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Miami Worldcenter Developer Sells Site For $24M

Miami Worldcenter’s development group sold off another part of the mega-project.

Abbhi Capital bought a 1.15-acre parcel of land at the Miami Worldcenter development site at 1016 Northeast Second Avenue for $24 million, according to a spokesperson for Miami Worldcenter. MWC Block A, LLC, led by Nitin Motwani, sold the property.

The site is zoned T6-60a-O, which allows the developer to build up to 60 stories with a wide variety of uses, according to property records.

Abbhi Capital’s plans for the site remain unclear. Attorneys for both Abbhi Capital and Miami Worldcenter and a spokesperson for Miami Worldcenter declined comment.

The property is next to Akara Partners’ planned mixed-use apartment project that will feature 450 apartments, 10,000 square feet of retail and 20,000 square feet of co-working space. Akara closed on the property in July for $18.85 million.

Abbhi Capital’s lawyer, Elena Ortero of Holland and Knight, said Abbhi Capita, through its affiliates, partnered with Akara on that recent acquisition.

Abbhi Capital is a privately-held investment firm based in Miami. The company, led by Sankesh Abbhi, focuses on investing in healthcare, technology, real estate and hospitality, according to its website. Abbhi is also the CEO of ArisGlobal, a cloud solutions provider for life sciences companies.

Miami Worldcenter, which spans 27 acres near downtown Miami, is being developed by Art Falcone, Nitin Motwani and Dan Kodsi. It is one of the largest commercial real estate projects on the East Coast.

The phased Miami Worldcenter project will include 300,000 square feet of retail, restaurant and entertainment space; the completed Paramount Miami Worldcenter condominium tower; Caoba, a 444-unit apartment tower that is completed; and a 348-room CitizenM hotel that is now under construction. It will also include a 434-unit rental tower by ZOM Living and 500,000 square feet of Class A office space.


Source:  The Real Deal

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