One Miami World Site at Miami Worldcenter Hits The Market

Scarcity Drives Miami Worldcenter Land Value

Miami Worldcenter’s momentum continues as another key parcel comes to market. According to Bisnow, Coral Gables-based Abbhi Capital has listed 1001 NE First Ave.—dubbed One Miami World—for sale, with Cushman & Wakefield leading the marketing. The 2-acre plot stands out as one of the few remaining undeveloped sites in the 27-acre, $6B Miami Worldcenter. Brokers expect the property to command well over $100M, a notable jump from the $44M Abbhi paid to assemble it in 2020. With much of the surrounding district already built out or under development, remaining infill opportunities are drawing increasing investor scrutiny as Miami’s downtown continues its growth streak.

The Details

Abbhi originally planned a two-tower project for the site. It included a 59-story tower with 558 residential units. A separate 33-story office tower would rise 33 stories. A shared podium would connect both buildings with 368K SF of rentable space.

The plan also included 7K SF of retail and restaurant space. Developers also planned more than 1,000 garage spaces. The office tower would have been Miami Worldcenter’s only office-only building. That distinction set it apart in a district dominated by residential and hospitality projects.

Although construction never started, existing zoning offers buyers flexibility. A future owner could pursue multifamily or other uses instead. Cushman & Wakefield brokers Mitash Kripalani and Virgilio Fernandez say large, contiguous sites like this rarely reach the market.

Land Swaps and Transaction Competition Intensify

Miami Worldcenter has recorded strong transaction activity this year. In March 2026, Japan’s Kasumigaseki Capital paid $88.8M for a nearby tower site. The deal reflected rising land values across the district.

In April, The Falcone Group and its partners restructured a five-parcel, two-garage transaction worth $210M. The portfolio included nearly 300K SF of retail space. Most tenants operate restaurants and entertainment venues.

Meanwhile, the One Miami World listing adds momentum to the market. The site sits beside Jem Private Residences by Naftali Group. It also highlights the shrinking supply of major development sites downtown. Miami Worldcenter Associates, a joint venture including Falcone and CIM Group, has already secured anchor assets. That progress makes this listing even more valuable.

Why It Matters

One Miami World’s listing arrives at a pivotal moment for Miami Worldcenter and the broader land market. Abbhi spent six years assembling and entitling the property. Now, the company hopes to more than double its investment. The expected $100M-plus price reflects rising land values and limited supply.

Cushman & Wakefield called the site “the type of opportunity that shapes skylines and defines markets for decades.” Land approved for dense, mixed-use development remains scarce. As a result, domestic and international buyers continue competing aggressively. Recent deals support that trend. Kasumigaseki Capital paid $88.8M nearby, while Falcone’s $210M land swap showed rising prices.

The site’s entitlements and prime location create flexibility for future developers. Buyers can pursue office, residential, or mixed-use projects. Recent demand for data center development sites has also pushed land values higher across key US markets, reinforcing pricing for scarce, well-located parcels. Demand in Miami’s urban core remains strong despite national uncertainty around office and multifamily sectors.

Supply constraints and continued investment also support pricing. As Miami Worldcenter nears full build-out, every remaining parcel becomes more valuable. Institutional investors continue seeking landmark downtown projects. Consequently, sellers with shovel-ready sites hold a stronger position. That advantage remains especially clear in resilient Sun Belt markets like Miami.

What’s Next

Industry participants will closely watch Cushman & Wakefield’s marketing process over the coming months. Brokers Mitash Kripalani and Virgilio Fernandez expect strong interest from US and international buyers. They point to recent transactions as evidence.

The winning buyer could revive Abbhi’s office-focused vision or pursue apartments, condos, or hospitality instead. Either outcome will reveal how much investors will pay for Miami Worldcenter’s remaining large sites. The sale will also offer a key signal for downtown Miami’s next growth phase as the district approaches full build-out.