Forbes Agreement With Worldcenter Terminated, May Be Replaced

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.

 

17 Comments
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Anonymous
4 years ago

It’s a shame that full facts do not get written up, only bits and pieces pasted together to show a negative spin… Because of course bad news gets more clicks.
The agreement between Forbes and Worldcenter HAS been terminated. It has to be because they are no longer bundling a “mall” therefore that agreement is no longer valid. A new agreement between Taubman, Forbes and Worldcenetr has been created to build a High Street Retail District. If you read the factual report in the link below, you will understand the nature of the transaction much better. This whole shift is taking place because Macy’s is faultering heavily and so are most department stores and malls in general. The future of Downtown Miami becoming a real metropolitan Downtown depends upon this thing getting done right. Frankly, “malls’ have no business being in a true urban downtown.

http://www.zacks.com/stock/news/203597/taubman-centers-tco-to-incur-writeoff-in-q4

marc
4 years ago

HA! Thank you anonymous.

Anonymous
4 years ago

Amen Brother

Anonymous
4 years ago

Smart.

Marc305
4 years ago

This is extremely disappointing. The main problem is the projected expectations that Miami World Center set in motion for years before the actual groundbreaking. Explaining these changes to the buyers now make us Real Estate brokers look incompetent at best and disingenuous at worse.

When Brickell City Center was announced we sold units around that project with the expectations of a great mall. Now everyone is happy and excited because the mall is looking as nice as everyone expected it to be. That will not be the case with Miami World Center and sadly no one can be held accountable for it, we are the ones holding the short end of the stick.

Anonymous
4 years ago

Life of a salesman…

Anonymous
4 years ago

RIP Miami World Center?

Anonymous
4 years ago

Not gonna happen. Don’t worry, I’m sure their lawyers were much better than the cities so their tax breaks and credits will live and be sold to developers in the future.

Alpina
4 years ago

i am loosing faith on this project….

Oscar
4 years ago

Just another nail against this development. It’s been nothing but polished renderings followed by disappointments since it was announced 7+ years ago. It’s a shame, but I doubt much beyond the Paramount gets built this cycle. The convention center will be the next hat to drop.

MrDreTheOne
4 years ago

So many projects are announced with much fanfare in this city but are ultimately downgraded, delayed, or downright scrapped, it seems developers get overly ambitious and thus fail. You have to hand it to Swire, Related, Melo…..when they say they are building something, they do.

Anonymous
4 years ago

BCC > MWC

^ This is what it looks like now. It is a shame.

Anonymous
4 years ago

I think it’s toast…

Anonymous
4 years ago

This is such a shame so close to finally breaking ground. Some say that having a mall in this area wouldn’t be a good thing, are you kidding me it would be perfect! It’s in a great area in Overtown right next to 95 and 395. It’s surrounded by or will be surrounded by condos the college is right next door for god sake! Right accross from the arena an Bayside an the port. Why wouldnt this thing succeed?

Anonymous
4 years ago

really disappointed….but the reality is that I don’t think this project would have ever been built….every month there was some setback…it seems too many people involved and so much time went by the developer AGAIN missed the cycle….cant fathom paramount becomes reality….too bad but this land is very valuable so it might get developed in phases as residential retail entertainment and office space

Anonymous
4 years ago

This project was/is all about the tax breaks. Miami, you’ve been played.

Anonymous
4 years ago

What do you expect from a “developer” — the oily used car salesman Nitin Motwani — who’s never built as much as a birdhouse?