Massive Miami Worldcenter project reviewed by city of Miami - South Florida Business Journal:

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The city’s Planning Advisory Board was slated to vote on a requesy to allow the developer to change the makeup of the projectg overits 20-year lifespan. (For an update, please visitg southflorida.bizjournals.com.) The goal is to make the projecg more responsive to market conditions and to make sure it adherees toMiami 21, the city’s zoning overhaul. City commissionerw will also get a chances to reviewthe project. The project is slatee to produce 12 million squard feet of commercial andresidential space, excluding public areas.
Miami Worldcenter is the latest of the next wave of projectas to lay the groundwork for Developer Tibor Hollo has said he wants to buildf One Bayfront Plaza just north of the Miami Rived inthe city’s downtown area, a towe r that would rise to about 1,0009 feet. Maclee Development is behind Empire World a condominium project that would be aboutt the sameheight nearby. Art Falcone, who sold homebuilder Transeasternto now-bankrupt TOUSA for $1 billion, and real estats investor Marc Roberts lead Worldcenter Group.
The principal and managinv director on the ambitious Worldcenter project isNitin Motwani, whose family is a partne r in the Trump International Hote l and Tower in Fort Motwani said given the currenty economy and the high volumd of condominiums in the market, the developer will focu s first on retail, restaurants and hospitality. He said the retailp will feature high-end boutique stores and not big “It will be dictated by the market,” he said.
The projecg covers nine blocksin Miami’ds Park West neighborhood, bounded by Northeast Seconsd Avenue on the east, North Miami Avenue on the west, Northeast 11th Street on the nortjh and Northeast Sixth Street on the The project is located betweemn and the mainland on-ramp to the Julia Tuttle Adam Greenberg, managing director of commercial brokerage and financing facilitator , said the projecf is in a holding patterbn for the next few years, in light of currenft financial markets. Peter Zalewski, a principakl of , said the projecft is likely to getthe city’s approval becausew Miami officials need a project to jumpstartf the downtown area as an internationalo destination.
He said the developef may move forward, regardless of the market’ss current financial crisis. “They will probably self-fund,” he said. “Ih one or two years, they will go out and get