Abbhi Capital of Coral Gables has purchased more land at Miami Worldcenter and is planning a mixed-use project there.
In total, Abbhi has spent $44 million and now owns 2.2 acres at Miami Worldcenter. The latest purchase is 45,000 square feet for $20 million, with another purchase last August for $24 million.
A mixed-use project with multifamily, hotel, office and retail is planned on the combined parcels, Managing Partner Sankesh Abbhi told the SFBJ yesterday.
Over 2 million square feet can be built on Abbhi’s combined properties at Worldcenter. The new parcel alone allows up to 850 residential units and 1.2 million square feet.
Abbhi’s adjacent properties are at Worldcenter’s Block A.
“Abbhi Capital is excited to expand our commitment to Miami Worldcenter and we are proud to be a part of the strategic vision of a ‘city within a city.’ We look forward to the bright future of this incredible location and project,” Abbhi said.
Next door, the 39-story Kenect Miami Worldcenter is planned by Chicago’s Akara Partners with 450 units.
Other projects continue to near completion at Miami Worldcenter.
Approximately 150,000 square feet of retail has been completed for tenant build-out, with another 130,000 square feet currently under construction and nearing delivery, Worldcenter representatives said yesterday.
Construction has topped off at ZOM’s 43-story Bezel Miami Worldcenter, a 434-unit rental tower slated to open later this year, and at Miami Worldcenter’s 351-room citizenM hotel, which is expected to open in December, the representatives said.
Fifield once proposed a tower on Abbhi’s property. but that has now been cancelled: