One of Miami Worldcenter's Last Development Sites Hits Market for $100M+

• A 2-acre development site in Miami Worldcenter at 1001 NE First Street, has been listed for sale and is expected to fetch more than $100 million.
• The property was previously planned for a 2 million-square-foot mixed-use project featuring residential, office, retail, and restaurant space.
• The site is one of the last major development parcels available within the $6 billion Miami Worldcenter district.

What Makes This Development Site Unique

One of the final large development opportunities inside Miami Worldcenter is officially on the market. Coral Gables-based Abbhi Capital has hired Cushman & Wakefield to market the 2-acre property at 1001 NE First St., known as One Miami World. While no asking price has been disclosed, brokers expect the property to sell for well over $100 million. Its location within one of Miami's fastest-growing mixed-use districts makes it one of the city's most closely watched land offerings this year. Abbhi assembled the site in 2020 for approximately $44 million, meaning a successful sale could more than double the firm's original investment.

What the Original Project Included

In 2023, Abbhi Capital proposed a large-scale mixed-use development totaling approximately 2 million square feet. The plans called for a 59-story residential tower with 558 apartments alongside a 33-story office tower. The two buildings would have been connected by a shared podium featuring approximately 368,000 square feet of leasable space, more than 7,000 square feet of retail and restaurant space, and over 1,000 parking spaces. Had it moved forward, the office component would have been the first office-only tower within Miami Worldcenter. However, the project never advanced beyond the planning stage, and it remains unclear whether a future buyer will pursue the approved concept or propose an entirely new development.

What Miami Worldcenter Continues to Attract

The listing comes as investment activity remains strong across the 27-acre, $6 billion Miami Worldcenter district. Earlier this year, Japanese developer Kasumigaseki Capital acquired another nearby development site for $88.8 million, where a 53-story mixed-use tower is planned. In April, Falcone Group, together with its development partners, completed a $210 million transaction involving a five-parcel site that includes approximately 300,000 square feet of retail space, which is reportedly 97% leased to restaurants and entertainment tenants. These recent transactions highlight continued investor confidence in one of South Florida's largest urban redevelopment projects.

What This Sale Means for Miami's Development Market

With very few large parcels remaining inside Miami Worldcenter, One Miami World offers developers a rare chance to shape the neighborhood's next phase. Whether the next owner proceeds with the existing plans or introduces a new vision, the property's scale and location make it one of the most significant development opportunities currently available in Downtown Miami. As land becomes increasingly scarce in the district, sites like this are expected to command premium pricing from investors looking to capitalize on Miami's continued growth.