Adam Neumann’s Flow has sold off a development parcel within the 27-acre Miami Worldcenter master development for $26.6 million, property records show.
Retail broker Daniel Cardenas purchased the vacant, 28,033-square-foot site at 710 Northeast First Avenue, which runs through to North Miami Avenue, on the same block as the Lalezarian Properties’s Miami World Tower. Cardenas is a partner at Vertical Real Estate, a prominent retail brokerage based in Miami Beach.
The transaction comes just four months after the 300,000-square-foot retail component of Miami Worldcenter sold for $210 million. Master developer Falcone Group bought out the firms’ partners, Nitin Motwani and CIM Group.
Neumann founded Flow in 2022, three years after he was forced to resign as CEO from WeWork.
Despite the recent sale, Flow remains a presence in Miami Worldcenter. In March, it completed the 41-story, 466-unit Flow House condo building across the street from Vertical’s new site. Next door, it also owns the 444-unit rental building.
Flow is expanding across Miami-Dade County. Last month, Aventura’s city commission approved Flow’s mixed-use development, which will include three 29-story towers, The Real Deal reported.
Last year, the developer paid $70.5 million for a 16-acre development site in Miami’s El Portal neighborhood. Neumann drew ire from some locals earlier this year when he demolished a 70-year Methodist church to make space for a school.
Representatives for Flow did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Correction: A previous version of the article incorrectly stated that Lyle Stern, Cardenas’s partner, bought the development site.
Leave a Reply