renewed. The Mekka property is directly behind 900 Biscayne.

Maybe they can build the same nightclub in that miami worldcenter.

Reply
bigswinging

March 18, 2012 at 8:05 pm

mekka nightclub isn’t classy enough for worldcenter

Reply
bigswinging

March 18, 2012 at 8:12 pm

FOR IMMEDIATE RELEASE:

CIM GROUP INVESTS IN MIAMI WORLDCENTER

Investment Recapitalizes Large Downtown Miami Development Site

MIAMI (Nov. 1, 2011)— Miami Worldcenter Associates, a joint venture between South Florida-based
Falcone Group and Centurion Partners, announced today that it has sold an equity stake in the Miami
Worldcenter site to CIM Group, a Los Angeles-based real estate investment company that makes equity and/or
debt investments in urban communities throughout North America.

The nine-square block, mixed-use development is situated immediately north of the Central Business District
and is strategically located in close proximity to both public transit as well as such regional transportation hubs
as Miami International Airport and the Port of Miami. It is also conveniently located near such entertainment
venues as the American Airlines Arena and Adrienne Arsht Center for the Performing Arts; as well as area
museums, colleges and government centers. The site is also within minutes of Miami Beach.

In 2008, the Miami City Commission approved a development agreement with Miami Worldcenter and
endorsed its Master Plan, guaranteeing specific zoning considerations for the next 20 years. The Master Plan
was created by renowned architectural firm Elkus/Manfredi and is one of the largest private master-planned
urban environments in the U.S. Specifically, the Plan call for a mix of hotel, retail, residential, office and
conference space, as well as park and educational facilities totaling more than 11 million square feet, and could
easily accommodate a gaming component, should it be approved by the State of Florida.

As a result of the transaction, CIM Group and Miami Worldcenter Associates will conduct a strategic review
of the property in order to prioritize the initial phase of the mixed-use development. Terms of the transaction
were not disclosed.

About Miami Worldcenter
Miami Worldcenter is one of the largest master-planned urban environments in the United States
and spans more than 20 acres in downtown Miami. The approved Master Plan includes hotel,
retail, residential, office, conference, educational and public space located in the core of
downtown Miami. Surrounded by world-class amenities and minutes from Miami International
Airport and the Port of Miami, Miami Worldcenter is defined by Northeast Second Avenue to
the east, North Miami Avenue to the west, Northeast 11th Street to the north, and Northeast Sixth
Street to the south.

About Miami Worldcenter Associates
Miami Worldcenter Associates is a partnership between South Florida-based Falcone Group and
Centurion Partners. Falcone Group, led by Art Falcone, is a privately held and vertically
integrated real estate and land development organization, specializing in all real estate product
types. The Falcone Group prides itself on its diverse staff of professionals who are seasoned
experts in every area of real estate development, design, finance, construction, leasing and
management.

Centurion Partners has more than 150 years of combined real estate experience. Its professionals
possess a full range of property development and financial expertise to take advantage of
complex opportunities in some of the world’s most desirable markets. Both through a venture
with an established equity fund and the formation of its own fund, Centurion Partners is
capitalizing on the current real estate market distress by investing in a diversified group of real
estate assets through direct acquisitions or strategic joint ventures. Centurion targets properties in
premier locations with notable entry barriers and/or compelling historic fundamentals.

About CIM Group
CIM Group is a premier real estate fund manager that makes private equity and/or debt
investments in urban communities throughout North America, utilizing its full array of
investment and operational expertise to maximize returns while mitigating risks. With offices in
Los Angeles, San Francisco Bay Area, Bethesda and New York, CIM has three distinct
portfolios each diversified by geography and type of property. They include: Opportunistic or
repositioning and development projects in established and emerging urban areas; Stabilized/Core
or well-positioned operating properties in transitional districts; and Infrastructure or properties
serving the public interest. Once involved in a qualified community, CIM seeks to routinely
make additional investments in order to support the growth of the community and enhance the
value of its previous investments. For more information, please visit http://www.cimgroup.com.

CONTACT:

Miami Worldcenter Associates:
Sissy DeMaria
Suzanne Schmidt
Kreps DeMaria Inc.
[email]sdemaria@krepspr.com[/email]
[email]sschmidt@krepspr.com[/email]
305.663.3543

CIM Group:
Bill Mendel
Mendel Communications
[email]bill@mendelcommunications.com[/email]
212.397.1030

Reply
sandman

March 28, 2012 at 9:16 pm

Miami Worldcenter partners purchased more land on March 15, 2012.

The land is located between Northeast 1st and Northwest 1st avenues, and 7th and 11th streets.

The purchase price was $8.7 million.

Reply
sandman

April 3, 2012 at 2:02 pm

New Owner of Miami Worldcenter CIM to Build Tallest New York Residential Tower: 82- story, 1,397-foot

http://www.bloomberg.com/news/2012-03-30/cim-macklowe-to-build-tallest-new-york-residential-tower.html

Reply
langbro

May 31, 2012 at 4:18 pm

Miami Worldcenter’s new owner CIM Group is now underway on 432 Park, which will rise nearly 1400 feet to become the tallest building in New York:

Reply
langbro

June 12, 2012 at 6:11 pm

Las Vegas Sands chairman and CEO Sheldon Adelson wrote a check last week for $250,000 to Florida Governor Rick Scott’s PAC.

LVS has publicly expressed interest in the Miami Worldcenter site.

http://miamiherald.typepad.com/nakedpolitics/2012/06/sheldon-adelson-pens-250k-check-to-rick-scott.html

Reply
yellows2k

September 6, 2012 at 2:05 am

Miami Worldcenter might be getting even bigger.

The owners of Miami Worldcenter are closing in on the purchase of the Miami Arena site for $35 million.

The site is currently the home of Grand Central Park.

http://www.miamiherald.com/2012/09/05/2986727/old-miami-arena-land-may-get-new.html

Reply
sandman

September 6, 2012 at 4:20 pm

The Grand Central Park/Miami Arena land is also directly adjacent to the proposed All Aboard Florida Mixed Use station in downtown Miami.

In addition, the Grand Central nightclub across from the park is currently listed for sale.

Reply
Felipe Azenha

September 7, 2012 at 10:18 am

All Aboard Florida is probably the catalyst for this acquisition. We haven’t seen anything yet. Wait until we Tri Rail starts running commuter rail on the FEC tracks from Miami to West Palm. TODs will start popping up like weeds around new the train stations. The rail line will have a significant impact as to how developers plan for their next project. It will be all about TOD for the next couple of decades. Got money? Buy near the FEC line. You can see where the future trains stations will be here…

http://www.miamiurbanist.com/rail-real-estate-and-the-future-o-development-in-south-florida/

Reply
yellows2k

October 10, 2012 at 12:23 am

done deal:

The owner of the Miami Worldcenter land has purchased the Miami Arena land for $35 million
http://www.dailybusinessreview.com/PubArticleDBR.jsp?id=1202574076958&Former_Miami_Arena_site_involved_in_35_million_transaction

Reply
yellows2k

October 11, 2012 at 8:40 pm

Grand Central Park Gets A New Landlord – Operations Remain The Same.

The Old Miami Arena site, currently used for the successful Grand Central Park project, changed ownership last week with the sale of the parcel for $35 million. The Park will remain open for the two-year duration of the current lease.

FOR IMMEDIATE RELEASE

PRLog (Press Release) – Oct 09, 2012 –
October 9 – Miami, FL – The site of the Former Miami Arena, currently the site of Grand Central Park, the largest pop-up park in the nation, changed ownership last week. The 4.7 acre parcel, was sold by Palm Beach Polo Club owner Glenn Straub to Old Arena, LLC, controlled by Miami Worldcenter principals, Art Falcone and Nitin Motwani. The sale was recorded last week in the Miami-Dade County tax roll at $35 million.

Bradley Knoefler, Founder and President of the Omni Parkwest Redevelopment Association Inc. (501(c)(3)), a Florida non-profit corporation based in Miami, was positive about the purchase and pointed out that the ownership change will have absolutely no effect on the Park project. “Grand Central Park simply has a new landlord and will continue to operate as a community recreational and activity center for the two years remaining on our lease,” stated Knoefler. “We have met with the new owners, including Nitin Motwani, and they are very excited about maintaining O.P.R.A. and the Park’s role in continuing to improve the neighborhood and as a catalyst for redevelopment. What Nitin and the Worldcenter team have already been able to do in bringing Will Call and the Downtown ArtHouse to their site clearly demonstrates their commitment and the vision we share for the area. We are eager to work with them and to further the neighborhood’s exciting transformation.”

Grand Central Park is a public / private joint venture created by O.P.R.A., a community-based not-for-profit group, founded by Bradley Knoefler in 2009, that focuses on progressive, low-cost urban renewal projects. The Park was designed by Walter Meyer of Local Office Landscape, a Landscape Architecture firm located in Brooklyn, New York, and is located on nearly five acres of a formerly blighted parcel in downtown Miami, where the Miami Arena once stood. Grand Central Park has vastly improved the neighborhood for a minimal cost and provides needed recreational space and community activation for the thousands of new downtown Miami residents. The park has always been temporary in nature since it was constructed in 2011, planning to exist for a minimum period of three years, while the final status of the site is determined.

“The acquisition certainly makes strategic sense for the Worldcenter Group,” stated Knoefler, who also owns property in the neighborhood. “Recent developments in downtown Miami, such as the announcement of a Miami – Orlando passenger rail service on the adjacent railroad tracks and the connection of the Miami Metrorail to the airport, have made the site more attractive for a Transit Oriented Development in recent years.”

Knoefler is still optimistic that a portion of the site can be permanently turned into a park or public green. “We always knew that something big would go there, but we still are hopeful that whatever happens we can keep a portion of the green, community space,” he added. “This is perfect site for a public private partnership and we are open to work with the new owner to explore that option.”

For questions and further information, please visit http://www.grandcentralpark.org or contact Bradley Knoefler at 305.527.7332 or [email]info@grandcentralpark.org[/email].

http://www.prlog.org/11995373-grand-central-park-gets-new-landlord-operations-remain-the-same.html

Reply
Sean

October 12, 2012 at 4:30 am

Wandered over there today and ran into Brad. Awesome guy

Reply
sandman

October 12, 2012 at 4:01 pm

Sean, post: 2200, member: 42 wrote: Wandered over there today and ran into Brad. Awesome guy

Any insight into the project, or the sale of his own Grand Central building?

Reply
Sean

October 12, 2012 at 7:50 pm

sandman, post: 2208, member: 1 wrote: Any insight into the project, or the sale of his own Grand Central building?

He’s just really optimistic, and really involved in the political end of it. Mark, another GCP guy, mentioned the city looking at new Parklette rules, or something…

Reply
Sean

October 12, 2012 at 7:55 pm

Oh and they’re sodding in most of the central portion of the park that up until now has been gravel, and the new landlords are very supportive.

sandman, post: 2208, member: 1 wrote: Any insight into the project, or the sale of his own Grand Central building?

Reply
sandman

October 28, 2012 at 8:57 pm

A detail that has not been reported in any of the above news articles:

As part of the $35 million deal to purchase the old Miami Arena site, former owner Glenn Straub gave the Miami Worldcenter partners a $24 million loan.

Reply
Aerial Photography Inc

November 20, 2012 at 5:10 pm

Future Home of Miami Worldcenter

Reply
Pawnmaster

December 10, 2012 at 11:53 pm

The Grand Central building at 697 N. Miami Ave. in downtown Miami has been sold for $4.6 million.

Built in 1920 for Florida East Coast Railway, the property is adjacent to land owned by Miami Worldcenter group.

Reply
sandman

December 17, 2012 at 6:44 pm
A key piece has been added to Miami Worldcenter’s already extensive land holdings in Park West, exMiami can exclusively report.

An affiliate of Miami Worldcenter Associates purchased the former Camillus House site at 726 NE 1st Avenue for $3 million. The transaction closed in August after the building was demolished. The 19,600 square foot site is included in the Miami Worldcenter Special Area Plan.

Sources have told us that a Miami Worldcenter affiliate has also purchased the Grand Central nightclub building at 697 N. Miami Avenue for $4.6 million, although we have not confirmed this. The 19,020 square foot Grand Central building is on a 12,000 square foot lot and was built in 1920 for Florida East Coast Railway. That property is also included in the Worldcenter SAP.

A Miami Worldcenter affiliate also purchased the 4.7 acre former Miami Arena site in October for $35 million.

Miami Worldcenter land purchases in 2012:

August – Camillus House Site; 19,600 SF, $3 Million

October – Miami Arena Site; 4.7 Acres, $35 Million

December – Grand Central Nightclub; 12,000 SF, $4.6 Million (unconfirmed)

More Coverage:
Miami Worldcenter
Historic Grand Central Building In Downtown Miami Sells For $4.6 Million
Reply
Pawnmaster

December 18, 2012 at 4:34 pm

Can’t wait to see what the “new” site plan is.

Reply
Aerial Photography Inc

December 21, 2012 at 7:42 pm

Reply
Chrismiran

December 26, 2012 at 3:14 pm

What will the rail line along 7th street do to the project. From the rendering of miami world center, it looks like it doesn’t take into account that railroad. Would they build around it it, or just abandone everything south of the line.

Reply
armandoji

December 29, 2012 at 3:11 am

Chrismiran, post: 3029, member: 385 wrote: What will the rail line along 7th street do to the project. From the rendering of miami world center, it looks like it doesn’t take into account that railroad. Would they build around it it, or just abandone everything south of the line.

I believe they are going to build around/above it.

Reply
langbro

January 17, 2013 at 4:40 pm

Miami Worldcenter Group is currently finalizing agreements to bring prominent artists to its property in downtown Miami in the coming months, according to managing director Nitin Motwani as quoted in Miami Today.

Reply
halltd

January 17, 2013 at 7:43 pm

Maybe I missed something here, but why do the renderings show the old arena in them? Are they planning to build another one, or are they just really old renderings?

Reply
langbro

January 17, 2013 at 9:19 pm

halltd, post: 3246, member: 420 wrote: Maybe I missed something here, but why do the renderings show the old arena in them? Are they planning to build another one, or are they just really old renderings?

They are old renderings.

Reply
langbro

March 5, 2013 at 3:55 pm

Is this the Miami Worldcenter artists colony?

Reply

Leave a Reply