CIM Group announced today the grand opening of Miami Worldcenter, a 27-acre, 10 block mixed-use development that has transformed downtown Miami, creating a new neighborhood and building a connection with the existing city center. The approximately $6 billion Miami Worldcenter project features a mix of residential, retail, commercial and hospitality uses developed by master developers Miami Worldcenter Associates, led by Managing Partners Art Falcone and Nitin Motwani, in partnership with CIM Group.
Located West of Biscayne Boulevard and East of I-95 in the Park West neighborhood of Downtown Miami, Miami Worldcenter today is a vibrant new destination and a city within a city following a decade-long redevelopment of 27 acres of former surface parking lots and other barren and blighted properties. The Miami Worldcenter master plan includes approximately $100 million in completed, 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, many of which are completed or underway, and will bring approximately 11,000 residences and more than 1,000 hotel rooms to the development. The masterplan provided a framework for development, whereby the partnership invested in and delivered critical program components that paved the way for high density development in what was formerly an under-utilized district and drew other premier developers to bring their investment and expertise to the project.
“Miami Worldcenter is a game-changing development that has revitalized a dormant and distressed area of Downtown Miami and repositioned it as a vital contributor to the community and the local economy,” said Shaul Kuba, Co-Founder and Principal, CIM Group. “CIM Group’s experience across many types of commercial real estate, including mixed-use environments and our focus on enhancing communities, allowed us to quickly recognize the opportunity of Miami Worldcenter. We joined partners Art Falcone and Nitin Motwani as the master developers in 2011 and have proudly worked alongside them throughout the many years that have led to today’s grand opening.”
While full build-out of the ambitious master plan remains underway, the expansive retail and public spaces, which are the centerpiece of the development, are complete. The approximately 300,000 square feet of street-level retail, restaurant and entertainment space, designed for the optimal pedestrian experience, is open with visitors enjoying iconic global brands, local and boutique retailers, as well as world-class dining, public art and entertainment options.
Complementing Miami Worldcenter’s retail streets is World Square, a 20,000-square-foot outdoor public plaza and park. World Square serves as a central gathering space offering an abundance of landscaped open space and oversized sidewalks lined with shops and dining.
In 2019, the first residences at Miami Worldcenter were delivered by a partnership including CIM Group with the 569-unit Paramount condominium building. Also in 2019, CIM Group completed its development of the 444-unit Caoba apartments, now known as Flow.
“CIM Group’s additional investment with the Caoba apartments demonstrated our unwavering commitment to and belief in the future of Miami Worldcenter. Our investment proved to be instrumental in capturing the interest of other top-flight developers to acquire and develop properties and join in realizing the vision for Miami Worldcenter,” said Ryan Harter, Principal and Head of Development, CIM Group.
Having full-time residents at Miami Worldcenter provides a built-in customer base for the businesses and energizes and activates the public spaces. In addition to Paramount and Caoba, other luxury apartment towers have delivered, including Bezel and Miami World Tower. Others are actively under construction or in planning. Regional visitors and tourists from across the country and around the world are also vital audiences for Miami Worldcenter. Today the citizenM hotel welcomes guests to the area and additional hotels are forthcoming.
Realizing the retail vision
Creating a lively environment with an array of retail, dining and entertainment that captures the attention of visitors and repeatedly draws them back is at the heart of Miami Worldcenter. The partnership sought the best and most enticing options for Miami Worldcenter and scoured local, regional, national and international marketplaces identifying businesses and brands that would combine to create a compelling destination.
The retail leasing program was executed under the leadership of CIM Group in partnership with Miami-based The Comras Company. CIM Group has extensive experience with various types of retail, from street-retail districts and infill neighborhood programs to traditional retail centers. CIM Group applied its community-focused retail approach, leasing strategies and relationships to securing an enviable collection at Miami Worldcenter.
Anchored by Downtown Miami’s first Apple store, Miami Worldcenter is home to a collection of premier retailers, currently open and welcoming customers, including Sephora, Lululemon, Ray-Ban, Lucid Motors, Free People, Savage X Fenty, Posman Books, HŸP Sneakers & Streetwear, The Container Store and The Spot Barbershop. Tenants opening soon include Openbank by Santander, SkinSpirit, Blo Blow Dry Bar, Bijoux et Montres, and Club Studio.
With dining increasingly driving customers’ decision-making, the team thoughtfully crafted a culinary lineup that showcases a diverse mix of global flavors and formats. From signature destinations like Maple & Ash, Sixty Vines, Earls Kitchen + Bar, Sweet Paris Crêperie & Café, and Starbucks, to local favorites including Brasserie Laurel, Chug’s Express, and El Vecino Cigar & Cocktail Bar. Eateries coming soon include the New York-famous Italian staple Serafina, Go Greek Yogurt, and the highly anticipated JUVIA, a beloved Miami favorite known for its rooftop views, striking design, and a fusion of French, Japanese, and Peruvian flavors.
For entertainment, families and visitors alike can enjoy Lucky Strike Bowling and the immersive, multi-sensory Museum of Ice Cream – making Miami Worldcenter a destination for shopping, dining, and play that reflects Miami’s vibrant energy and global appeal. Additional information is available at www.miamiworldcenter.com.
Unparalleled transit connectivity
Easy access to transportation is a fundamental and guiding principle for CIM Group’s real estate investments and developments. At Miami Worldcenter the available transit offers unmatched connectivity and is South Florida’s largest transit-oriented development.
Miami Worldcenter is adjacent to Brightline’s MiamiCentral Station, high-speed rail linking Downtown Maimi to cities across Florida. Integrated with Tri-Rail, the Metromover, Metrorail and the Brickell/Biscayne trolley systems, it provides effortless regional access.
Miami Worldcenter’s prime location puts it within walking distance of Museum Park, home to Pérez Art Museum Miami and the Frost Museum of Science; the newly renamed home of the Miami Heat, the Kaseya Center; the Adrienne Arsht Center for the Performing Arts; and Miami Dade College’s Wolfson Campus, placing it at the heart of Miami’s cultural and entertainment district.
World-class public art enhancing public spaces
A hallmark of CIM Group’s commercial real estate initiatives is its focus on creating engaging public spaces, with extensive landscaping and inviting gathering spots. CIM Group believes in the value of the public aesthetic in creating community and endeavors to bring art and culture to neighborhoods where it invests.
In 2022 CIM Group introduced internationally renowned gallerist and curator Jeffrey Deitch to Miami Worldcenter. CIM Group’s relationship with Deitch began many years ago when he chose to open his first namesake gallery in Los Angeles at a CIM Group property. Jeffrey Deitch spearheaded the overarching curatorial vision for Miami Worldcenter’s public art program in collaboration with PRIMARY, a Miami-based curatorial collective with a focus on public works.
Miami Worldcenter’s $5 million public art initiative has created a permanent outdoor art museum. The collection features a variety of contemporary and modern art works – in the form of large-scale murals, paintings, and sculptures – created by globally acclaimed artists including Nina Chanel Abney, Woody De Othello, Viktor El-Saieh, Nick Cave, Trenton Doyle Hancock, Hernan Bas, Serge Toussaint, Zadok Ben-David and Franz Ackermann.
Economic benefits
CIM Group’s community-focused approach to real estate seeks to improve neighborhoods and in particular create new jobs and be a source of new revenue. At Miami Worldcenter we have delivered a significant number of new jobs and revenue. As of December 2024, 8,957 jobs have been created by the development and the indirect benefits spurred by the construction have further created jobs and revenue opportunities for local businesses.
While we celebrate the grand opening of Miami Worldcenter, CIM Group is actively under construction on another one of the country’s largest developments with Centennial Yards in Atlanta. Much like Miami Worldcenter, Centennial Yards is a mixed-use, in-fill development that is filling a void by activating 50-acres of long underutilized land to connect and enliven downtown Atlanta.
For 30 years, CIM Group has applied its community-focused investing approach by utilizing its broad expertise in owning, developing, repositioning, and operating real estate assets to enhance communities throughout the Americas.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.
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