Kasumigaseki Capital has transferred a planned hotel and residential development site at Miami Worldcenter to a fund backed by Japanese investors for $138.7 million. The transaction marks a major step in the Tokyo-based firm’s U.S. expansion and places a prominent downtown Miami property under new ownership as the mixed-use district continues to grow.
Key takeaways
The transaction reshapes ownership of one of Miami Worldcenter’s largest remaining development sites.
- The 61,400-square-foot property sold for $138.7 million.
- Kasumigaseki Capital originally acquired the site for $88.8 million in March.
- Financing for the latest deal is expected from a Japanese “domestic mega bank.”
- The site could support a hotel, condominiums, retail and open space.
A strategic transfer
Kasumigaseki Capital notified shareholders of the transfer involving the property at 155 Northeast 10th Street. The company will retain a right to repurchase the site if the buyer does not obtain the necessary project approvals within 18 months.
Tatsuo Higuchi, a director and senior executive officer, will oversee the firm’s U.S. operations and the project. The arrangement gives Kasumigaseki Capital continued involvement while shifting the property into an investment vehicle supported by Japanese capital.
Planned Miami Worldcenter development
A 2024 proposal for the site called for a 53-story branded tower with 351 condominiums and a 280-key hotel. The plans also included almost 10,000 square feet of retail space and roughly 4,000 square feet of open space. The project’s branding and final design remain subject to approvals and may change under the new ownership.
Kasumigaseki Capital used $45 million in financing when it purchased the site from an entity linked to Falcone Group, led by Art Falcone. Falcone Group, Nitin Motwani and CIM Group are the master developers of Miami Worldcenter.
Growing hotel and residential cluster
Miami Worldcenter has expanded rapidly at the edge of downtown Miami and the Park West neighborhood. Its approximately 300,000 square feet of retail and dining space was completed in 2024, with tenants including Apple, Starbucks and Sephora, alongside restaurants such as Maple & Ash and Sixty Vines.
The district’s lodging options include the 2023 CitizenM Miami Worldcenter, which features compact rooms aimed primarily at short-stay travelers. The Crosby Miami Worldcenter, completed by Related Group and Merrimac Ventures, operates as a short-term rental property.
Japanese firm’s U.S. expansion
Kasumigaseki Capital develops, operates and manages hotels across its brands, a more vertically integrated approach than the franchise-focused model now favored by many major hotel companies. Its initial Miami Worldcenter acquisition represented the firm’s U.S. debut.
The latest transaction underscores continued international interest in Miami development, even as developers face the lengthy approval, financing and construction process required to deliver large-scale projects. Nearby developments, including JEM Private Residences, 700 North Miami Avenue and Flow, indicate that Miami Worldcenter’s surrounding pipeline remains active.
Sources
- Kasumigaseki Capital Transfers Miami Worldcenter Hotel Site, The Real Deal.
