Miami Worldcenter’s Block B Sold For $27 Million, With Zoning For A Mixed-Use Project

Miami Worldcenter’s Block B has been sold, and it could see a mixed-use project developed.

No plans have been filed for the property yet, but a 2017 presentation by Worldcenter says that a project worth $231 million is anticipated for the site.

The buyer is IRR Parkwest Investments, LLC, controlled by Ira Saferstein a co-owner and managing member of Titan Capital ID, LLC and Marc Roberts, a co-owner of the E11even nightclub.

Only one parcel remains available for sale at Worldcenter, Block A.

A number projects will soon break ground or are under construction at Miami Worldcenter.

The 50-story Legacy Hotel & Residences is expected to break ground later this year with a dramatic Singapore-style pool that hangs off the edge of the rooftop.

Hines is said to be preparing to break ground on a tower with up to 600,000 square feet of office space, according to a press release issued by Worldcenter yesterday.

MDM Group is also planning the 1,700-room Marriott Marquis Miami Worldcenter Hotel & Expo Center with 500,000 square feet of convention space, the release stated.

Construction is now underway at ZOM and The Moinian Group’s Luma, a 434-unit rental tower slated to open in 2021, and at Miami Worldcenter’s 351-room citizenM Hotel.

Also now in planning is the first of three Miami World Towers at Block E by Lalezrian Properties. The tower will rise 52 stories.

The new projects will join multiple that have already been completed.

Approximately 150,000 square feet of retail has now been completed at Worldcenter for tenant build-outs, with retailers expected to take occupancy in 2021.

The 60-story Paramount Miami Worldcenter condo tower and the 43-story Caoba apartment tower were completed last year.

 

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Anonymous

Not including Worldcenter in Downtown, there is also are Grand Station, Downtown 5th, Society Biscayne, and Soleste Grand Central all under construction currently. Business is boomin’, The whole downtown is coming together, slowly but surely.

Anonymous

… and there’s still a lot of vacant lots in the vicinity to keep the construction going for quite a while.

Anonymous

What retailers? The owner of 11Eleven as a partner says it all. MWC has become something much different than what was sold to the neighborhood by Motwani in the beginning. Total disaster. But nice lights on Paramount.

Anonymous

I could not agree more. I remember the promises, the plans, I was so excited about this project.

Anonymous

Dang, I hope your billion dollar project does better then this one

Local

Here comes Marc Roberts next victim. Dude is a professional con artist

Alpina

Which is Block B?

Anonymous

Please no more boxes like Luma, CitizenM, or that boring proposed Marriott.

Anonymous

Downtown is depressing

Anonymous

That’s why developers are attempting to change the place.

Go Miami go!

Perfect spot for a world class destination resort casino.
Build a casino there!

Anonymous

Nah.. the “Iconic or Ferris Wheel on steroids” will bring in just as much money (lol) as a Resort Casino would.

Anonymous

Deja vu much?

Anonymous

This is another pipe dream

Anonymous

Dangggg… how many times do you toke on the pipe before falling asleep?

Anonymous

Will never happen

Anonymous

That’s what I think when it comes to me sleeping with Beyonce.

Anonymous

You said the same thing about Flatiron, the Scorpion Tower, and the Aston Martin building. Now go grab your toys and go plan in the corner.

Shawn Kouri

Can the developer make this a workforce housing and or affordable housing complex? And then the other tower could be office?

Anonymous

Workforce housing should get the most prime real estate in the city! Ha, workforce housing can go a few blocks north in the A&E District where land prices are less.

Anonymous

If the market does not warrant that the best (i.e most profitable) use of the land is for an affordable housing complex the developer will not devalue his/her investment by developing the site with an inefficient project. The only way that you will get a developer to build so called “affordable housing” is if the government directly subsidizes the construction or offers perks to developers for their other projects. Evidently, The location of Miami World Center in Downtown Miami does not seem to offer the same profit margins for “affordable housing” as does luxury condos/apartments and boutique hotels. I am in agreement that there should be more projects that cater to the folks that make up the bulk of Miami, but it should not be subsidized from the taxes that we already pay nor be token gestures from developers. There are plenty of less ritzy locations in the city of Miami that could be potential hot spots for affordable or at least attainable housing. Instead of subsidies, the city could improve its permitting process and relax some of its zoning regulations. Little Havana for example is close enough to Brickell and Downtown but its development is restricted in certain areas… Read more »

Anonymous

Not. All. Affordable Housing. Is. Government. Subsidized. https://www.urban.org/urban-wire/how-affordable-housing-gets-built

Anonymous

At that location or any other of similar rank, any “affordable housing” development will. be. government. subsidized. period.

Why would a developer spend 27 million dollars to build “affordable housing” and take a loss? Why would it be a loss? They spent 27 million on land alone. Add the cost of construction; how much would they have to sell or rent the units to break even? Considerably more than what an individual earning an average salary in the city of Miami can afford.

Anonymous

The problem is you’re thinking like an economist. Just because that’s how it works in theory doesn’t mean that’s how it should work in the real world. People who work the jobs that you probably look down on in downtown may need to live closer to work because of lack of viable transportation. Mixing incomes is a good thing. Restricting where people can live because of your “best use of land” is terrible urban planning, but going by your previous arguments, you probably think all planners are communists.

Anonymous

Actually, those “detractors” you mentioned biggest concern is keeping their rent as low as they can get it.

Anonymous

Riverside/Little Havana should have redevelopment, as long as it doesn’t destroy historic buildings and is at human scale. The Mast Capital development and River Parc are good examples. Every Self Storage facility built in the area recently, and Melo-tier projects should be discouraged.

Anonymous

What is “human scale?”

I’ve seen on video people scaling the Empire State Building.

Anonymous

World Center is such a let down. The streetscape is crap. Stuck in the 1950s.

Anonymous

Its not even 25% completed yet.

Anonymous

what’s left?

Anonymous

There are extra-wide sidewalks and bike lanes, they even invested in large mature trees, some of the biggest in new developments this cycle, you are just spouting nonsense…

Anonymous

The “streetscape” is crap?

This person has got to be new to Miami.

Anonymous

I think you are confusing World Center with Cuba. Time to take your Prevagen and go play with your dominoes.

MWC sucks

So true. Horrible design. Cheap. And no parks either.

Anonymous

Blah blah blah, unless you can show something better that was there before or built something better, then all you have, like so many other posters like you, is empty rhetoric. Also, I guess Biscayne Park, Maurice Ferr’e Park, and Bayfront Park which are all mainly no more than three blocks away from this site, are just irrelevant pieces of land to you then?

Anonymous

There’s going to be a giant plaza in the middle of it, connected by landscaped public areas to multiple other smaller plazas. It’s not a city “park”, but there is going to be a tremendous amount of public open space.