Miami — A joint venture comprising affiliates of the Falcone Group, ROK Acquisitions, Andre Mirmelli, The Davis Cos. and Jamestown has acquired a retail and entertainment district situated within Miami Worldcenter, a new $6 billion mixed-use destination in downtown Miami.
The seller was master development group Miami Worldcenter Associates, which is a partnership between Falcone Group, Nitin Motwani and CIM Group. The sale price was not disclosed.
Totaling 300,000 square feet of retail, dining and entertainment space with 100,000 square feet of parks and plazas, the acquired property will be operated by Falcone Group, along with ROK Acquisitions and Andrew Mirmelli. Davis Cos. and Jamestown will serve as limited partners.
Tenants within the retail district include a flagship Apple store, Sephora, lululemon, Ray-Ban, Lucid Motors, Free People, Savage X Fenty, Posman Books, HŸP Sneakers & Streetwear, Timeluxe, Openbank by Santander, SkinSpirit, Blo Blow Dry Bar and Club Studio.
Food-and-beverage offerings include Maple & Ash, Eight Bar, Sixty Vines, Earls Kitchen + Bar, Sweet Paris Crêperie & Café, Serafina, Go Greek Yogurt and Starbucks Coffee. Entertainment venues include Lucky Strike Bowling and the Museum of Ice Cream.
“By combining continuity of vision with additional institutional capital, strategic oversight and operational discipline, the partnership is well-positioned to build on the project’s early success and thoughtfully execute the next phase of leasing, activation and customer experience initiatives that will further elevate both performance and placemaking,” said Davis Cos. in a statement.
Originally conceived with the acquisition of 30 parcels in the Miami Park West neighborhood two decades ago, Miami Worldcenter spans 27 acres and also features residential towers, hotel citizenM and public spaces. Additional hotel concepts are planned to open in future phases of the project, and the mixed-use property will ultimately house a total of 11,000 residential units. Miami Worldcenter Associates opened the development last year.
— Hayden Spiess