Japanese firm drops $89M on Miami Worldcenter site once planned for branded condo-hotel

A Japanese firm paid $88.8 million for a 0.7-acre development site where a branded condo-hotel tower was planned at Miami Worldcenter.  Tokyo-based Kasumigaseki Capital bought the parking lot on the southwest corner of Northeast 10th Street and Northeast Second Avenue in Miami from entity Miami A/I Parcel 3 Subsidiary, according to records and real estate database Vizzda. Kasumigaseki borrowed $45 million in seller financing.  The land sale breaks down to $2,912 million per square foot.  Records show the selling entity ties to Miami Worldcenter master co-developer Art Falcone’s Boca Raton-based Falcone Group. Falcone is partnering with Nitin Motwani and Los […]This article originally appeared on The Real Deal. Click here to read the full story.