The revitalization of Downtown Miami is continuing to evolve. New York-based developer Time Century Holdings has entered the Miami market to transform the Metro Mall into a luxury jewelry center. The developer secured a $23.6 million construction loan for the $50 million project through City National Bank of Florida.
Time Century Holdings is working with architect Kobi Karp on the project to create a destination for "luxury jewelry retailers, wholesalers, consumers and watch enthusiasts." Phase one includes a basement, ground, mezzanine and second floors, while the second phase—set to start later this year—will include the development of four stories of office space. The wholesale retail portion of the project is already 60% leased by jewelers from Europe, South America and Asia. The leasing helped to secure the loan, which Yair Levy of Time Century called a "true endorsement" of the project and of Downtown Miami.
The jewelry center itself will take up four floors with a three-story atrium. There are retail spaces ranging from 500 to 2,000 square feet with rental rates ranging from $65 to $150 per square foot.
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The jewelry center is just one of several ongoing projects transforming Downtown Miami and big real estate players are getting involved. Blackstone has announced plans to lease 41,000 square feet of office space at 2MiamiCentral, a new construction office building near the Time Century project.
Late last year, the Melo Group topped off 52-story East Tower at Downtown 5th, the largest apartment complex ever built in Downtown Miami's CBD. The twin tower development, which is located at 55 NE 5th St., includes 1,042 rental apartments and approximately 12,500 square feet of ground floor retail. Construction is expected to be completed by the summer. The project adds to the Melo Group's already significant Miami portfolio 6,000 condo and rental units.
Time Century attributes the activity to a wave of population growth from tax-burdened states in the Northeast and California, and some projects are benefitting. Cushman & Wakefield said that out-of-state leasing activity at the 830 Brickell, an office tower from OKO Group and Cain International that is currently under construction in Downtown Miami, leveled off in March and April and then came roaring back. By the third quarter, the leasing team had interest from out-of-state prospective tenants representing more than 400,000 square feet of space. Brian Gale of Cushman & Wakefield said that the activity is an indication that tenants are looking to plant roots in new markets well beyond the pandemic.
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Kelsi Maree Borland
