Miami Worldcenter Unveils Renderings of High Street Retail Promenade and Plaza

Weeks after announcing plans to bring "High Street" retail to downtown Miami, the team behind Miami Worldcenter has revealed renderings illustrating how the city's urban core will soon come alive with public promenades and plazas. Master developer Miami Worldcenter Associates, in collaboration with The Forbes Company and Taubman, will develop the pedestrian-oriented streetscape as the retail focal point of the 27-acre mixed-use development. The formal groundbreaking of Miami Worldcenter's "High Street" retail component and the adjoining PARAMOUNT condominium will take place early next month.

New renderings depict an open-air shopping promenade running north and south from northeast 10th street to northeast 7th street and between northeast 1st and 2nd avenues. The promenade will be surrounded by residential towers, a hotel and exposition center, and numerous dining and entertainment options. Nearby, a large open-air public plaza along northeast 1st avenue will be surrounded by shops and restaurants, creating a central gathering place and outdoor event space at the heart of Miami.

"Working with Forbes and Taubman, we've created a 'High Street' retail concept that takes full advantage of downtown Miami's rise as one of the nation's most densely-populated, walkable and well-connected neighborhoods," says Nitin Motwani, Managing Principal for Miami Worldcenter Associates. "By creating a network of open-air promenades and plazas, we'll ensure Miami Worldcenter is seamlessly integrated with surrounding streets while developing a street-level experience that draws visitors from across South Florida and around the world."

The "High Street" retail model, defined by a critical mass of shops and boutiques in a pedestrian-oriented setting, is proving successful in urban centers across the U.S., such as San Francisco's Union Square District, New York's SoHo and Lincoln Road in Miami Beach. Miami Worldcenter's retail plan reflects downtown Miami's emergence as one of the country's fastest- growing urban centers, home to a population that has doubled in size since 2000 and a streetscape that has become more pedestrian-friendly in recent years.

"We believe that 'High Street' retail is the right way to move forward in downtown Miami," adds Robert S. Taubman, Chairman, President and CEO of Taubman Centers, Inc. "The retail and restaurants, combined with the new residential developments and surrounding amenities, will create a very desirable urban experience. We look forward to continuing our work with Forbes and Miami Worldcenter Associates on this dynamic plan."

Other components within Miami Worldcenter will include the 700-foot tall PARAMOUNT condominium; an 1,800-room Marriott Marquis hotel and expo center developed by MDM Group; Luma, a 429-unit luxury apartment building developed by ZOM; and two apartment towers built atop street-level retail lining northeast 7th street. Neighborhood improvements will include upgraded streets, expanded sidewalks, and improved pedestrian and vehicle flow between Biscayne Bay, Museum Park and American Airlines Arena and points west, including Overtown and the Miami River. Direct links to the new All Aboard Florida high-speed rail terminal and the existing Metromover system will encourage mass transit.

About Miami Worldcenter & Miami Worldcenter Associates:

Occupying 27 acres in the heart of downtown Miami, Miami Worldcenter is one of the largest private real estate developments underway in the United States. The ten-block project will include world-class retail, hospitality and residential uses in the center of Miami's urban core. All told, the project is expected to account for $2 billion in new investment in downtown Miami.

Miami Worldcenter Associates, led by Principals Art Falcone and Nitin Motwani, serves as the master developer for the mixed-use Miami Worldcenter project. In 2011, Miami Worldcenter Associates partnered with CIM Group, a Los Angeles-based real estate and infrastructure investment company that makes equity and debt investments in urban communities throughout North America. Together, they have assembled a best-in-class team of developers that will help bring the Miami Worldcenter vision to life. Learn more at www.miamiworldcenter.com.

About Forbes:

Based in Southfield, Michigan, The Forbes Company (www.theforbescompany.com) is a nationally recognized owner, developer and manager of iconic regional shopping centers, recognized throughout their respective markets for their retail innovation, fashion leadership, distinctive architecture and luxury appointments. In addition to Somerset Collection, these properties include: The Gardens Mall in Palm Beach Gardens, Florida; The Mall at Millenia in Orlando; and Waterside Shops in Naples, Florida.

About Taubman:

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 23 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Taubman is currently developing four properties in the U.S. and Asia totaling 4.1 million square feet. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com.