Dive Brief:
- Miami Worldcenter Associates announced that CoastalTishman will be the general contractor for the 27-acre Miami Worldcenter retail, hotel and restaurant open-air mall, The Real Deal reported. CoastalTishman is a joint venture between Miami-based Coastal Construction and New York-based Tishman Construction, a subsidiary of AECOM.
- CoastalTishman will build Worldcenter's approximately 300,000 square feet of retail space, as well as the 513-unit, 60-story Paramount Miami Worldcenter condo tower. The project's open-air concept includes retail shops and restaurants, as well as a plaza that can be used for events and amenity decks with pools, a soccer field, tennis courts and other features.
- The Worldcenter project originally was designed as an enclosed mall, but, about a month ago, developers trashed that design in favor of a high street retail concept. The project is expected to be complete in 2018.
Dive Insight:
In advance of Tishman starting construction and next month's official groundbreaking, developers have already started site work.
"We are delighted to be selected to build this transformative new downtown landmark," Tom Murphy, Jr., chairman and CEO of Coastal Construction Group, said in a statement. "Miami Worldcenter Associates have spent years carefully planning a pedestrian friendly 21st century neighborhood and residential tower within the epicenter of Miami, and it is an honor to build this visionary development destined to change Miami's cityscape."
Daniel Kodsi, a partner on the condo phase of the project, said they have secured more than $250 million in pre-sales since launching in April 2015.
In December, New York prosecutors announced that Tishman would pay more than $20 million in fines to resolve mail and wire fraud conspiracy charges resulting from its alleged $5 million overbilling of clients for a period of 10 years. Prosecutors said Tishman billed at higher-than-agreed-upon rates, padded time sheets and billed for the days that workers were out sick or on vacation.
Tishman officials said they have cooperated with the investigation and have instituted new safeguards as a result of this case.
