Developer buys Miami Worldcenter site for mixed-use project

Posted :
August 3, 2020
Posted :
admin
Share :

As reported in The Real Deal.

Miami Worldcenter’s developers sold a site at the megaproject for $18.85 million to Akara Partners, which plans to build a mixed-use project.

Miami Worldcenter sold 36,273 square feet of developable land to the Chicago-based development group, and another 8,227 square feet of undevelopable land underneath the Metromover. The two pieces of land total 1 acre, according to a release.

The property is along Northeast Second Avenue, between Northeast 10th Street and Northeast 11th Street, adjacent to the Eleventh Street Metromover Station.

Akara Partners plans to develop its mixed-use hospitality-oriented apartments known as Kenect at the site. The project will feature 450 apartments, 10,000 square feet of retail and 20,000 square feet of coworking space, according to the release.

Miami Worldcenter, which spans 27 acres, is being developed by Art Falcone, Nitin Motwani and Dan Kodsi. It is one of the largest commercial real estate projects on the East Coast.

The phased Miami Worldcenter project will include 300,000 square feet of retail, restaurant and entertainment space; the completed Paramount Miami Worldcenter condominium tower; Caoba, a 444-unit apartment tower that is completed; and a 348-room CitizenM hotel that is now under construction. It will also include a 434-unit rental tower by ZOM Living and 500,000 square feet of Class A office space.

Akara Partners is a real estate investment firm focusing on “active adult” residential communities and hospitality-oriented apartments geared for millennials, according to its website.