CIM buys stake in Miami Worldcenter

The Miami Worldcenter site

Los Angeles-based CIM Group has purchased an equity stake in the Miami
Worldcenter project. The nine-square-block, mixed-use development is
located just north of Miami’s Central Business District and spans more
than 20 acres in downtown Miami. The project, which was approved in 2008
by the Miami City commission, will have a mix of hotel, retail,
residential and office space totaling more than 11 million square feet.
It is a partnership between South Florida-based Falcone Group and
Centurion Partners. CIM acquired the site of the former Drake Hotel in
New York City in 2010, planning to build New York’s tallest residential
tower. Terms of the deal were not disclosed. — Alexander Britell