Miami Worldcenter Site Listed For Sale, Expected To Fetch Over $100M
A 2-acre development site in the $6B, 27-acre master-planned Miami Worldcenter district is up for grabs.
Coral Gables-based Abbhi Capital has tapped Cushman & Wakefield to market 1001 NE First St., called One Miami World, where it originally planned to build a 2M SF mixed-use development, according to a marketing brochure.
The site doesn't have an asking price, but it is expected to sell for well more than $100M, Cushman & Wakefield brokers Mitash Kripalani and Virgilio Fernandez told Bisnow.
“Scarcity is what makes this opportunity so extraordinary,” Kripalani said in a statement. “One Miami World is one of the last major development sites within Miami Worldcenter, a neighborhood that has already attracted billions of dollars in investment and some of the most iconic projects in the city.”
Abbhi, through its entity SanaProperty8 LLC, assembled the property six years ago in 2020 for a total of $44M, according to property records.
The firm submitted plans in 2023 to build a 59-story tower with 558 residential units and a 33-story office tower connected by a podium with 368K SF of leasable space. Plans also included more than 7K SF of retail and restaurant space and more than 1,000 parking spots.
It would have been the first and only office-only tower in the Miami Worldcenter, but it never moved forward. Now, Abbhi is hoping to flip the site for more than twice what it paid.
It is unclear if the new buyer would stick to those plans or change them, Kripalani and Fernandez said.
Abbhi is a private investment firm focused on healthcare, life sciences, technology and real estate. The firm built a 46-unit rental community named Elemi at Grove Village in Coconut Grove last year and is now planning a 27-unit second phase.
The firm didn't immediately respond to a request for comment.
The site, adjacent to the Jem Private Residences in the Miami Worldcenter, developed by Naftali Group, could add to the sales momentum in the district so far in 2026.
Japanese developer Kasumigaseki Capital paid an entity led by E11even Miami co-founder Marc Roberts $88.8M in March for a development site planned for a 53-story mixed-use tower.
The Falcone Group, the master developer of the district, teamed up with a handful of companies in April to swap partnerships on a five-parcel, two-garage site owned by Miami Worldcenter Associates — a joint venture between Falcone, Nitin Motwani and CIM Group. The site, which includes about 300K SF of retail 97% leased to restaurants and entertainment, sold for $210M.
One Miami World is one of the last large pieces of developable land left within the district, the brokers said.
“This is the type of opportunity that shapes skylines and defines markets for decades,” Fernandez said in a statement.
