Worldcenter Developer Buys Property From Forbes At A Discount

An affiliate of mall developer The Forbes Company sold a property to an entity controlled by Worldcenter’s master developer at a loss.

Forbes Miami NE 1st Avenue LLC sold the land to Miami A/I LLC. The transaction was recorded on January 29.

Miami A/I paid $6,738,780 million for the vacant 5,000-square-foot parcel. Forbes bought it in July 2014 for $8 million.

Forbes and partner Taubman announced last month that they were cancelling plans to build an enclosed mall, in favor of high street retail. Miami A/I and other linked entities own most of the surrounding land where it would have been built.

 

 

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Anonymous
4 years ago

This project is so confusing with the people involved going back and forth that I just don’t care anymore. If they build a high street retail Soho style then great.

Anonymous
4 years ago

I do agree that people are starting to care less about this project. To much hype not enough results. Yes a soho hybrid Lincoln road would be great and I do believe that the project in whole is great for Downtown but they have to pull the trigger. If they wait till the next cycle they will probably lose more credibility.

Anonymous
4 years ago

The Big Guns are bailing. Not a good sign.

Anonymous
4 years ago

do these folks even care about their reputation? its getting to the point where anyone following miami’s rise is no longer believing that this project will ever become reality.Way too many false starts and although I think paramount is beautiful,its doubtful it will really move forward as everyday theres only 2 or 3 workers on site….hardly the typical construction sites numbers….. hope im wrong and it really starts moving into vertical phase soon…that area is ripe for development of some sort,,,,

Oscar
4 years ago

I passed by the Paramount site last night. It looks like hardly anything has been / is being done. Tracing back to when it was first announced 7+ years ago, this is the most aggravating development / non-development I’ve followed. First it was a massive city center with public squares, residences, and shops, then a huge mall and condos with the world’s largest amenity deck, then high-street retail… maybe soon they’ll announce the development of some state-of-the-art surface parking lots. Sigh.

Anonymous
4 years ago

that loss has to hurt ..

AndrewN
4 years ago

Where does it say Forbes was bailing?!? All they did was sell a 5000 square foot lot. They certainly weren’t going to build a mall on that small plot of land.

Anonymous
4 years ago

Today it’s 5,000 square feet, tomorrow it’s the world(center).

Anonymous
4 years ago

I agree with AndrewN…it doesnt say that forbes is bailing. From what I have heard Taubman and Forbes are still involved with miami world center and the “new” high street retail concept. I think this works better and will be a cool addition to downtown. hope we start to see it go vertical soon.