Design District Building Fetches $350 PSF
High Street Retail USA has sold a retail/office building in Miami’s Design District.
The property is located at 3700 and 3704 NE 2nd Ave and consists of 10,000 square feet on 4 floors. It offers “billboard” visibility to I-195 a major east west corridor carrying approximately 100K cars daily.
Sharon Dresser and Kate Turner of High Street Retail worked on and closed this transaction.
The High Street Retail team will be offering this building for lease after full renovations.
The High Street team was responsible for bringing the popular Shops at Midtown Miami to its current grand status, taking the tenant occupancy from 50% to a staggering 90% + in just two years. Sharon Dresser of High Street Retail is now focusing her attention towards the Design District, Midtown Miami’s unique and trendy neighbor.
Property owner and developer Craig Robins and his company, DACRA, are transforming the Design District into a $312 million high-end retail neighborhood to compete with Bal Harbour Shops.
The entire development would consist of more than 1.1 million square feet of floor area on 19 acres spread between 51 parcels that are located between Northeast 36th and 43rd streets on the south and north, respectively, and between Biscayne Boulevard and North Miami Avenue on the east and west, respectively.
The project’s plans also call for 96 residential units, 53 hotel units and 2,571 above-ground and below-grade parking spaces. Additionally, there would be more than 35,000 square feet of open space and nearly 42,000 square feet of civic space.
Robins explained that he and his partners L Real Estate, which is the third-party private equity business sponsored by LVMH (Louis Vuitton and Moët Hennessy), want to create a pedestrian-centric, high-end retail experience along Northeast First Court from Northeast 38th to 41st streets that the public would liken to Lincoln Road in Miami Beach. The two opposite ends of the retail strip would be anchored by department stores that he said would resemble the Bloomingdale’s in New York’s Soho area.
Additionally, First Avenue would become the main artery for the neighborhood and would include the hotel and residential portion of the project.
Robins’ push to bring top brands to Miami’s Design District is paying off, with more than 20 retailers, including Hermès and Louis Vuitton announcing stores in the area. Other brands buying into the plan include De Beers, Christian Dior and Marc Jacobs.
The neighborhood is already known as a hot spot for art galleries, design furniture and restaurants. It is also an art hub as a result of Robins’ involvement with Art Basel and the events held in the district during the annual art show.
Source: High Street Retail USA and SFBJ
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