$4B Miami Worldcenter breaks ground on new retail, parking

Diving letter:

  • Miami Worldcenter officials announced last week that construction had begun on part of the mixed-use project’s $ 4 billion mixed-use promenade and one of two parking garages.
  • The new street-level retail will be 50,000 square feet, which is only 25% of the 200,000 square feet of retail already under construction at the Worldcenter. The public parking structure will have a total of 922 parking spaces.
  • The 27 hectare Worldcenter development will encompass a total of 300,000 square meters of retail, dining and entertainment options, as well as residential, commercial and hotel space and a roof terrace.

Dive Insight:

The Worldcenter has been under construction for more than a year and the first tower of the project opened in January – an apartment building with 444 residential units called Caoba. The Paramount Miami condominium is 85% let and is expected to be completed in June. The 500-unit high-rise will house the city’s first flying car, the “Sky Deck”.

Other projects in the Worldcenter are a CitizenM hotel with 348 rooms, which is expected to lay the foundation stone this year. a 1,700-room Marriott Marquis that includes an exhibition center; and a 500,000 square foot Class A office tower being developed by Hines.

Worldcenter officials hired the Miami-based joint venture between Coastal Construction and New York-based AECOM Tishman to act as general contractor for the development.

From its downtown Miami location, the Worldcenter is connected to the rest of the subway via nearby Virgin Miami Central. The transportation center currently serves the Virgin Trains USA line (formerly known as Brightline), offers a bike-sharing service, and connects travelers with buses, the Metrorail and Metromover. The Tri-Rail Downtown Miami Link light rail service also extends service to Virgin Miami Central.

Virgin signed a deal with Brightline late last year for a rebranding and minority stake in the new company Virgin Trains USA. The company announced earlier this month that it had reached the investment level needed to drive its $ 4 billion expansion from West Palm Beach to Orlando International Airport through a sale of $ 1.7 billion in private activity bonds .

Next up for Virgin Trains USA is a high-speed line between Orlando International Airport and downtown Tampa, as well as a new line between Las Vegas and Southern California. All Virgin Trains USA projects are privately funded.

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