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A group of property owners within the boundaries of Miami Worldcenter, a 27-acre masterplanned development in the heart of Miami, has finalized the sale of $74 million in new bonds to fund privately financed infrastructure upgrades in the core. The issuance by Miami Worldcenter Community Development District (CDD) clears the path for billions of dollars in private sector investment, thousands of new jobs, and a plethora of streetscape enhancements.
The new bonds will produce enhancements below grade and at the street, including modernized mass transit stations, new landscaping, widened sidewalks, increased water and sewer capacity, electrical connectivity, and new street lights, all at no cost to the public.
The mixed-use development, masterplanned by Elkus Manfredi Architects and to be delivered in phases, is now under construction. It will host residential, retail, commercial, and hospitality uses within multiple highrises, including PARAMOUNT Miami Worldcenter and the Seventh Street Apartments complex. The project is being developed by CIM Group and Miami Worldcenter Associates, a joint venture between Falcone Group and Centurion Partners.
"Miami Worldcenter has been committed to investing private dollars into our neighborhood infrastructure from day one, and the sale of these bonds enables us to begin that work," said Miami Worldcenter Managing Principal Nitin Motwani. "These upgrades will serve as a catalyst for additional private investment and an improved experience at street level for our daily population at Miami Worldcenter and our neighbours."
The ten-block Miami Worldcenter project is one of the largest private real estate developments currently underway in the United States. Approximately $2 billion in new investment will arise out of the multi-faceted project, which is replacing an assemblage of former surface parking lots and low-rise buildings.
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