Private equity firm Abbhi Capital listed a 2.19-acre development site in downtown Miami for expected bids exceeding $100 million, marking one of the final land offerings in the 27-acre Miami Worldcenter master-planned district.
A Two-Acre Urban Canvas
The listing of the parcel at 1001 NE First Ave, branded as One Miami World, arrives as developers finish the final phases of the master-planned neighborhood. The 27-acre district represents a $6 billion master-planned investment that has become a global destination for shopping and luxury living. Today, almost the entirety of the master plan is built out or under active construction, featuring completed and ongoing projects like Paramount Miami Worldcenter and the topped-off Waldorf Astoria.
Managing Directors Mitash Kripalani and Virgilio Fernandez of Cushman & Wakefield's Florida Capital Markets Group represent the seller. Both brokers joined the firm in October 2025 after spending eight years as vice presidents at Colliers International. Kripalani stated that scarcity drives interest in the property, as contiguous land in downtown Miami's urban core is rare. The site remains a vacant lot, despite early claims of a groundbreaking in September 2023.
The 2.19-acre site sits across from the planned state-funded I-395 Signature Bridge and the future 33-acre "Underdeck" linear park. It also neighbors the planned JEM Private Residences, an $800 million residential sellout project. This positioning places the parcel at the center of the district's remaining infrastructure and development activity.
A Valuation Leap From $44 Million
Coral Gables-based Abbhi Capital assembled the 2.19-acre property in two stages spanning 2020 and 2021. The firm, operating through its affiliate SanaProperty8 LLC, 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.
A sale at the expected $100 million threshold would yield an appreciation rate of over 120 percent in five years. This steep rise reflects the growth of the surrounding infrastructure, including the adjacent Brightline mass-transit station. Investors are buying into an established, high-traffic destination rather than speculative future growth.
Abbhi Capital is a private investment firm led by founder Sankesh Abbhi. While the firm focuses on healthcare and technology, it also operates local South Florida real estate, including the Elemi at Grove Village rental community in Coconut Grove. Listing the One Miami World site allows the firm to capitalize on the escalating demand for premium downtown Miami dirt.
Permitted Blueprints and Zoning Flexibility
Prior to listing the property, Abbhi Capital secured city approvals in September 2023 for a 2-million-square-foot mixed-use project. The approved design features a 59-story residential tower containing 558 luxury units and a 33-story commercial tower. The commercial tower was designed as Miami Worldcenter's only office-only tower, intended to capture corporate migration trends to South Florida.
The city-approved plans connect the two towers via a shared podium. This podium contains 368,362 square feet of commercial and office space, 7,109 square feet of ground-floor retail and restaurant space, and 1,319 parking spaces in an integrated garage. These detailed metrics provide a pre-approved blueprint for any buyer looking to fast-track construction.
The next owner is not bound to this design. The site carries SD-16.1 Special District zoning, which permits high-density, mixed-use construction up to 60 stories. A buyer can build residential or commercial structures. Local residential sales rebounded in early 2026, giving a developer the option to transition the entire 2.19-acre site into a multifamily development.
Institutions Chase Downtown Dirt
Institutional investors continue to bid high prices for land within the master-planned district. In March 2026, Tokyo-based Kasumigaseki Capital purchased a 1.4-acre development site inside Miami Worldcenter for $88.8 million. The transaction marked the company's debut in the United States and involved $45 million in seller financing from an investment group led by E11even co-founder Marc Roberts. Kasumigaseki Capital established its local subsidiary, Kasumigaseki Florida LLC, in April 2026 to oversee the planned hotel and residential project on that site, located at 155 NE 10th St.
Commercial activity in the area remains strong. In April 2026, Miami Worldcenter Associates sold its 300,000-square-foot retail portfolio for $210 million. The sale allowed CIM Group to exit its equity position. A joint venture led by Falcone Group and ROK Acquisitions purchased the portfolio, backed by capital from Jamestown and The Davis Companies. This transaction stands as the largest non-mall retail transaction in South Florida since 2017, highlighting the capital flowing into the immediate area of the newly listed One Miami World site.
Disclosure: This article was drafted with AI assistance by The Sundaze Gazette editorial team and reviewed before publication.
