MIAMI, FL – February 25, 2020 – As vertical development continues throughout Miami Worldcenter’s 27-acre site in the heart of Downtown Miami, the project’s master development team has completed the sale of a 1.02-acre parcel of land comprising approximately 44,635 square feet located along North Miami Avenue between 9th and 10th Streets. The buyer, IRR Parkwest Investments, LLC, purchased the property for $26,781,000. The site is zoned for a mixed-use development integrated within the project’s master plan. As the largest private development underway in Florida, the $4 billion mixed-use Miami Worldcenter development features a diverse mix of residential, commercial and hospitality uses complemented by a total of 300,000 square feet of retail, restaurant and entertainment space. Following this sale, one developable block remains available for purchase within Miami Worldcenter – located along Northeast 1st Avenue between 10th and 11th Streets. The parcel encompasses approximately 2.18 acres, with base development capacity of nearly 1,100 residential units and 1.7 million square feet. News of the sale comes as Miami Worldcenter continues to deliver in phases. Development of the 60-story Paramount Miami luxury condominium and 43-story Caoba apartment tower were completed last year and are welcoming residents. Approximately 150,000 square feet of retail has been completed for tenant build-outs, with retailers expected to take occupancy in 2021. Construction is now underway at ZOM’s Luma, a 434-unit rental tower slated to open in 2021, and at Miami Worldcenter’s 351-room citizenM Hotel. “As the development of Miami Worldcenter’s master plan continues to move forward and residents fill our newest residential towers, we continue to experience heightened interest from investors who see value in aligning with our world-class team of developers to create a city within a city in the heart of Downtown Miami,” said Nitin Motwani, Managing Partner of Miami Worldcenter Associates. Looking ahead, Royal Palm Companies has launched sales for the Legacy Hotel & Residences, which will include 278 branded condo-hotel units accompanied by 255 hotel rooms; Hines is preparing to build a new tower that will comprise up to 600,000 square feet of Class A office space; and MDM Group is planning the 1,700-room Marriott Marquis Miami Worldcenter Hotel & Expo Center which will include an adjacent 500,000 square feet of convention space. Miami Worldcenter occupies 10 city blocks surrounded by some of the most exciting demand drivers in Miami, including: 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’s newly-opened MiamiCentral station, which offers direct train service to Fort Lauderdale and West Palm Beach, together with access to TriRail, the Metromover and the Metrorail – making Miami Worldcenter the largest and most-connected transit-oriented development in South Florida.