Miami Worldcenter Development Site Changes Hands In Unusual Deal
Tokyo-based Kasumigaseki Capital has transferred a 1.4-acre development site within Miami Worldcenter in downtown Miami to BCE Miami Property LLC in a $138.7 million transaction. The property, at approximately 988 NE Second Avenue and 155 NE 10th Street, is slated for a mixed-use development that includes a 145-room hotel and residential component. Kasumigaseki Florida LLC, the company’s Florida affiliate, was the seller in the Aug. 27 transaction.
Deal Brings New Capital Into Miami Worldcenter Project
BCE Miami Property LLC is associated with Kasumigaseki and Japanese investment partners, making the transaction more akin to a recapitalization of the development than a conventional sale to an unrelated developer.
Financing for the venture is expected to include a loan from what Kasumigaseki described as a Japanese “domestic mega bank.”
The structure also gives Kasumigaseki a continuing interest in the property. Records indicate the company retains the right to repurchase the site if the buyer does not obtain required project approvals within 18 months.
Property Changed Hands Twice in Less Than Six Months
Kasumigaseki entered the Miami market earlier this year when it acquired the Miami Worldcenter parcel for $88.75 million in March. The latest $138.7 million transaction represents an increase of nearly $50 million over that acquisition price within roughly five and a half months.
The March purchase was Kasumigaseki Capital’s first known U.S. real estate acquisition and included $45 million in seller financing.
The latest deal highlights the continuing flow of international capital into downtown Miami development sites, particularly within Miami Worldcenter, where much of the master-planned district’s remaining land has attracted residential, hotel and mixed-use development.
Mixed-Use Development Planned
Plans for the property call for a residential tower incorporating a 145-room hotel. The site is part of Miami Worldcenter, the approximately 27-acre mixed-use district that has added residential towers, hotels, retail, restaurants and public spaces across several blocks of downtown Miami.
The unusual ownership structure allows Kasumigaseki to bring additional Japanese investment into the project while retaining a mechanism to regain control of the property if development approvals are not secured within the specified timeframe.
Key Facts
- Property: Miami Worldcenter development site
- Location: Approximately 988 NE Second Avenue / 155 NE 10th Street, Miami
- Asset Type: Development site / planned mixed-use development
- Transaction Type: Sale / recapitalization
- Buyer: BCE Miami Property LLC
- Seller: Kasumigaseki Florida LLC
- Size: 1.4 acres
- Price: $138.7 million
- Previous Purchase Price: $88.75 million in March 2026
- Financing: Loan expected from a Japanese “domestic mega bank”
- Other Notable Details: Planned 145-room hotel and residential tower; Kasumigaseki retains a right to repurchase the site if required project approvals are not obtained within 18 months.
Source: SFBJ