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.”