Miami Worldcenter Retail Property Sells for $210m

A joint venture led by Jamestown paid $210 million for the retail component of the 27-acre Miami Worldcenter master development, one of the largest urban mixed-use projects in the country.

The transaction covers 272,966 square feet of retail space, including the 80,000-square-foot building known as the Jewel Box at 652 NE Second Avenue as well as surrounding ground-floor space.

Miami Worldcenter spans 10 city blocks across Downtown Miami, where high-profile developers, such as Related Group and Naftali Group, have launched projects. In all, the $6 billion master development is expected to house 12,000 residential units, more than 600,000 square feet of office space and 850 hotel rooms.

Miami Worldcenter’s master developers — Falcone Group, Nitin Motwani and CIM Group — began assembling the parcels in 2011. In 2024, they completed the retail component, which is now 97 percent leased. Retail tenants include Apple, Sephora, Lululemon, Ray-Ban, Lucid Motors, Free People, Savage X Fenty, and Posman Books.

“What was once a stretch of vacant lots is now a vibrant, walkable neighborhood that reflects the energy, diversity and ambition of our city,” Art Falcone, Falcone Group’s founder, said in a statement.

Last year, the retail asset hit the market with a price tag north of $300 million. Newmark’s Adam Spies represented the master developer’s sellers. Art Falcone will retain a stake in the property and serve as a general manager, continuing to operate the asset. 

The other buyers include Aventura-based ROK Acquisitions, Boston-based The Davis Companies and Miami Beach parking investor Andrew Mirmelli, who will all serve as limited partners. Jamestown is best known for redeveloping an old factory into Chelsea Market and owning One Times Square in New York. 

The transaction is the latest sizable retail sale in South Florida. In July, Simon purchased the 500,000-square-foot retail component of Brickell City Center for $512 million. In December, the owners of the Aventura Mall bought the 219,000-square-foot, open-air retail property next door for $131 million.

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