Luxury Fashion House Bottega Veneta Joins Miami Design District’s Expanding Roster

The upscale Italian brand specializing in leather goods and ready-to-wear signed a lease for a 4,000-square-foot space between the Gucci and Rick Owens stores on Northeast 41st Street. Their other South Florida locations are at the Bal Harbour Shops and on Worth Avenue in Palm Beach.

The announcement is unsurprising as Craig Robins has led the revival of Miami’s Design District into a premier venue for art, fashion, and design. He is the president and CEO of Dacra, the development company he founded that aims to build "commercial and residential communities of substance through creative collaboration.” Dacra and LVMH head the Miami Design District Associates, who own about 70 percent of the real estate in the neighborhood. They are constantly adding new stores, public art, and restaurants like in the recently completed Paradise Plaza. Robins’ project have reimagined and transformed the landscape of Miami. Bottega will be joining the ranks of other high-end retailers such as Hermès, Valentino, Louis Vuitton, and Miu Miu. 

Bottega will be opening in MDD in the fall of 2018, along with other new tenants like Dolce & Gabbana and Balenciaga. 

Article by Katya Demina

Bohemian Conglomerate Retailer Urban Outfitters Joins The $1.5 Billion Metropica Mixed Use Community In Sunrise

Metropica, a $1.5 billion urban development and one of the country’s largest mixed-use communities just announced its newest tenant, Urban Outfitters, as the latest addition to its retail and entertainment lifestyle center, which consists of 280,000 SF of retail space. Both the topping-off of the development’s residential tower and the ground-breaking of the center are scheduled for the second quarter of 2018. 

Urban Outfitters will join its sister store, Anthropologie, to create an attractive mix of retail options at Metropica. Both stores are part of the URBN brand family, which strives to connect with its customers on a creative level by offering trendy women’s and men’s clothings, accessories, home décor, tech and gift products that seek to blend fashion, art, design, and the latest cultural trends. Urban Outfitters will occupy an 8,000 square feet of retail space and will join a mix of distinctive retail, dining and entertainment concepts including Fogo de Chao, City Works Eatery & Pour House, Genuine Pizza (formerly Harry’s Pizzeria), Sugarboo & Co., Cru Wine Bar, Kendra Scott Jewelry and iPic Theaters. 

“The coupling of URBN brand’s retail duo Urban Outfitters and Anthropologie is a testament to Metropica’s appeal and location,” says Bernard Werner, President and COO of Metropica Development LLC. “Having significant retailers like Urban Outfitters join our growing roster of signed tenants speaks to the viability of this transformative project. Metropica’s carefully curated retail mix fills an existing void in the area and will help transform the community for generations to come.”

“The addition of Urban Outfitters furthers our vision of making this the first development of its kind within South Florida’s Western Corridor, and adds to the truly innovative nature of the project,” said Joseph Kavana, CEO of Metropica Development LLC. “Metropica’s ideal location as a true urban epicenter for the tri-county area, and its offerings will serve as an exciting destination and gathering place for the entire community.”

Founded in 1970, Urban Outfitters has over 200 stores throughout the United States, Canada and Europe and will provide a well-curated experience and experiential retail environment of on-trend products for shoppers to feel inspired while indulging in their creative sides and individualitity.

Revolutionizing the West Broward corridor of South Florida, Metropica will encompass approximately 4 million SF and consist of residential condominiums, apartments, boutique hotels, commercial office space, expansive green spaces and a burgeoning world-class culinary, retail, entertainment and lifestyle experience for residents and visitors to enjoy. Scheduled to open in the fourth quarter of 2019, Metropica’s robust retail and entertainment offerings complement the continued interest in robust, sustainable and walkable communities. Metropica is located at 1800 NW 136th Avenue in Sunrise, FL. and designed to meld the area’s natural beauty with forward-thinking designs and a vast array of amenities, Metropica’s initial residential tower, a 28-story, 263-unit condominium, is now 65% sold.

*Article by Katya Demina

R&B Realty's The Gateway at Wynwood Launches Office Space Leasing, Gears Up To Break Ground

The New York-based R&B Realty has officially launched leasing at The Gateway at Wynwood, their new Class-A office building which is based at the intersection of Wynwood, Midtown and Miami Design District. Located at 2916 North Miami Avenue, the project is expected to become the first office building in Wynwood which has the capabilities of accommodating a major Class A tenant of scale. The Miami Urban Design Review Board issued a favorable recommendation following an October 2016 decision by the Miami Planning and Zoning Board granting R&B Realty's request to switch the property from multifamily to general commercial zoning in march 2017. The Gateway at Wynwood will feature over 420,000 SF of spacing including 200,000 SF of leasable Class A Office Space, 25,000 SF flexible floor plates, an on-site parking garage, floor-to-ceiling glass windows, a private rooftop terrace, around-the-clock security, and 25,000 SF of prime street-level retail space. Site preparations have begun, financing is secured, and groundbreaking will take place in the next 3 months as R&B Realty is set to begin construction "on spec." R&B Realty is looking to take advantage of strong demand and limited inventory of office space over the past five years where Wynwood has seen average office rents rise from $22.70 to more than $40.00 per square-foot as vacancy rates have fallen to 6.7%. Leasing is being overseen by Stephen Rutchik of Colliers EVP. The Gateway at Wynwood is expected to be completed in 2019.

“Artsy, accessible and efficient, The Gateway at Wynwood is the office address of choice for both creative directors looking for a hip, trendy location – and CFOs focused on the bottom line,” said Aron Rosenberg, chairman of New York-based R&B Realty. “Our team is confident in the Miami market, and we’ve encountered significant pre-leasing demand among tenants eyeing a move into Wynwood who view our building as the only option for true Class-A users, leading us to begin development ‘on spec.’”

“As Miami becomes more urban and new commercial districts emerge, office users of all sizes are seeking out space in well-located neighborhoods with strong quality of life offerings, like Wynwood and Midtown,” says Stephen Rutchik, executive vice president with Colliers International. “Capable of accommodating major global brands and entrepreneurial firms alike, The Gateway at Wynwood is the only true Class-A building under development in one of Miami’s fastest-growing submarkets.”

3 MiamiCentral Completed & Welcomes Brightline, The Project’s First Office Tenant

Florida East Coast Industries has announced the completion of 3 MiamiCentral, its first mixed-use tower at MiamiCentral and has welcomed its first office tenant, Brightline. Brightline, the nation’s only privately funded inter-city, express passenger rail service, officially moved its corporate headquarters to 3 MiamiCentral; additionally, HNTB, a nationally recognized infrastructure solutions firm, recently signed a lease for its Miami office. 3 MiamiCentral rises 12-stories and features 96,000 SF of rentable Class A Office Space, 35,000 SF of rentable ground level retail space and is adjacent to the MiamiCentral transit station and Two MiamiCentral. 3 MiamiCentral a seven-story parking garage to supply ample parking for Brightline guests, visitors and office tenants. Brightline’s lease encompasses approximately 24,000 SF and HNTB’s lease spans approximately 18,000 SF. Multiple retail spaces make-up the ground floor where Einstein Bros. Bagels and a major grocer. Two MiamiCentral will feature 190,000 SF of Class A Office Space with tenants including Ernst & Young, Cisneros, Moss & Associates, Venevision International Enterprises, Fortress Investment Group, Florida EAst Coast Industries and Regus. Rental rates at Two MiamiCentral are around $33 to $35 SF triple net; and $29 SF at 3 MiamiCentral  

MiamiCentral, the highly anticipated hub for transportation, leisure and business, is a transformational, first-of-its-kind, transit-oriented development, spanning six Downtown Miami city blocks. It serves as the southern terminus for Brightline, the new inter-city, express passenger rail service that opened between West Palm Beach and Fort Lauderdale on January 13. The system will extend to Miami in the coming months and will ultimately connect to the Orlando International Airport. MiamiCentral will also provide connectivity to all forms of transit in Miami-Dade County, including Metromover, Metrorail and soon, Tri-Rail.

“We are excited to have recently relocated Brightline’s new headquarters to 3 MiamiCentral, which is an important component of MiamiCentral and strategically located in Historic Overtown,” said Patrick Goddard, Brightline’s President and Chief Operating Officer. “Downtown Miami continues to transform into a vibrant community, and the addition of this new urban development and passenger rail system will be critical as the city continues to develop.”

“MiamiCentral is set to raise the bar for future office environments and 3 MiamiCentral is the first new standard,” said Daniel Quintana, vice president of development for Florida East Coast Industries. “From the variety of integrated transit options to the desired lifestyle offerings just one elevator ride from the offices, the built-in amenities that come with working at MiamiCentral are truly immeasurable.”

Terra Sells The Publix Anchored Doral Commons Retail Center to Jamestown, L.P.

Doral has been a hotspot for growth with intense demand for stable assets. Recently, Terra’s Doral Commons retail plaza sold to Jamestown, L.P. for a reported $71.6 milllon. The 140,000 SF shopping center was 95% leased at the time of sale with anchor tenant Publix Supermarket alongside TJ Maxx, Citibank, GNC, AT&T Wireless, McDonald’s, and others. Cushman & Wakefield represented Terra in the transaction. Doral Commons is located at the intersection of northwest 74th Street and 107th Avenue, and was initially part of a 100-acre tract acquired by Terra co-founders David and Pedro Martin in 2012. Terra subdivided the land into commercial and residential uses and completed the construction of Doral Commons in 2015. Terra's 319-home Modern Doral development is located directly next-door to the retail center.

“The commercial growth underway in Doral is one of the most exciting stories playing out in South Florida’s real estate landscape,” says David Martin, president and co-founder of Terra. “Rising demand for retail, office and industrial real estate is being fueled by a growing residential population, the City’s desirable lifestyle, and improving infrastructure and transit options. Terra developed Doral Commons with the goal of attracting a tenant mix that would meet the everyday needs of nearby residents, and the success of that formula ultimately led to this sale.”

“The Doral Commons sale coincides with a surge of retail leasing activity in Doral which is creating heightened demand among sophisticated investors such as Jamestown,” according to Mark Gilbert, Executive Managing Director of Cushman & Wakefield’s South Florida capital markets team. “This is a case of Terra taking a forward-looking approach to acquiring a site, recognizing a void in the market, and creating value through execution and leasing. (sic) Doral’s retail occupancy rate is in the 98 percent range, according to our firm’s latest retail report, and that number should hold given Doral has become a live-work-play community and remains one of the most dynamic markets in the Southeast for all property types in the eyes of core real estate investors. The fact that Doral is one of the fastest-growing cities in the Southeast is special, but it’s the quality of residential and employment growth that makes it a must-own market for institutional investors.” 

Miami Worldcenter Releases New Renderings As Developers Seek To Modify Block D

Just days after PROFILEmiami reported that Miami Worldcenter Associates have closed on a $43 million construction loan for the retail component of the $2 billion Miami Worldcenter mixed-use mega-project in the Park West neighborhood of Downtown Miami, the developers have applied for permission to modify their design for Block D. Block D is currently under construction and the proposed changes includes the exterior finishes and façades including artwork by Franz Ackermann and integrated projected panel and fin systems. Ackermann will maintain the art for 5 years. Miami's Urban Development Review Board (UDRB) will review the proposal on January 17. Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, are developing Miami Worldcenter in partnership with Taubman Centers, The Forbes Company, and MDM Group. The master plan was designed by Elkus Manfredi Architects and the project includes the PARAMOUNT Miami Worldcenter condo tower being developed by Paramount Ventures led by Dan Kodsi, a 1,700-key Marriott Marquis Miami Worldcenter Hotel & Expo as well as a 45-story office tower being developed by Hines.

NP International Secures $158.4 Million In Construction Financing & Gears Up To Break Ground on Gables Station

NP International has locked down a $158.4 million construction loan and are gearing up to break ground on Gables Station, a transit-oriented mixed-use project with 120,000 SF of retail space, 500 residential units and 66 hotel units. Developer Brent Reynolds plans to break ground before the end of Q1 2018. The financing was provided by Bank of the Ozarks and comes on the heels of Life Time Fitness signing a lease for 90K SF of retail space at Gables Station. NP International will also provide funding to develop a portion of the proposed Underline Park. NP International acquired the land adjacent to Merrick Park and Miami's Metrorail in Coral Gables at 251 South Dixie Highway in 2016 for $60 million. Construction is expected to be completed by Q3 2020. 

Miami Worldcenter Locks Down $43 Million Construction Loan For Retail Component

Miami Worldcenter Associates led by Art Falcone and Nitin Motwani have just closed on a $43 million construction loan for the retail component of the $2 billion Miami Worldcenter mixed-use mega-project in the Park West neighborhood of Downtown Miami. The loan was financed by Fifth Third Bank and brings the current total financing for the project to roughly $500 million including a $33 million loan from Bank of the Ozarks in October and the issuance of $74 million of private placement bonds issued by the community development district to fund infrastructure upgrades. The $43 million loan by Fifth Third Bank will be used for the development of 53,000 SF of retail space as well as a 1,100-space parking garage on NE 2nd Avenue between 8th and 10th streets. The total retail component will features 360,000 SF of high-street retail which Miami Worldcenter Associates, Taubman Centers and The Forbes Company are currently leasing. Miami Worldcenter is being developed by Miami Worldcenter Associates, Taubman Centers, The Forbes Company, and MDM Group with the master plan designed by Elkus Manfredi Architects. The project includes the PARAMOUNT Miami Worldcenter condo tower being developed by Paramount Ventures led by Dan Kodsi, in addition to a 1,700-key Marriott Marquis Miami Worldcenter Hotel & Expo as well as a 45-story office tower being developed by Hines.  

Check-Out The New Gucci Flagship Boutique Now Open In Miami Design District

During Art Basel PROFILEmiami got an exclusive first look at Miami's newest Gucci store which opened last month in the fast growing, fashion hotspot Miami Design District. The MDD location will become Gucci's Miami flagship and will also feature the full Gucci Décor collection available for sale. The store is located at 139 NE 41st Street and serves as a gateway to MDD's new Paradise Plaza. The two-floor boutique covers 4,700 SF and reflects Gucci's new design concept by Creative Director Alessandro Michele including a marble encased exterior façade complete with pistachio-green-washed industrial metal rivet accents, paying homage to classic Gucci design. Adjacent is a custom Coco Capitán mural painted exclusively for Gucci's MDD location which also is featured on a two piece collaboration consisting of a drawstring backpack and belt bag that are exclusively available at the MDD boutique. Inside, a red velvet wrapped, lacquered wood staircase has already become an Instagram icon along with European White Oak floors, marble polychrome inlay carpets, varnished iron wall finishes, and Gucci Décor accents including velvet armchairs and couches. Upstairs features a custom VIP lounge complete with pink fabric walls and a marble mosaic floor which houses limited edition and exclusive pieces available for purchase. The Gucci boutique at MDD is currently showcasing the complete collection of men’s and women’s ready-to-wear, handbags, shoes, jewelry, and accessories for Fall Winter 2017, Cruise 2018, as well as Gucci Décor.

Barneys New York To Open First Florida Location As Anchor At Bal Harbour Shops $400 Million Expansion

Barneys New York has announced that they will open their first Florida location as one of the anchor tenants at Bal Harbour Shops $400 million, 350,000 SF expansion. The location will span 53,000 SF and will include the popular Freds at Barneys New York restaurant. Freds at Barneys New York will feature outdoor seating and will serve European-inspired and contemporary American cuisine with a custom menu using locally-sourced ingredients by Executive Chef Mark Strausman. Barneys New York and Freds at Barneys New York is expected to open in 2023.

“No fewer than three generations of my family have worked in one capacity or another for nearly four decades to make this happen, so we could not be any happier if we tried about Barneys New York finally coming to Bal Harbour. Theirs has always been a unique and compelling perspective on fashion and on luxury – and through Freds, on food, too – and we know their point of view will resonate with our customer. We are proud and humbled to welcome Barneys New York into the Bal Harbour Shops family,” Matthew Whitman Lazenby, third generation leader of Bal Harbour Shops and President and Chief Executive Officer of Whitman Family Development, LLC.

“It’s a milestone for Barneys New York to launch our first location in Florida at
Bal Harbour Shops, which attracts the best clients from around the globe, who mirror today’s Barneys clients,” said Daniella Vitale, CEO & President, Barneys New York. “We’re excited for Bal Harbour shoppers to experience Barneys New York’s renowned approach to creating environments with exclusive, rare and highly-edited products coupled with luxury services, food, and digital experiences.”