The Miami Worldcenter, one of the largest private real estate developments in the United States, was recently approved by the City of Miami to begin its first phase site plan. The development team can now apply for building permits for the 27-acre property that is scheduled to break ground during the third quarter of this year.

The Miami Worldcenter is the result of collaboration between master developer Miami Worldcenter Associates and a team of development firms. Each firms is responsible for bring various pieces of the master plan, created by Elkus Manfredi Architects, to market.

“We have assembled a world-class team with a track record of delivering transformational projects, and now we’re taking the last step toward starting construction of Miami Worldcenter,” said Nitin Motwani, Managing Principal for Miami Worldcenter Associates.

Located in the middle of downtown Miami, The Miami Worldcenter, which is currently planned to cost $2 billion, is part of a growing trend in Miami real estate, which is mixed-use urban planning.

The development is expected to have a positive effect on economy in downtown Miami, as it is predicted to yield 18,000 jobs. It is also expected to draw large conferences and entertainment groups to downtown Miami, bringing more tourism and increasing spending.

Additionally, the Forbes Company and Tabuman, a retail environment designer, are teaming up to create a 765,000 square foot mall anchored by a Macy’s and a Bloomingdales for the Miami Worldcenter, along with high end dining and entertaining options, condos and apartments.