Miami Worldcenter Partners With Centurion In Park West Revitalization Project
Written by Yudislaidy Fernandez on December 18, 2008
By Yudislaidy Fernandez
Miami Worldcenter developers have inked a partnership with California-based Centurion Partners for the planned nine-block, mixed-use project that seeks to revitalize downtown’s Park West.
Centurion came onboard last week as both equity and development partner, said Nitin Motwani, Miami Worldcenter principal managing director. Miami’s commission approved the massive project in November.
Centurion, a lifestyle resorts and urban developer, is a major landowner in Aspen, CO, and developer of a luxury mixed-use project in downtown San Diego.
Centurion is to participate in the project’s master plan, including building 450,000 square feet of retail, restaurant and entertainment space in phase one as well as 1.3 million square feet for several hotels and parking of 800,000 square feet.
Mr. Motwani said the group is not seeking other development partners.
The vision is led by Marc Roberts and Art Falcone, Miami Worldcenter Group co-chairmen, who’ve teamed to develop the complex.
Michael Smith, Centurion co-founder, said this is the company’s first Miami venture. He described the partnership as a marriage of Worldcenter Group’s planning skills and Centurion’s experience in high-rise construction.
Mr. Motwani said he hopes markets open up by the time they are ready to break ground, but for now the team focuses on infrastructure plans and completing deals with hotels.
"We are taking this market as opportunity to manage the process in a way that benefits the potential outcome of Miami Worldcenter," he said.
Mr. Smith agreed, saying he’s confident financing is available for high-end concepts. "It’s difficult times in the financial world, but my partners have years of experience in raising capital for these types of projects."