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Abbhi proposes 59-story resi tower, 33-story office building at Miami Worldcenter
Project would include nearly 370K sf of offices, 558 residential units, plus a hotel
Abbhi Capital wants to build a 33-story office building and a 59-story tower with residences and a hotel at Miami Worldcenter.
The Coral Gables-based firm filed a proposal to the city of Miami for an Arquitectonica-designed project for the 2.2-acre site on the northeast corner of Northeast First Avenue and Northeast 10th Street in Miami.
The shorter building, called the South Tower, would consist of nearly 370,000 square feet of office space, 7,000 square feet of retail and a 795-space garage. The taller building, called the North Tower, would have 558 units and a 753-space garage. Plans do not specify the number of hotel keys, and whether the residences would be apartments or condominiums.
The Miami Urban Development Review Board is expected to consider the project at a meeting on Wednesday.
Led by Sankesh Abbhi, Abbhi assembled the development site for $44 million in two deals in 2020 and 2021, according to records.
Abbhi’s investments span beyond real estate and to the tech, health care and life sciences industries, according to its website.
Last year, the firm planned a development in an Opportunity Zone in Miami’s Coconut Grove. Abbhi and investor Peter Gardner paid $18.8 million for a full city block on the southeast corner of Grand Avenue and Plaza Street. At the time, the partners planned a five-story project with 100 to 150 apartments.
Miami Worldcenter Associates, the master developer of the 27-acre Miami Worldcenter mixed-use project, is led by Art Falcone and Nitin Motwani. CIM Group also is a partner.
Completed portions at the complex include the Paramount condo tower, the Caoba and Bezel apartment buildings, the 351-key citizenM hotel and a 80,000-square-foot Jewel Box retail building. Projects under construction include the 50-story Legacy Hotel & Residences with 310 condos and atop a 219-key hotel, a second Caoba tower with 420 apartments, and the 33-story, 450-unit The Crosby condo.
Abbhi’s plan to add office space to Miami’s urban core comes as the market has gained scrutiny. While South Florida became a magnet for firms during the pandemic, the tri-county region also has seen companies reduce their space due to remote work policies. And data shows that leasing by tech firms — the sector that had brokers and developers most abuzz — has been on the decline since 2021.