Miami Worldcenter Closes On $43 Million Loan To Build Retail

Earlier this week, Miami Worldcenter Associates closed on a $43 million construction loan from Fifth Third Bank to fund a portion of the high street retail and parking currently under construction.

In total, the developer has now secured $500 million in financing. Worldcenter eventually expects to account for about $2 billion in investment in downtown Miami.

“As vertical development continues throughout Miami Worldcenter’s 27-acre site, our team has secured an additional $43 million in financing for the construction of 53,000 square feet of prime street-level retail and a 1,100-space parking garage fronting Northeast 2nd Avenue, between 8th and 10th Streets, in the heart of downtown Miami,” Miami Worldcenter Managing Principal Nitin Motwani said.

“The loan, provided by Fifth Third Bank, will finance a portion of Miami Worldcenter’s high street retail promenade as well as one of our primary parking garages. Part of the amenity deck serving our signature PARAMOUNT Miami Worldcenter condominium will sit atop the garage. This is the latest in a series of loans and private bond sales that are fueling ongoing construction and infrastructure improvements at Miami Worldcenter to the tune of approximately $500 million.

Development of more than 140,000 square feet of retail space is now underway at Miami Worldcenter, and the Forbes and Taubman leasing team is engaged with shopping, entertainment and dining concepts from around the world that see value in having a presence in a well-located, well-connected site combining residential, hotel, convention, office, and retail uses within a single master-planned development.”

 

 

 

brochure from april 2017:

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Anonymous
3 years ago

It’s a beautiful project and neighborhood.

Anonymous
3 years ago

LMAO !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! by what measure ??!!! the homeless, the late night club kids, the stench of bodily fluids ??

Anonymous
3 years ago

“LMAO !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! by what measure ??!!! the homeless, the late night club kids, the stench of bodily fluids ??”

Wow, you must partake in and hang around this area a lot in order to be aware of all that going on.

Anonymous
3 years ago

I have been watching it get built, it appears to be coming along well. These new retail renderings are much more impressive than the previous “enclosed mall” version. At the least, it’s a new pedestrian route other than the sidewalk walking from the bright line/metro rail to AAA. At best, it’s thousands of new residents to downtown, more shopping and dining options. I hope they follow BCC’s lead and incorporate as much dining as possible. Great job MWW!

Anonymous
3 years ago

I agree. A lot of people don’t understand that along with Brickell and the ongoing evolution of the design district and Edgewater among others, these are the kinds of options the residents of Miami have been waiting for. But, some people are going to be a “negative Nancy” no matter what.

Anonymous
3 years ago

Suburban Middle Class will never understand how urban centers function. They love to live in their Soulless gated communities, have diner at the nearest Olive Garden and drive their humongous Silver SUV’s to go shopping at the Outlet Mall every Sunday afternoon.

Anonymous
3 years ago

Yeah, we have too many people who come on this site and comment as if urban centers should resemble someplace like Kendall or Coral Gables with parks all over the place. These people should stay in their little suburban enclaves and be quiet and content and let a real urban center take shape.

Anonymous
3 years ago

The public plaza “world square” should become our times square. That neon orange drop on new year’s is very tacky.

Miami1
3 years ago

Love the hotel, make it taller…

Anonymous
3 years ago

Please don’t make the hotel taller. It’s a perfect height – with the Paramount as the centerpiece and focal point to the entire MWC. A taller hotel would take away from the mastery of what’s going to be a fantastic beacon.

Anonymous
3 years ago

Don’t worry, like you said “it’s a perfect height.” Besides, sixteen stories is fairly tall.

Anonymous
3 years ago

sixteen stories tall is ok for airport or suburban hotels

Anonymous
3 years ago

I liked the first two renditions better, especially the second. The current one is watered-down and boring.

Anonymous
3 years ago

Without the convention hotel and other hotels in the area, this project will not survive. However, I don’t hear much about the hotel anymore. Shame as the county is ripe for conventions to cross the bay as we have seen with several conventions being held this side of the bay.

Anonymous
3 years ago

I firmly believe with the right execution of public spaces, good retail, lots of restaurants, consolidated new housing, proximity to Brightline, museums, AA arena that all of this NEW construction will be the epicenter of Downtown (at least high end). Did I mention the need for public spaces / gathering spaces? Besides BCC, which is awesome, I don’t see the allure of Mary Brickell village. It’s tired and old IMHO.

Anonymous
3 years ago

Agree.. or at least an expansion of Downtown North.. into A&E/Omni District.

Anonymous
3 years ago

So when will the other towers be built ?

Anonymous
3 years ago

Hold your horses there cowboy, Rome wasn’t built in a day!

BDub
3 years ago

Beautiful, but it seems like we’re creating a glut of retail space in greater downtown when the trend is more on-line shopping.
I wish them well.

Anonymous
3 years ago

Think about the tourist coming here to shop and the instagram thots shopping. Not all retail is going down evening in all areas in the U.S.

Anonymous
3 years ago

This project is constantly changing and all over the place, and its too much to keep track of. When its open and physically there, then we can debate.

Anonymous
3 years ago

I don’t believe that’s accurate. It’s had ONE major change in the past 3 years – it’s no longer an enclosed mall. Whether intentional or not, the new design is SO MUCH better and perfect for Miami.

Anonymous
3 years ago

I agree, this is a much better design than the enclosed mall.

Anonymous
3 years ago

The hotel was changed a couple times and extremely downsized.

Anonymous
3 years ago

Suburban haters must be having a heart attack.

Gene
3 years ago

Is there a spot for a new Macy’s?
Nitwin, what will the retail promenade look like? The canyon between the parking desks looks deadly. Imagination………

BDub
3 years ago

Macy’s and Bloomingdales dropped out when the enclosed mall was nixed. Too bad.

Anonymous
3 years ago

It was my understanding they (Macy’s, who owns both chains) still was negotiating to be part of the “high street” retail. Frankly, it would be a shame if it wasn’t case or anywhere else downtown.