The massive mixed-use Miami Worldcenter project is moving forward after it received approval for its first phase from the city of Miami.
Its developers said they will begin to seek building permits for the first phase, which will include the 765,000-square-foot planned shopping mall,
The first phase is expected to break ground in the third quarter of 2015.the 470-unit Paramount Miami Worldcenter condo tower, an 1,800-room Marriott Marquis hotel and convention center, plus a newly announced tower by Orlando-based developer ZOM with 429 luxury rental apartments.
Miami Worldcenter Associates, headed by Art Falcone and Nitin Motwani, is developing the 27-acre project. Daniel Kodsi is a partner for the Paramount Miami Worldcenter, and Miami-based MDM group is developing the project’s Marriot Marquis hotel.
The project ran into legal trouble when the owners of the Grand Central Lounge filed a suit against the project, which challenged the integrity of the incentives package awarded to Miami Worldcenter that was valued to be up to $88 million over several years.
That lawsuit has been settled, though no details are yet available, according to a spokesperson for the developers.
Source: The Real Deal Miami