Related Group and Merrimac Ventures Joint Venture Acquires Miami Worldcenter Development Site For $12 Million — PROFILE Miami
A joint venture between Related Group and Dev Motwani’s Merrimac Ventures has acquired a development lot in Miami Worldcenter for $12 million from Miami Worldcenter Associates. The .6 acre lot is located at 601 North Miami Avenue and 25 Northeast Sixth Street and is currently used as a surface parking lot. The site is one of the last remaining parcels available at Miami Worldcenter.
“Related Group and Merrimac Ventures are proud to align for the first time on a transformative project within Miami Worldcenter. More details will be shared in the coming weeks.” Said the development partnership in a statement.
Miami Worldcenter Associates is led by Art Falcone and Dev Motwani’s brother Nitin Motwani. The $4 billion, 27-acre mixed-use project in Downtown Miami is currently under development spanning 10 city blocks. Miami Worldcenter will feature a diverse mix of residential, commercial and hospitality uses complemented by approximately 300,000 square feet of retail, restaurant and entertainment space. These include two completed residential buildings–the 60-story PARAMOUNT Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower. Approximately 150,000 square feet of retail has been completed for tenant build-outs, and another 130,000 square feet is currently under construction and nearing delivery. Construction is nearing completion at ZOM’s 43-story Bezel Miami Worldcenter residential tower and at the 351-room citizenM hotel, both of which are expected to open later this year.
Complementing Miami Worldcenter’s open-air retail will be World Square, a 20,000-square-foot public plaza and park. Designed as a central gathering place and outdoor event space, World Square will serve as the heartbeat of the city-within-a-city featuring an abundance of shade trees, works of art by local and international artists, and oversized, pedestrian-friendly sidewalks lined with dining, entertainment, and retail concepts.
Miami Worldcenter is within walking distance of Museum Park, home to Pérez Art Museum Miami and the Frost Museum of Science; FTX Arena; the Adrienne Arsht Center for the Performing Arts; and Miami Dade College’s Downtown Miami campus. It is also adjacent to Brightline’s MiamiCentral station, which will soon offer direct train service to Fort Lauderdale, West Palm Beach and Orlando, together with access to TriRail, the Metromover and the Metrorail – making Miami Worldcenter the largest and most connected transit-oriented development in Florida.
