Before the 27 acres of undeveloped land in downtown Miami were amassed more than 10 years ago, most would be hard-pressed to find an investor to give the region a second look. Today, thanks to Miami Worldcenter Associates’ long-term vision and strategic planning, not only is the mixed use development generating more than $4 billion worth of investment, but it is also serving as a catalyst for much needed development and investment in the surrounding area. As Miami Worldcenter continues delivering in phases and attracting new investments – most recently by Coral Gables-based investment firm Abbhi Captial which purchased a 1-acre parcel for $20 million earlier this month – the master-planned project is shaping up as the largest mixed-use development in the U.S. south of New York’s Hudson Yards, and is further legitimizing Downtown Miami as a stratified business hub.

Lauded as the most transformative real estate development happening in Miami right now, comprising a wide range of residential options, a burgeoning retail sector, hospitality, and more, it is no wonder that Abbhi’s latest land acquisition is the firm’s second land purchase at Miami Worldcenter within the last year. Sankesh Abbhi, managing partner of Abbhi Capital, announced “we are excited to expand our commitment to Miami Worldcenter and are proud to be a part of the strategic vision of a ‘city within a city’. We look forward to the bright future of this incredible location and project.”

While two residential towers, the luxury condominium Paramount at Miami Worldcenter and the high-end Caoba apartment tower, are already open and occupied, Miami Worldcenter is planning to deliver even more highly anticipated projects:

• Slated to open later this year, Bezel at Miami Worldcenter will include a 43-story tower with 434 luxury rental apartments, and is being developed by a partnership between multifamily developer ZOM Living and New-York based Moinian Group
• Kenect Miami will include 468 apartment units and is being developed in partnership with Akara Partners
• The Legacy Hotel & Residences will include 274 branded condos, 256 hotel rooms, and a 100,000-square-foot medical and wellness center
• The Miami World Tower by Lalezarian Properties will include 560 multifamily units and 3,136 square feet of retail space

Abbhi Capital is not the only company recently investing in the area. In March, New York private equity firm Blackstone acquired two office towers, 2 and 3 Miami Central, for $230 million signaling the firm’s confidence in the strength of Miami’s business environment and the commercial sector’s confidence in the staying power of the office market. Brightline is also on track to resume operations before the end of the year, creating more opportunities for business growth and development in the region.

Nearby, one of Miami’s most active residential developers, Melo Group, is also bullish on Downtown Miami’s Central Business District with more than 2,500 transit-oriented rental units set to deliver in the area over the next two years. The firm is currently finishing up construction at its latest CBD multifamily development, the twin 52-story Downtown 5th towers, which will encompass 1,042 attainably-priced rental units and ground floor retail.

Also in the area, Sixth Street Miami Partners LLC recently broken ground on first-of-its-kind condo and hospitality development Natiivo Miami.

With so many new developments on the horizon, we’re excited to continue watching Miami Worldcenter facilitate the potential of Downtown Miami come to fruition.