The Real Deal Miami

Discount at Worldcenter

August 25, 2009 12:49PM

Developers of Miami Worldcenter, an ambitious project transforming part of the center of the city, ended a legal battle with Africa-Israel Properties, led by Israeli-Russian diamond billionaire Lev Leviev, by buying a seven-acre Park West parcel for $39 million. That’s less than half the original $88.7 million contract price. Developers Falcone Group and Marc Roberts Companies plan to close by Sept. 14. Financial troubles prevented the deal from closing earlier, sending the dispute into litigation. The parcel is an essential piece of the plan for the 25-acre Miami Worldcenter project, which wants to create 12 million square feet of restaurants, stores, offices, three hotels, and a movie theater or live-performance venue in Park West, a few blocks west of the American Airlines Arena.