The team behind Miami Worldcenter announced Thursday that Newgard Development Group plans to build a mixed-use tower on the 27-acre site in downtown’s Park West district.
Plans for the new tower aren’t clear yet, although it will likely include rental apartments. Newgard, run by developer Harvey Hernandez, is also building several luxury condo projects in Miami-Dade and Broward counties.
In addition to the new mixed-use property, the Worldcenter site plan calls for a 60-story luxury condo tower, a 765,000-square-foot shopping center and a 429-unit apartment rental building.
“Miami Worldcenter is in the final stretch of the planning and approval process, with construction set to begin in the third quarter of this year,” Nitin Motwani, principal at master developer MiamiWorldcenter Associates, said in a statement. “We have a world-class team of developers bringing a first-of-its-kind project to Miami, and everything we’re hearing from our community, our residential buyers and international retailers points to pent-up demand for what we’re delivering.”
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A recent report by Goldman Sachs questioned whether the retail component of the project will actually go forward. But developers Taubman Centers and the Forbes Company have insisted they plan to build the mall.
“The teams at Forbes and Taubman are seeing strong interest among brands looking to establish a presence in downtown Miami and that excitement will only intensify as construction goes vertical in the coming months,” Nate Forbes, managing partner of The Forbes Company, said in a statement. “Retailers are gravitating toward Miami Worldcenter’s accessibility, architectural design and strong sponsorship.”