Long-Delayed Downtown Development Will Finally Move Forward With Mall, Promenade and Residential
A trio of developers filed plans with the city this week for the initial phase of the Miami Worldcenter, a massive mixed-use project encompassing 10 blocks just north of the Miami CBD.
Miami Worldcenter Associates, The Forbes Company and shopping mall REIT Taubman Centers (NYSE: TCO
) submitted design review plans for a 765,000-square-foot mall, a pedestrian-only promenade, more than 1,000 residential units and 4,400 parking spaces.
The project, with an estimated total cost of $1.5 billion, will be one of the largest private, mixed-use developments in the U.S. if it breaks grounds as scheduled in the fourth quarter. Miami Worldcenter extends 10 city blocks between Northeast 2nd Avenue and North Miami Avenue and from Northeast 6th Street to 11th Street.
The first and largest project to begin construction in the first phase, slated for opening in late 2016, will be The Mall at Miami Worldcenter, a luxury shopping center anchored by a 120,000-square-foot Bloomingdale’s and a 195,000-square-foot Macy’s. The mall will be jointly developed by The Forbes Company and Taubman.
Also in the works for the first phase is the 7th Street Promenade, a pedestrian thoroughfare of outdoor cafes, bars, restaurants and boutiques and 35,000 square feet of new public parks and landscaped sidewalks.
"We are thrilled to unveil a plan for the first phase of Miami Worldcenter that showcases the vibrant, mixed-use and walkable project that we have envisioned for Miami," said Nitin Motwani, who serves as managing principal of Miami Worldcenter Associates along with Art Falcone.
In a future phase, MDM Development Group plans to build the Marriott Marquis Miami World Center, a 1,800-room hotel tower with 600,000 square feet of meeting, exhibition and convention space. The hotel tower also includes amenities such as an expansive pool deck and an 80,000-square-foot outdoor event deck with views of the bay, American Airlines Arena and downtown.