Test piling is about to begin at Paramount Miami Worldcenter, while NYSE-listed mall developer Taubman finalizes a ‘significant’ investment in the project.
Foundation equipment is now on site. Worldcenter’s Nitin Motwani told The Real Deal two weeks ago that test piling work was about to begin, with groundbreaking by year end.
If Taubman Centers is involved in Miami Worldcenter, the company will make a ‘significant investment’ in the project, Chairman, President and CEO Robert Taubman said this week on a conference call with analysts this week.
Taubman would not reveal further details about the project. He reiterated that he was bullish on the Miami market, and said that an announcement on Worldcenter would be made by the end of the year.
Worldcenter’s tax incentive deal with the Southeast Overtown/Park West Community Redevelopment Agency is still facing a legal challenge from developer Martin Margulies. A lawsuit by Margulies was dismissed last month, but Margulies filed notice earlier this month that he was appealing.