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
26 days ago

I hope Valsan is one of them.

Anonymous
26 days 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
26 days ago

An apple store would be a great anchor tenant

Anonymous
25 days ago

Keep dreamin’

Anonymous
25 days ago

Don’t stop believin’

Anonymous
25 days ago

…and your dream cuts to black.

Anonymous
25 days ago

You guessed it

Anonymous
25 days ago

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

Anonymous
25 days ago

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

Anonymous
25 days ago

LOL. Chicago is a dying city.

Optimist
21 days ago

Oh come on.

Mr. Miami
24 days ago

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

Anonymous
25 days ago

Hope one of the stores is Uniqlo

Anonymous
25 days ago

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

Anonymous
25 days 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.

J.M.
25 days ago

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

NYC Loves Miami
25 days ago

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

Anonymous
26 days ago

A Chanel Store would be nice

Anonymous
26 days ago

chanel is going to mdd.

Anonymous
25 days 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
25 days 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.

Anonymous
25 days ago

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

NYC Loves Miami
25 days ago

Bring a Max Brenner chocolate bar and restaurant!

Anonymous
26 days 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.
25 days ago

Yes, but a Target would be great!

Anonymous
25 days 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
25 days ago

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

Anonymous
26 days ago

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

Anonymous
26 days ago

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

Anonymous
21 days ago

Definitely not struggling in the Design District.

Anonymous
26 days 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
25 days ago

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

J.M.
25 days ago

Dollar…Tree?

Anonymous
25 days ago

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

Anonymous
26 days ago

Should’ve kept the closed in mall concept

Anonymous
26 days ago

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

Anonymous
26 days 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
25 days ago

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