$4B Miami Worldcenter breaks ground on new retail, parking

Dive Brief:

Miami Worldcenter officials announced last week that construction has started on a portion of the $4 billion mixed-use project’s high-street retail promenade and on one of two parking garages.
The new street-level retail will encompass 50,000 square feet, representing just 25% of the 200,000 square feet of retail already under construction at the Worldcenter. The public parking structure will have a total of 922 spaces.
The 27-acre Worldcenter development will feature a total of 300,000 square feet of retail, restaurant and entertainment venues, along with residential, commercial and hotel space and a rooftop amenity deck.

Dive Insight:

Construction has been ongoing for more than a year at the Worldcenter, and the project's first tower opened in January — a 444-unit apartment building called Caoba. The Paramount Miami condominium development is 85% leased and is expected to be complete by June. The 500-unit high-rise will feature the city’s first flying car “sky deck.”

Other projects moving forward at the Worldcenter are a 348-room CitizenM hotel, which is expected to break ground this year; a 1,700-room Marriott Marquis, which includes an expo center; and a 500,000-square-foot Class A office tower being developed by Hines.

Worldcenter officials hired the joint venture of Coastal Construction, based in Miami, and New York City firm AECOM Tishman as the development’s general contractor.

From its location in downtown Miami, the Worldcenter is connected to the rest of the metro via the nearby Virgin MiamiCentral. The transportation center currently serves the Virgin Trains USA line (formerly known as Brightline), hosts a bike share service and connects travelers to buses, the Metrorail and Metromover. The Tri-Rail Downtown Miami Link commuter rail is also expanding service into Virgin MiamiCentral.

Virgin struck a deal with Brightline toward the end of last year for a rebranding and minority stake in the new Virgin Trains USA venture. The company announced earlier this month that it had achieved the necessary level of investment, through a $1.7 billion private activity bond sale, to move forward with its $4 billion expansion from West Palm Beach to Orlando International Airport.

Next up for Virgin Trains USA is high-speed rail service between Orlando International Airport and downtown Tampa, in addition to a new line between Las Vegas and Southern California. All Virgin Trains USA projects are privately financed.