Who is coming? More retailers, eateries slated to open downtown in Miami Worldcenter
In the ever-changing downtown Miami, more retailers and restaurants are coming in 2023 and the additions will fill most of the city’s largest real estate development, Miami Worldcenter.
Eight stores and restaurants are slated to open at the Worldcenter, the 27-acre, $4 billion residential and commercial project across from the FTX Arena where the Miami Heat plays basketball games.
Nitin Motwani, managing partner of Miami Worldcenter Associates, told the Miami Herald there are 15 tenants, enabling the property to reach 75% occupancy for the development’s 300,000 square feet of retail space. Also, there are several high-rises containing about 5,000 apartments and condos, and 600 hotel rooms.
In addition to Brasserie Laurel and Sephora that opened last year, these eight tenants are opening during 2023: cigar and cocktail lounge El Vecino; bowling alley Bowlero; electric carmaker Lucid Motors; family-run Posman Books; athleisure wear Lululemon; lingerie company Savage X Fenty; sunglasses shop Ray-Ban; and swimwear store Luli Fama.
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Started in early 2016, Miami Worldcenter is the country’s second-largest urban development after New York’s Hudson Yards 28-acre project.
It’s an anchor development that’s helping to transform the city’s center and draw people downtown to live and work.
“There is so much activity,” Motwani said, regarding why tenants want to sign on and set up shop at Worldcenter. “It means more traffic.”
More lease negotiations are in the works, he said, which should enable the commercial portion of the development to be fully leased by late this year with that final group of retailers and restaurants opening in 2024.
Downtown Miami has an average asking rent for commercial space of $37.31 per square foot, including utilities, according to Colliers’ Miami-Dade County fourth quarter 2022 retail report. Motwani said tenants at Miami Worldcenter pay “much more than that,” but declined to disclose an exact amount or price range for the rents.
Retailers and restaurants are willing to pay a premium given the amount of foot traffic anticipated to come to the Worldcenter and the surrounding area downtown in the coming years.
“We are continuing to look at entertainment, retail and food and beverage [options],” Motwani said. “I would tell you that we have multiple options on each and every space.”
Other major developments are changing downtown Miami, too. Billionaire real estate owner Moishe Mana is redeveloping Flagler Street, food hall Julia & Henry’s is in the works, and a new jewelry center opened last year.
Curious about who is coming to Miami Worldcenter? Here are the tenants that opened last year, or signed leases to open this year or in 2024:
▪ French restaurant Brasserie Laurel, opened in 2022
▪ Cosmetic supply store Sephora, opened in 2022
▪ Cigar and cocktail lounge El Vecino, coming in 2023
▪ Bowling alley Bowlero, coming in 2023
▪ Electric carmaker Lucid Motors, coming in 2023
▪ Family-run Posman Books, coming in 2023
▪ Athleisure wear Lululemon, coming in 2023
▪ Lingerie company Savage X Fenty, coming in 2023
▪ Sunglasses shop Ray-Ban, coming in 2023
▪ Swimwear store Luli Fama, coming in 2023
▪ Sports & Social sports bar, coming in 2024
▪ Casual dining spot Earls Kitchen + Bar, coming in 2024
▪ Gym Club Studio, coming in 2024
