An affiliate of The Forbes Company terminated an agreement to buy land at Miami Worldcenter days before they announced that they were scrapping plans to build an enclosed mall there, county records show.
Forbes, along with partner Taubman, still said that they are “pursuing a high street retail plan,” but they likely no longer have a contract to buy the land.
Here are the local agreements that Forbes was a party to over the past few years:
- A Forbes affiliate purchased a single 5,000-square-foot lot at 717 NE 1st Avenue. That sale closed in July 2014 for $8 million
- A Forbes affiliate was named as a party in a deal with the county to create a Community Development District, enabling a special taxing district to fund infrastructure improvements
- A Forbes affiliate was one of the parties that signed on to a tax subsidy deal with the Southeast Overtown/Park West Community worth up to $88 million
- A Forbes affiliate had the in-contract land replatted to allow for the mall to be built
Update: Although the agreement has been terminated, it could eventually be replaced, according to a release from Taubman:
Taubman and Forbes have agreed with Miami Worldcenter Associates on preliminary terms to lease the retail portion of the street level project, with an option to purchase the retail component for a predetermined price once it opens.
