MIAMI—The developers behind $2 billion Miami Woldcenter bought their first parcels of land in the heart of Downtown Miami 10 years ago. Now, they are beginning to see their vision come to pass with construction set to begin in the third quarter.

“We're eager to move forward in transforming our neighborhood, creating thousands of new jobs and attracting additional private investment to downtown Miami,” Nitin Motwani, managing principal for Miami Worldcenter Associates, developer of the project, tells GlobeSt.com. The City of Miami just granted site plan approval for the first phase of development. Applications for building permits will be submitted over the coming weeks. Past litigation involving the project has been resolved. Full steam ahead.

The city's site plan approval applies to The Mall at Miami Worldcenter, the Paramount Miami Worldcenter condominium, and a 429-unit luxury apartment building ZOM will develop. Construction of the mall and Paramount tower will begin in the third quarter. The ZOM project is set to get underway in early 2016. Newgard Development Group has filed new plans with the city to construct a mixed-use tower within the project.

The Mall at Miami Worldcenter lies at the center of the development's master plan. To be developed by Forbes Company and Taubman, the 765,000 square-foot shopping and entertainment complex, will be anchored by Bloomingdale's and Macy's stores.

“The teams at Forbes and Taubman are seeing strong interest among brands looking to establish a presence in Downtown Miami and that excitement will only intensify as construction goes vertical in the coming months,” says Nate Forbes, managing partner of Forbes. “Retailers are gravitating toward Miami Worldcenter's accessibility, architectural design and strong sponsorship.”

Rising 60-stories directly above the mall, Paramount Miami Worldcenter will be the development's signature residential tower. The condominium will offer 512 luxury residential units, a two-acre outdoor sports complex complete with an outdoor soccer field, and an indoor rooftop lounge with 180-degree views of Biscayne Bay and Downtown Miami. Developer Daniel Kodsi says, “Paramount Miami Worldcenter has drawn buyers from 20 countries around the world and across the US.”

Construction of a new Marriott Marquis hotel and adjacent expo center to be developed by MDM Group will get underway in late 2015. The complex will bring events and conferences to Downtown Miami. All told, phase one of Miami Worldcenter is expected to yield about 18,000 direct jobs and $1 billion in new economic impact, according to a study by developer Daniel Kodsi.