MIAMI—The Miami Design District just got an infusion of capital that could help visionary Craig Robins execute his plans for the neighborhood dedicated to fashion, design, art, architecture and dining experiences. A joint venture between General Growth Properties (GGP) and Ashkenazy Acquisition Corporation (AAC) has acquired a minority interest in the area from Miami Design District Associates.

“We made this investment in the Miami Design District as it is the urban retail destination in South Florida,” says Sandeep Mathrani, CEO of GGP. “This provides a tremendous opportunity for GGP to add to its portfolio of unique, experience-based retail neighborhoods. It is a destination for those who are in search of creativity, style and culture and we are thrilled to be taking part in its continued development.”

Miami Design District Associates is a partnership between Dacra, founded and owned by noted developer Robins, and L Real Estate (LRE), a private equity fund dedicated to mixed-use real estate investments with luxury retail components. The Miami Design District is an 18-square block neighborhood that offers luxury retail with culinary, cultural, and architectural experiences.

“The Miami Design District has emerged in the past few years as a leading player in the global market of luxury retail development, reinventing the model for creating neighborhoods,” says Ben Ashkenazy, CEO of AAC. “We made a strategic investment because we believe this will be among the most innovative and valuable retail projects in the world.”

Once the initial phase of the neighborhood's development is completed in December of 2014—and the subsequent phase comes online by 2016—Miami Design District Associates will own and operate 1.2 million square feet. The majority will be retail shops, with nearly 25% dedicated to showroom and office space. The Miami Design District will also include a boutique hotel and a residential condominium. Robins is contemplating another 2 million square feet of development.

Robins, president and CEO of Miami Design District Associates, says Dacra's investments over the years have succeeded in large part because the company has always understood the value of strategic partnerships. When he wanted to launch Design Miami/, he says, he partnered with Art Basel to create the pre-eminent global design fair.

“When we wanted to expand into luxury retail, we teamed with L Real Estate to collaboratively shape the growth of the Miami Design District,” Robins says. “This new strategic partnership with GGP and Ashkenazy Acquisition Corporation will allow us to enjoy the benefit of their combined expertise, knowledge and experience, and their involvement is a strong endorsement of the neighborhood's strength and international appeal.”

In the months ahead, the Miami Design District will see the opening of 50 new retail experiences that will join Louis Vuitton, Hermes, Cartier, Prada, Christian Louboutin, Celine, Dior Homme, Lanvin, Pucci, Marni, Maison Martin Margiela, and Berluti. What's more, 20 new buildings to house additional retail stores, restaurants and other exciting destinations will start construction this January. By 2016, the Miami Design District is expected to include over 120 luxury-brand stores, a world-class boutique hotel, 15 to 20 restaurants, luxury residential condos and lofts, galleries, furniture showrooms, and numerous large-scale public art, design and graphic art installations—all in line with the historic DNA of the neighborhood.

“We are enormously proud of the success that the Miami Design District has achieved to date in attracting the world's best brands and establishing a reputation for the exceptional experience it offers to Miami residents and visitors from around the world,” says Mathieu Le Bozec, managing director of LRE. “The addition of GGP and Ashkenazy Acquisition Corporation is a testament to the value that has been created and our partnership will further strengthen our tremendous stable of experience and allow us to accelerate the plans we have to make the District one of the leading luxury retail destinations in the US.”