Miami Worldcenter To Announce Retail Leases Within Weeks, After Mall Operators Terminate Option To Buy Space

Two mall operators have terminated an option to purchase the retail space at Miami Worldcenter, but the developer of the property says they are nearly ready to announce tenants for the space.

Taubman and Forbes filed paperwork to terminate the five-year-old agreement last week, records show.

“Forbes and Taubman have been instrumental in helping us bring that retail product to life, and we are now focused on leasing space to a mix of local, national and international tenants in collaboration with our partners at CIM Group and our retail leasing brokerage team at The Comras Company,” said Nitin Motwani, managing principal of Miami Worldcenter Associates.

The two companies had been a part of the original plans to build an enclosed mall at Worldcenter, which was cancelled in 2016. The companies lost about $24 million when those plans were cancelled.

After cancelling the enclosed mall, Taubman and Forbes took an option to purchase the retail space as a condo after completion – but have now terminated that option.

In total 280,000 square feet of retail is either completed or under construction.

Motwani said that 150,000 square feet of retail space is already completed, with another 130,000 square feet currently under construction and nearing delivery.

The Miami Worldcenter retail leasing team is in advanced negotiations with several “top-tier brands,” and the first leases would be announced in the coming weeks, Motwani said.

Taubman, which operates the Dolphin Mall in Sweetwater, was recently purchased by Simon Property Group.

 

 

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Anonymous
3 months ago

I hope Valsan is one of them.

Anonymous
3 months ago

This doesn’t seem like a major loss to MWC. They both signed on when there was a giant Bloomingdale’s and a giant Macy’s planned with a mostly-enclosed mall. Since moving to the High Street/open air concept it makes sense they’d lose interest in the project. Still lots to be optimistic about MWC, especially if they can land more office towers!

Anonymous
3 months ago

An apple store would be a great anchor tenant

Anonymous
3 months ago

Keep dreamin’

Anonymous
3 months ago

Don’t stop believin’

Anonymous
3 months ago

…and your dream cuts to black.

Anonymous
3 months ago

You guessed it

Anonymous
3 months ago

Apple isn’t going to move from Brickell city center. And if downtown Chicago only has one Miami isn’t getting two.

Anonymous
3 months ago

Different market and we get far more tourist from countries where the iphone costs far more in their country.

Anonymous
3 months ago

LOL. Chicago is a dying city.

Optimist
3 months ago

Oh come on.

Mr. Miami
3 months ago

Chicago? Huh! Most segregated city in the America. You can stick a fork in that waste dump.

Anonymous
3 months ago

Hope one of the stores is Uniqlo

Anonymous
3 months ago

This. Orlando has two and it’s embarrassing Miami doesn’t have even one yet.

Anonymous
3 months ago

Yes! I never understood how Uniqlo hasn’t come to south florida. It would be great to have in Miami Beach, Aventura, and Town Center as well.

Anonymous
3 months ago

A place to get a cup of coffee would be a great start. Not at $5/cup either. MWC is in a strange location now between BCC and Midtown/DD. Can’t imagine what will be successful there.

Anonymous
3 months ago

Unless it’s Starbucks, which will likely be here and in your budget for the cheapest drink on the menu, MWC isn’t your place for anything under five dollars.

J.M.
3 months ago

Wishful thinking but some sort of rock climbing or skating rink would be awesome!

NYC Loves Miami
3 months ago

Skating rink would be great! I was just thinking about that right before I read your comment.

Anonymous
3 months ago

A Chanel Store would be nice

Anonymous
3 months ago

chanel is going to mdd.

Anonymous
3 months ago

Shops, shops, shops. Consumption, consumption, consumption.

NYC Loves Miami
3 months ago

Bring a Max Brenner chocolate bar and restaurant!

Anonymous
3 months ago

Kind of worried that they’re going to end up with a lot of low-end retail like Midtown. A Ross and Payless in one of the most prominent spots downtown would be such a waste.

J.M.
3 months ago

Yes, but a Target would be great!

Anonymous
3 months ago

Ross was, and still is to an extent when moving to the old Burdine’s/Macy’s building at the historic core of downtown at Flagler Street and Miami Avenue, at one of the most prominent spots downtown. Payless went under a couple years ago. Every other big box store not affected by the retail apocalypse pre-pandemic already has or will have a downtown presence. Hopefully “high street retail” means upscale but not overpriced retail, meaning more Beverly Drive as opposed to Rodeo Drive.

Anonymous
3 months ago

but midtown has highend restaurants and only two stores in midtown are low end.

Anonymous
3 months ago

Gucci, Prada, etc. go Italian and you never go wrong!

Anonymous
3 months ago

…you went wrong. all these brands are close by in the design district and struggling

Anonymous
3 months ago

Definitely not struggling in the Design District.

Anonymous
3 months ago

Wrong retail mix for that area. There are a lot of young people who live downtown who need retail that they can actually use and afford. They also need services that are similar to a suburb area.

Anonymous
3 months ago

Trader Joe’s
A cool vape store
Chill bar
Dollar Tree

J.M.
3 months ago

Dollar…Tree?

Anonymous
3 months ago

Paramount and One Thousand Museum can afford it. Melo folks have Bayside Marketplace.

Anonymous
3 months ago

Should’ve kept the closed in mall concept

Anonymous
3 months ago

It’s different than Brickell so it will be nice as an alternative option.

Anonymous
3 months ago

Closed-in malls do not work in urban areas. The whole point of downtown is that its walkable and that you go from retail to retail. Otherwise, you kill the area – think Cocowalk and Omni.

Anonymous
3 months ago

You mean Mayfair. CocoWalk was always open air, just opened even further and turned into a boorish husk.