MIAMI—Miami Worldcenter developers just got some good news. Plans for the first phase of what is one of the largest urban real estate developments underway in the US won approval from the City of Miami.

The approval paves the way for the development team to apply for building permits for the Mall at Miami Worldcenter, the Paramount Miami Worldcenter condo, and a luxury multifamily building. Groundbreaking is expected in the third quarter of 2015.

“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,” says Nitin Motwani, managing principal for Miami Worldcenter Associates. “Miami Worldcenter will transform 27 acres in the heart of Miami into a city within a city, connecting the central business district with the arts and entertainment district.”

Miami Worldcenter is a collaboration between master developer Miami Worldcenter Associates and a team of best-in-class development firms that will help realize a master plan created by Elkus Manfredi Architects. For example,

Forbes Company and Taubman will deliver a 765,000 square-foot shopping mall, which Bloomingdale's and Macy's will anchor.

Miami developer Daniel Kodsi in partnership with Art Falcone and Motwani make up the team behind the Paramount Miami Worldcenter, the project's signature residential tower. Nearby, a 429-unit luxury apartment building developed by ZOM will rise next to Bloomingdale's. Two blocks west, Miami-based MDM Group will develop a new Marriott Marquis hotel.

According to a study by Fishkind & Associates, the project will drive an economic boost to the area by adding about 18,000 jobs. The expo center will also bring world-class events and conferences to Downtown Miami for the first time in the city's history.