Miami Worldcenter Lands Additional Financing
The loan will be used to finance a portion of the project’s high street retail promenade as well as one of the primary parking garages.
By Timea Papp
Miami Worldcenter
Miami Worldcenter Associates has secured additional financing for Miami Worldcenter, a $2 billion, mixed-use development encompassing ten blocks in Miami’s central business district. Fifth Third Bank provided a $43 million mortgage loan for the on-going construction of the project’s retail component.
The loan will finance the construction of 53,000 square feet of prime street-level retail and a 1,100-space parking garage fronting Northeast 2nd Avenue, between 8th and 10th Streets. Part of the amenity deck of the PARAMOUNT Miami Worldcenter condo development will sit atop the garage.
Well-connected site
Total financing for Miami Worldcenter amounts to approximately $500 million. Once completed, the master-planned development will feature up to 450,000 square feet of retail, 600,000 square feet of office, 500,000 square feet of convention space, a 1,700-key Marriott Marquis, the 513-unit PARAMOUNT Miami Worldcenter Condos as well as 4.5 acres of open space.
“Development of more than 140,000 square feet of retail space is now underway at Miami Worldcenter, and the Forbes and Taubman leasing team is engaged with shopping, entertainment and dining concepts from around the world that see value in having a presence in a well-located, well-connected site combining residential, hotel, convention, office, and retail uses within a single master-planned development,” said Nitin Motwani, managing principal of Miami Worldcenter Associates, in a prepared statement.
Rendering courtesy of Miami Worldcenter
