Japanese Developer Buys Miami Worldcenter Dev Site for $89M

Japanese developer Kasumigaseki Capital has paid $88.8 million for a development parcel within the 27-acre Miami Worldcenter master development, property records show.

The vacant 1.4-acre site sits north of the Paramount high-rise near Downtown Miami at 155 Northeast 10th Street, adjacent to Northeast Second Avenue. The transaction includes $45 million in financing from the seller, a group led by Marc Roberts, a cofounder and co-owner of the nearby E11Even nightclub. 

The recent purchase appears to be the first U.S. acquisition for Tokyo-based Kasumigaseki Capital. A representative for the buyer did not immediately respond to a request for comment.

In 2024, one of the Miami Worldcenter’s master developers, Falcone Group, while serving as a development manager for the sellers, proposed building a 53-story mixed-use tower on a 0.6-acre portion of the site. The plans called for 280 hotel rooms and 351 multifamily units, but ultimately no construction took place.

The sale comes as Miami Worldcenter fills out. Most of the development parcels within the master development have been sold to high-profile developers, such as Naftali Group, which scored a $465 million debt package last year to build a 67-story, condo and multifamily tower. Related Group, Witkoff Group and Adam Neumann have also purchased sites.

Miami Worldcenter’s 300,000-square-foot retail component is also nearly fully leased to tenants that include Apple, Sephora and Lululemon. 

Julia Echikson can be reached at jechikson@commercialobserver.com.