$43m construction loan secured for Miami Worldcenter retail

$43m construction loan secured for Miami Worldcenter retail

Published at: 2018-01-08 15:36 | Author: CIJ USA
Miami Worldcenter Associates locked up a $43 million mortgage loan for construction of the project’s retail component. There will be 53,000 sqf of street-level retail space and a 1,100 space parking garage fronting Northeast 2nd Avenue, between 8th and 10th Streets. Once completed, the $2 billion mixed use scheme will feature 450,000 sqf of retail, 600,000 sqf of office, 500,000 sqf of convention space, a 1,700 room 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,” said Nitin Motwani, managing principal of Miami Worldcenter Associates. She described the scheme as a a well-located, well-connected site combining residential, hotel, convention, office, and retail uses within a single master-planned development.

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