Miami Worldcenter Gets $43M in Financing
Miami Worldcenter Gets M in Financing
Miami Worldcenter Rendering
Miami Worldcenter developers said they have secured a $43 million construction loan, bringing financing for the massive mixed-used project in downtown Miami to about $500 million.
Fifth Third Bank provided the new loan for 53,000 square feet of retail and a 1,100-space parking garage on Northeast Second Avenue between Eighth and 10th Streets.
The 10-block, 27-acre project is one of the nation’s largest private real estate developments under construction. When complete, it will have up to 450,000 square feet of retail, up to 600,000 square feet of offices, as many as 1,700 hotel rooms and 2,000 residential units.
Nitin Motwani, managing principal of Miami Worldcenter Associates, said construction has started on 140,000 square feet of retail. The first apartment building will be topped off in January and be ready for occupancy by the end of year. The first condominium building will be topped off this summer.
“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,” Motwani said.