Developer Craig Robins filed plans with City of Miami seeking approval June 6, for a special area plan to redevelop 19 acres in the Design District as a major upscale retail destination. The plan covers both existing and new development within the area. Designed to create a pedestrian-friendly district as required under Miami 21.Estimated cost $312 million, excluding land costs and developer fees. The plans call for a 143,280-square-foot department store and 318,342-square-feet of new retail, joining the existing commercial 490,096-square-feet of existing commercial development. The plan includes about 51 land parcels between Northeast 38th St. and Northeast 43rd St. and between Biscayne Blvd. and North Miami Ave and Northeast Miami Court to the west.
The project includes a 53 room hotel, 96 residential units and two garages with a total of 2,571 above ground and below ground parking spaces. There is also room for civic and open park spaces. Creating 1,230 permanent new jobs generating nearly $3.3 million annually in tax revenue for the city.
Luxury Retailers coming to Miami’s Design District include Fendi, Zegna and Bulgari, Louis Vuitton, Hermès, Cartier, Tom Ford, Zegna, Burberry, Christian Dior, Pucci, De Beers, Celine and Marc by Marc Jacobs. The effort is intended to create a Miami version of New York’s SoHo or Meat Packing District. The Miami Design District’s central location and historic neighborhood make it a prime location for art, design, food and now fashion.
Source: Miami Herald