Encore Capital Management’s $2B Miami Worldcenter is slated to begin construction in 2016.
The project has been criticized by community and union activists for receiving $108M in public subsidies, but Encore CEO Art Falcone envisions the project as providing a major boost to an area much in need of one. “Something of the size we’re doing is always going to be contentious. But we know it’s going to be a game changer for the Overtown community and the whole downturn area,” Falcone told the Miami Herald.
The massive 27-acre mixed-use development in downtown Miami will include a 750k SF mall, several apartment buildings and a luxury condo tower. Falcone first began assembling the parcels of land that will make up Worldcenter back in 2003, but lost many of them during the recession and snapped them back up when the bank couldn’t find other buyers. The project was green-lighted by the city commission in 2014 with the last remaining building on the site cleared this past September. [MH]
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