The Real Deal Miami

Foreclosure for Miami Worldcenter project

August 09, 2010 11:15AM

The project was planned in 2008

Fifth Third Bank has filed a foreclosure action against the entities
that own most of the land planned for the Miami Worldcenter in the
city’s Park West neighborhood. The 25-acre commercial, residential, hotel
and entertainment project was planned in 2008 by developers Arthur
Falcone, Marc Roberts and Nitin Motwani, who obtained special zoning
district status for the area, but the plunge in real estate values has
made things difficult, and the future of the 12 million-square-foot plan
is in doubt. [SFBJ]