Art Falcone’s Falcone Group is at the center of a new joint venture that has grabbed the keys to the retail core at Miami Worldcenter, scooping up the open-air plaza and two parking garages in a deal insiders peg in the nine-figure range. The move hands day-to-day control of roughly 300,000 square feet of shops, dining and entertainment to a buyer group that mixes hands-on local players with deep-pocketed institutional money. The retail component, part of the 27-acre master plan that has been reshaping downtown Miami’s promenade streets, opened its first phase in 2025.
Miami Worldcenter Associates, the partnership that has driven the broader project, sold five parcels and the two garages to the Falcone Group-led joint venture, according to The Real Deal. The buyer roster, as laid out in the release, includes Aventura-based ROK Acquisitions and Miami investor Andrew Mirmelli on the operating side, with Boston’s The Davis Companies and Jamestown providing the institutional capital. A joint venture spokesperson declined to discuss pricing, but a source told The Real Deal that the transaction landed in nine-figure territory.
The package covers about 300,000 square feet of retail and dining space, roughly 100,000 square feet of parks and public plaza, and two garages with about 2,000 parking spaces, Axios reported. Big-name tenants already in place include an Apple store, Sephora, Lucid Motors and Savage X Fenty, along with restaurants such as Maple & Ash and Serafina, Axios notes. The first retail phase debuted with a high-visibility launch in 2025, positioned to serve a growing cluster of nearby residential and hotel towers.
Who Is In The Buyer Group
The transaction brings together local operators and institutional investors in a structure meant to combine active on-the-ground management with long-term capital, The Real Deal reports. ROK Acquisitions and Andrew Mirmelli will work alongside Falcone on operations, while The Davis Companies and Jamestown serve as limited partners that supply oversight and funding. Industry observers say that type of lineup is common when owners want both quick leasing decisions and patient institutional balance sheets behind a large retail asset.
What It Could Mean For Downtown Miami
Putting control in the hands of a Falcone-led operating team could accelerate leasing calls, pop-up activations and events along the retail promenades that link to the Kaseya Center and other downtown anchors. Marketing materials for Miami Worldcenter emphasize public art, programmed plazas and a mix of tenants aimed at drawing both residents and visitors into the district, the Miami Worldcenter website notes. The retail streets are also fed by nearby towers from Related Group, Naftali Group, Witkoff and Adam Neumann’s Flow, creating a built-in customer base for the new ownership to chase.
The deal lands amid steady investor interest around Worldcenter. Last month, Tokyo-based Kasumigaseki Capital paid roughly $88.8 million for a nearby development site, underscoring outside appetite for dirt in and around the project, Bisnow reported. For tenants and local operators, a single ownership group could mean cleaner timelines for openings and leasing rollouts, although any plans to reposition the retail or roll out new capital improvements have not yet been detailed. Representatives for Falcone Group, ROK Acquisitions, The Davis Companies and Jamestown did not immediately respond to requests for comment.
