Miami Worldcenter developer sells 1-acre lot to Abbhi Capital, doubling its site
Zoning allows for nearly 850 resi units
Miami Worldcenter Associates sold another piece of the mega-project to Coral Gables investment firm Abbhi Capital.
Abbhi paid $20 million for the 1-acre development site between Northeast 10th and 11th streets along Northeast First Avenue, according to a press release. It’s zoned for nearly 850 residential units and 1.2 million square feet of development.
It’s the second property within the 27-acre mixed-use development that Abbhi Capital has purchased. In August, the company bought the contiguous lot at 1016 Northeast Second Avenue for $24 million.
In all, Abbhi Capital owns a developable site totaling 2.2 acres within Miami Worldcenter. The company has not yet disclosed its plans for the property.
Abbhi Capital, founded by Sankesh Abbhi, invests in healthcare, technology, real estate and hospitality, according to its website.
Cushman & Wakefield’s Robert Given, Troy Ballard, and James Quinn represented Miami Worldcenter in the sale.
Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, has been selling off pieces of the assemblage to a number of developers over the years.
In December, the company sold a 1.5-acre site to Dan Kodsi’s Royal Palm Companies for nearly $34 million. Kodsi plans to build the 50-story Legacy Hotel & Residences on the site.
When completed, Miami Worldcenter will span 10 city blocks. Completed portions include the Paramount Miami Worldcenter condo tower and the Caoba rental tower. Worldcenter projects still in the works include 300,000 square feet of retail and entertainment space, a 351-room CitizenM hotel and a 434-unit rental tower by ZOM Living, an office tower by Hines with 500,000 square feet of Class A office space and a 1,700-room Marriott Marquis hotel and adjacent 600,000 square foot expo center by MDM Group.