CIM Group Buys Stake in Miami WorldCenter Project

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CIM Group has purchased an equity stake in the Miami WorldCenter project – a nine-square-block, mixed-use development.

Located just north of Miami’s Central Business District and spanning more than 20 acres in downtown Miami, the Miami WorldCenter project will have a mix of hotel, retail, residential and office space totaling more than 11 million square feet. It is a partnership between South Florida-based Falcone Group and Centurion Partners.

Plans for the project were approved in 2008 by the Miami City commission and now Los Angeles-based CIM Group has announced they purchased of an equity stake in the project.

CIM acquired the site of the former Drake Hotel in New York City in 2010 with plans to build New York’s tallest residential tower.

Terms of the deal have not been disclosed.

Source: The Real Deal

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