Abbhi Capital Doubles Down on Miami Worldcenter
The investment firm paid $20 million to acquire its second site at the Downtown Miami mega-project
Investment firm Abbhi Capital bought a one-acre development parcel for $20 million at Miami Worldcenter, the second-largest development project in the U.S., and plans to construct a mixed-use building at the site.
Abbhi Capital is currently working with architects to construct a mixed-use building with a hotel, condos, retail, and office space, Sankesh Abbhi, managing partner at Abbhi Capital, told Commercial Observer. The site, which sits between NE 10th and 11th streets along NE 1st Avenue, includes 45,000 square feet of developable land, and is already zoned for a mixed-use project holding nearly 850 residential units and 1.2 million square feet of space, according to information from master developer Miami Worldcenter Associates.
It’s Abbhi Capital’s second foray into the mega-project. Back in August, the Coral Gables-based investment firm purchased the neighboring parcel for $24 million.
“We look forward to collaborating with the Abbhi Capital team as our vision for a ‘city within a city’ in the heart of Downtown Miami comes to life with an array of residential, retail, commercial, entertainment, and hotel uses,” Nitin Motwani, managing partner of Miami Worldcenter Associates, said in prepared remarks.
Miami Worldcenter is an ambitious, $4 billion, 27-acre, mixed-use development project designed to revitalize a barren section of the city’s downtown area. In terms of size, it comes second only to the Hudson Yards complex in Manhattan, occupying 10 city blocks.
Much of the site remains under construction. Only two residential buildings have been completed: the 60-story Paramount Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower.
Cushman & Wakefield’s Robert Given, Troy Ballard, and James Quinn represented the seller, MWC Block A LLC, an affiliate of Miami Worldcenter Associates. Abbhi Capital represented itself in-house.