NYSE-listed Taubman Centers finalized an option to buy the “high street” retail space at Miami Worldcenter late last month.
As part of the agreement, Taubman can exercise an option to buy the retail space surrounding the under-construction Paramount tower, and the planned Luma rental tower at Block E. Nitin Motwani signed on behalf of the entities controlling that land as the optionor.
Also part of the deal is the Retail space at Block G, where the first tower of the Seventh Street Apartments are under construction. A representative of Los Angeles-based CIM Group signed as the optionor, indicating that CIM controls that portion of the development.
The option agreement was finalized on October 24. It isn’t known how much Taubman is paying for the option.