Our present economical state doesn’t seem to be a deterrent for two developers hoping to construct a nine acre multi-use Worldcenter. Boca Raton’s Art Falcone and Jupiter’s Marc Roberts are hoping to get approval from the Miami Planning Advisory board today to construct what could be Miami’s largest urban development project in several years.
According to the Miami Herald, this project “would be located between the Adrienne Arsht Center for the Performing Arts and the central business district [and] calls for a mix of high-rise offices, hotels, shops, restaurants, entertainment and conference venues, schools and eventually residences.”
The developers have already invested $100 million on this project and are expected to seek additional financing as it progresses. When asked about the timing for this project, managing director Nitlin Motwani said “what this [difficult] market situation has allowed us to do is that we have not been rushed. It has allowed us to work more closely with the city and county, to understand what they want and what we want.”
According to the Herald, the proposal would call for a 20 year deal in which a special zoning district would be set aside for this project. Since it would take several years to construct, the developers are concerned about keeping the structures uniform.
If approved, the Miami Worldcenter will be about the size of eight Dadeland Malls which comes to more than 12 million square feet of construction.
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