Abbhi Capital purchases Miami Worldcenter property, plans new mixed use project
Abbhi Capital purchased a piece of the mega-project at Miami Worldcenter from Miami Worldcenter Associates. The 1-acre development that is located between Northeast 10th and 11th streets along Northeast First Avenue was purchased for $20 million. The zoning allows for up to 850 residential units and 1.2 million square feet of development. This 1-acre site is in addition to an existing adjoining lot that Abbhi Capital recently purchased in Miami Worldcenter, expanding the project to 2.2 acres within the 27-acre mixed-use Worldcenter development.
Miami Worldcenter Plans
Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, has been selling off pieces of the assemblage to a number of developers over the years. When complete, Miami Worldcenter will span 10 city blocks and comprise of properties such as Paramount Miami Worldcenter condo tower, the Caoba rental tower, 351-room Citizen M hotel and a 434-unit rental tower by ZOM Living, which will be accompanied by a 1,700 room Marriott Marquis hotel.
Pre-Development & Entitlements Phase
Abbhi Capital is in the pre-development and entitlements phase of the project and is expecting to have more definitive plans later in 2022.