MIAMI, FL – July 17, 2020 – The master developer behind Miami Worldcenter, the $4 billion, 27-acre mixed-use development now underway in the heart of Downtown Miami, has sold a one-acre parcel to Chicago-based Akara Partners. The transaction includes 36,273 square feet of developable land that was sold for $18.85 million; another 8,227 square feet of undevelopable land underneath the Metromover was transferred with no purchase price. The property is situated along Northeast 2nd Avenue, between Northeast 10th Street and Northeast 11th Street, adjacent to the Eleventh Street Metromover Station.
“Akara Partners’ acquisition is the latest example of how our team has been enlisting best-in-class collaborators to bring the Miami Worldcenter master plan to life,” said Miami Worldcenter Managing Partner Nitin Motwani. “With the development of Miami Worldcenter’s first phase moving forward on schedule and various components delivering to market over the coming year, we are experiencing sustained interest among investors and developers who share our long-term vision for a city within a city in the heart of Miami’s urban core.”
According to Akara Partners’ CEO Rajen Shastri, the firm will develop the land to introduce Kenect, its mixed-use hospitality-oriented apartment platform, to the Miami market. Featuring 450 units, Kenect at the Miami Worldcenter will include 10,000 square feet of retail, signature Kenect furnishings and amenities and 20,000 square feet of coworking space.
“The Kenect brand is designed with the busy professional in mind – adapting to the way people live and work to create a lifestyle, not just a residential building. Miami Worldcenter fits that vision of a lifestyle as the new epicenter of downtown Miami. From museums to sporting events to the beach and transportation centers, Miami Worldcenter provides proximity to the best that Miami has to offer, and we look forward to providing people with an opportunity to call it home,” stated Rajen Shastri, CEO of Akara Partners.
The Cushman & Wakefield team of Robert Given, Troy Ballard, and James Quinn represented the seller, “MWC Block A, LLC” in the transaction.
The Miami Worldcenter master plan, now delivering in phases, features an array of residential, commercial and hospitality uses. These include approximately 300,000 square feet of retail, restaurant and entertainment space; the Paramount Miami condominium; Caoba, a 444-unit apartment tower that is now open; a 348-room CitizenM hotel which is now under construction; and Luma, a 434-unit rental tower by ZOM Living which is also underway. In addition, Hines is preparing to build a new tower that will comprise up to 500,000 square feet of Class A office space and MDM Group is planning a 1,700-room Marriott Marquis hotel and adjacent 600,000 square foot expo center.
Miami Worldcenter occupies 10 city blocks within walking distance of Museum Park, home to Perez Art Museum Miami and the Frost Museum of Science; AmericanAirlines Arena; the Adrienne Arsht Performing Arts Center; and Miami-Dade College’s Downtown Miami campus. It is also adjacent to Virgin Trains’ MiamiCentral station, which will soon offer direct train service to Fort Lauderdale, West Palm Beach and Orlando, together with access to TriRail, the Metromover and the Metrorail – making Miami Worldcenter the largest and most-connected transit-oriented development in Florida.
