Miami Worldcenter developer sells site to Abbhi Capital for $24M

The property is next to Akara Partners planned mixed-use project

Miami /
Aug.August 05, 2020 03:45 PM
Nitin Motwani, Sankesh Abbhi and 1016 Northeast Second Avenue (Google Maps)

Nitin Motwani, Sankesh Abbhi and 1016 Northeast Second Avenue (Google Maps)

UPDATED, Aug. 5, 4:40 p.m.: Miami Worldcenter’s development group sold off another part of the mega-project.

Abbhi Capital bought a 1.15-acre parcel of land at the Miami Worldcenter development site at 1016 Northeast Second Avenue for $24 million, according to a spokesperson for Miami Worldcenter. MWC Block A, LLC, led by Nitin Motwani, sold the property.

The site is zoned T6-60a-O, which allows the developer to build up to 60 stories with a wide variety of uses, according to property records.

Abbhi Capital’s plans for the site remain unclear. Attorneys for both Abbhi Capital and Miami Worldcenter and a spokesperson for Miami Worldcenter declined comment.

The property is next to Akara Partners’ planned mixed-use apartment project that will feature 450 apartments, 10,000 square feet of retail and 20,000 square feet of co-working space. Akara closed on the property in July for $18.85 million.

Abbhi Capital’s lawyer, Elena Otero of Holland and Knight, said Abbhi Capital, through its affiliates, partnered with Akara on that recent acquisition.

Abbhi Capital is a privately-held investment firm based in Miami. The company, led by Sankesh Abbhi, focuses on investing in healthcare, technology, real estate and hospitality, according to its website. Abbhi is also the CEO of ArisGlobal, a cloud solutions provider for life sciences companies.

Miami Worldcenter, which spans 27 acres near downtown Miami, is being developed by Art Falcone and Nitin Motwani. It is one of the largest commercial real estate projects on the East Coast.

The phased Miami Worldcenter project will include 300,000 square feet of retail, restaurant and entertainment space; the completed Paramount Miami Worldcenter condominium tower; Caoba, a 444-unit apartment tower that is completed; and a 348-room CitizenM hotel that is now under construction. It will also include a 434-unit rental tower by ZOM Living and 500,000 square feet of Class A office space.


Related Articles

arrow_forward_ios
Merrimac's Dev Motwan, Aria’s David Ardit and Merrimac’s Nitin Motwani with rendering of 600 Miami Worldcenter (LinkedIn, Miami Worldcenter)
Aria, Merrimac nab Miami Worldcenter site for $18M
Aria, Merrimac nab Miami Worldcenter site for $18M
Art Basel Miami Beach (Illustration by the Real Deal with Getty, Master Brokers Forum)
South Florida by the numbers: Art Basel at 20
South Florida by the numbers: Art Basel at 20
The site at 1431 North Bayshore Drive with Genting CEO Lim Kok Thay (Genting)
Genting wants over $1B for waterfront Miami site
Genting wants over $1B for waterfront Miami site
First Quality Enterprises' Kambiz Damaghi along with a rendering of the two proposed residential towers next to MiamiCentral (Getty, First Quality Enterprises, Facebook/Clinton County Economic Partnership, Zyscovich)
Damaghi family buys resi tower dev sites next to MiamiCentral
Damaghi family buys resi tower dev sites next to MiamiCentral
Aria's David Arditi with rendering of 501 Residences (Aria Development Group, Getty)
Aria JV scores $81M construction loan for downtown Miami condo project
Aria JV scores $81M construction loan for downtown Miami condo project
From left: Bel Invest's Maximillian Beltrame, Mast Capital's Camilo Miguel, and PMG's Ryan Shear (Getty; Illustration by Kevin Rebong for The Real Deal)
Life after FTX: What happens to the crypto buyer pool now?
Life after FTX: What happens to the crypto buyer pool now?
River Landing Shops and Residences with Andrew Hellinger and Coralee Penabad of Urban-X Group (UrbanX)
Lease roundup: Urban-X, Motwani, Falcone, CIM Pebb score tenants
Lease roundup: Urban-X, Motwani, Falcone, CIM Pebb score tenants
Rishi Kapoor and Alex Witkoff
“We’re at the teenage years of Miami”: Next gen developers see opportunity
“We’re at the teenage years of Miami”: Next gen developers see opportunity
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...