Updated Oct. 8, 2026.
Abbhi Capital has listed a 2.19-acre development site in downtown Miami with bids expected to exceed $100 million, one of the last major development sites in the 27-acre Miami Worldcenter master-planned district.
A Two-Acre Urban Canvas
The listing covers the parcel at 1001 NE First Ave, branded as One Miami World, inside the 27-acre district, which represents a $6 billion master-planned investment, Bisnow reported. Completed projects in the district include Paramount Miami Worldcenter, and more are under construction.
Managing Directors Mitash Kripalani and Virgilio Fernandez of Cushman & Wakefield's Florida Capital Markets Group represent the seller. "Scarcity is what makes this opportunity so extraordinary," Kripalani said in a statement to Bisnow, calling One Miami World one of the last major development sites within Miami Worldcenter.
The site is adjacent to the Jem Private Residences in Miami Worldcenter, developed by Naftali Group, Bisnow reported. That puts the parcel next to one of the district's newest residential projects.
A Valuation Leap From $44 Million
Coral Gables-based Abbhi Capital assembled the property in two stages. Operating through its affiliate SanaProperty8 LLC, the firm first purchased the 1.15-acre center parcel of Block A in August 2020 for $24 million. It then acquired the adjacent 1-acre west parcel of Block A in April 2021 for $20 million, bringing its total acquisition cost to $44 million.
Abbhi is hoping to sell the site for more than twice what it paid, Bisnow reported. Brokers told Bisnow the site has no asking price and that bids are expected to come in well above $100 million. The firm did not immediately respond to Bisnow's request for comment.
Abbhi Capital is a private investment firm led by founder Sankesh Abbhi. The firm focuses on healthcare, life sciences, technology and real estate, and it built the 46-unit Elemi at Grove Village rental community in Coconut Grove, Bisnow reported.
Permitted Blueprints and Zoning Flexibility
Before listing the property, Abbhi Capital took plans to the city in September 2023 for a mixed-use project of about 2 million square feet. The Miami Urban Development Review Board, an advisory board, approved the project, The Real Deal reported. The plans showed a 59-story residential tower with 558 units and a 33-story office tower, which would have been the first and only office-only tower in Miami Worldcenter, but the project never moved forward, Bisnow reported.
The plans connected the two towers with a podium of about 368,000 square feet of leasable space, more than 7,000 square feet of retail and restaurant space, and more than 1,000 parking spots, Bisnow reported.
A buyer would not be bound to that design. Brokers Kripalani and Fernandez told Bisnow it is unclear whether a buyer would stick to the plans or change them, so a developer could pursue a different mix on the 2.19-acre site. Confirm current entitlements with the City of Miami before bidding.
Institutions Chase Downtown Dirt
Other buyers have paid high prices for land in the district. In March 2026, Tokyo-based Kasumigaseki Capital purchased a 1.4-acre development site inside Miami Worldcenter for $88.8 million, with $45 million in seller financing, The Real Deal reported. Bisnow reported the seller was an entity led by E11even Miami co-founder Marc Roberts and that the site was planned for a 53-story mixed-use tower.
Commercial activity in the area remains strong. In April 2026, a joint venture led by Falcone Group bought the district's retail and entertainment portfolio for $210 million. Partners include ROK Acquisitions and Andrew Mirmelli, with The Davis Companies and Jamestown as limited partners, The Real Deal reported. The sale covers roughly 300,000 square feet of retail, dining and entertainment space.
Sources
- Bisnow: Miami Worldcenter site listed for sale (June 26, 2026)
- CRE Daily: One Miami World site hits the market
- Cushman & Wakefield: One Miami World listing
- The Real Deal: Abbhi buys 1.15-acre parcel for $24 million (Aug. 5, 2020)
- PROFILEmiami: Abbhi acquires 1-acre parcel for $20 million (April 2021)
- The Real Deal: city board approves Abbhi's Worldcenter project (Sept. 21, 2023)
- The Real Deal: Abbhi plans residential and office project (Sept. 19, 2023)
- Off the MRKT: Abbhi proposes 2 million square foot development
- The Real Deal: Kasumigaseki Capital buys Worldcenter site (March 23, 2026)
- Commercial Observer: Kasumigaseki Capital purchase (March 2026)
- The Real Deal: Falcone joint venture buys Worldcenter retail (April 2, 2026)
- Newmark: $210 million Worldcenter retail sale
- Business Wire: CIM and partners sell Worldcenter retail district (April 2026)
Related reading: Kengo Kuma's MIRAI Design District Secures $85M Loan; Uptown Fort Lauderdale Rezoning Sparks 7,000-Unit Wave.
Key Facts for Owners and Search
What site is for sale?
One Miami World, a 2.19-acre development site at 1001 NE First Ave in downtown Miami, listed by Abbhi Capital. Cushman and Wakefield brokers told Bisnow there is no asking price and that bids are expected to come in well above $100 million. Broker Mitash Kripalani called it one of the last major development sites in the 27-acre, $6 billion Miami Worldcenter.
What did the seller pay?
Abbhi Capital assembled the site in two stages: a 1.15-acre center parcel in August 2020 for $24 million and an adjacent 1-acre parcel in April 2021 for $20 million, a total of $44 million. Bisnow reported the firm is hoping to sell for more than twice what it paid. There is no asking price, so the final price depends on bids.
What plans exist for the site?
In 2023 Abbhi filed plans for a project of about 2 million square feet, with a 59-story residential tower of 558 units and a 33-story office tower sharing a podium. The city's Urban Development Review Board, which is advisory, approved the project in September 2023. Bisnow reported the project never moved forward, and brokers said a buyer might change the plans.
What zoning should a buyer confirm?
Confirm current entitlements with the City of Miami before bidding, since the brokers said it is unclear whether a buyer would keep the 2023 plans or change them. A different mix, including more residential space, would depend on what the city allows on the 2.19-acre site today.
What nearby deals set the context?
In March 2026 Kasumigaseki Capital bought a 1.4-acre Worldcenter site for $88.8 million, with $45 million in seller financing, The Real Deal reported. In April 2026 a Falcone-led joint venture bought the district's retail and entertainment portfolio for $210 million, covering about 300,000 square feet. Confirm deal terms in public records.
