CIM Group Sells Miami Worldcenter Retail and Entertainment District to Falcone Group-Led Venture
CIM Group and its partners in Miami Worldcenter announced April 3 the sale of the 27-acre development's retail and entertainment district to a venture comprising Falcone Group, ROK Acquisitions, Andrew Mirmelli, The Davis Companies, and Jamestown LP, marking a significant commercial real estate transaction in Downtown Miami.
The retail portfolio spans 300,000 square feet of retail, dining, and entertainment space across seven properties in Miami's Park West neighborhood, along with approximately 2,000 parking spaces and 100,000 square feet of parks and plazas. The sale price was not disclosed.
Properties Included in the Transaction
The acquisition encompasses seven distinct assets within the Miami Worldcenter footprint:
- Block H Garage – 644 NE 2nd Avenue (922 parking spaces)
- Block H Retail – 652 NE 2nd Avenue
- Block F West – 725 NE 1st Avenue (including the Apple store at 100 NE 8th Street)
- Block F East – 150 NE 8th Street
- Block D East Retail – 850 NE 2nd Avenue
- Block D East Garage – 888 NE 2nd Avenue (1,100 parking spaces)
- Block CD West – 851 NE 1st Avenue
The retail district, which opened in early 2025, is home to global brands including a flagship Apple store, Sephora, Lululemon, Ray-Ban, Lucid Motors, Free People, Savage X Fenty, Posman Books, HŸP Sneakers & Streetwear, Timeluxe, Openbank by Santander, SkinSpirit, Blo Blow Dry Bar, and Club Studio. Food and beverage tenants include Maple & Ash, Eight Bar, Sixty Vines, Earls Kitchen + Bar, Sweet Paris Crêperie & Café, Starbucks, Serafina, and Go Greek Yogurt. Entertainment destinations include Lucky Strike Bowling and the Museum of Ice Cream.
Background on Miami Worldcenter
Miami Worldcenter is described as one of the largest mixed-use developments in the United States, representing a total investment of $6 billion across 27 acres. The project's origins date back roughly two decades, when more than 30 parcels in Miami's Park West neighborhood were assembled. In 2011, the current partnership was formed among Falcone Group, Nitin Motwani, and CIM Group to lead the master development.
The master plan included approximately $100 million in privately built infrastructure, 100,000 square feet of new public space, 300,000 square feet of retail, and 16 high-rise towers for residential and hospitality uses. The development transformed what had been surface parking lots and other underutilized properties into a mixed-use district in Downtown Miami.
"Miami Worldcenter is an exceptional mixed-use development and an example of CIM Group's successful approach to executing large, complex projects. It exemplifies our company's commitment to community-focused development which includes providing significant public spaces and access to transportation," said Shaul Kuba, Co-Founder and Principal of CIM Group.
CIM Group led the retail leasing program in partnership with Miami-based Comras Company. Residential components delivered by CIM Group include the 569-unit Paramount condominium building and the 444-unit Caoba apartments — now known as Flow — both completed in 2019. The citizenM Miami Worldcenter hotel opened in 2023, with additional hotel concepts planned for future phases.
In 2022, CIM Group introduced gallerist and curator Jeffrey Deitch to Miami Worldcenter to oversee the curatorial vision for a $5 million public art initiative, which created a permanent outdoor art program at the development.
Financing: CIM Provides First Mortgage Loan
A CIM-managed fund is providing a first mortgage loan to Falcone Group in connection with the acquisition, according to the announcement. CIM noted that Falcone Group selected a lender after a widely marketed process and that the sale was not contingent on CIM providing the financing. The loan amount was not disclosed.
Through its CIM Real Estate Debt Solutions business, CIM Group provides bridge and construction financing to owners and developers of commercial real estate in major U.S. markets via mortgage and mezzanine loans through affiliates and managed funds.
Transit Orientation and Market Context
Miami Worldcenter is located adjacent to Brightline's MiamiCentral Station, a high-speed rail hub connecting Downtown Miami to other Florida cities. The development is also connected to Tri-Rail, Metrorail, Metromover, and the Brickell/Biscayne trolley systems. CIM Group describes it as South Florida's largest transit-oriented development.
Falcone Group was among the original 2011 partners in the Miami Worldcenter partnership, and its role as lead buyer in this acquisition marks a continuation of its involvement in the project.
CIM Group, founded in 1994, states it has delivered more than $60 billion in real estate and infrastructure projects.
About the Buyer Venture
The acquiring venture includes Falcone Group as lead general partner alongside co-general partners ROK Acquisitions, Andrew Mirmelli, The Davis Companies, and Jamestown. Financial terms of the transaction were not disclosed.