18K Square-foot Apple Store Coming to Miami Worldcenter

After much speculation, Apple (AAPL) has confirmed its arrival at Miami Worldcenter, a significant development in Downtown Miami. The leasehold agreement, filed with Miami-Dade County, solidifies Apple's presence in the 27-acre megadevelopment.

Construction Progress and Location

Construction has been ongoing since November for the one-story standalone retail building located at 725 NE First Avenue. With a budget of $12 million, the development occupies an 18,600-square-foot site, strategically positioned at the corner of Northeast Eighth Street, adjacent to the Jewel Box retail building.

Miami Worldcenter Overview

Miami Worldcenter stands as one of the nation's largest private projects, akin to New York's Hudson Yards. Spearheaded by master developers CIM Group, Art Falcone, and Nitin Motwani, this mixed-use development boasts around 300,000 square feet of retail space.

Current and Future Retail Tenants

Several retail outlets, including Sephora, Lululemon, and Ray-Ban, have already commenced operations within Miami Worldcenter. Additionally, upcoming tenants such as Starbucks, The Container Store, Rihanna’s Savage X Fenty, and a bar concept by Nick Jonas are set to join the roster.

Silent Confirmation and Past Rumors

While rumors have circulated for months regarding Apple's lease at Miami Worldcenter, both Miami Worldcenter and Apple representatives have refrained from official comments. While an official opening date is yet to be announced, the store is anticipated to be operational by next year.

Expansion and Retail Revamp

The forthcoming Miami Worldcenter outpost marks Apple's sixth establishment in Miami-Dade County. This expansion aligns with the company's strategic efforts to redefine its retail footprint post the 2019 departure of former retail chief Angela Ahrendts, formerly the CEO of Burberry.