More Luxury Brands Heading to Miami’s Design District

Miami’s Design District will soon be home to the first stores in Florida for trendy designers Isabel Marant, Alice & Olivia, Joseph, and Zilli, as the neighborhood continues to transform into a luxury shopping destination. On the heels of Hermès launching its new flagship store in the Design District last week, Dacra said more than a dozen upscale retailers have signed leases, including high-end brands Saint Laurent, Tory Burch, Tod’s and Loro Piana. In addition, Turkish jeweler Sevan Biçakçi will open its first location in the United States, and Be Miami, a high-end sneaker and contemporary streetwear concept will launch an original flagship. Among specialty stores, perfume house Creed will open its first location outside New York. Skincare line Aesop will also open a store, and high-end Italian marble furniture showroom Citco will launch its first location in the United States, which will feature a Zaha Hadid collection. “We’ve been for the past year basically a large construction site,” Dacra President and CEO Craig Robins told The Real Deal. “The opening of Hermes, for me, was the tipping point, where all of the sudden we have a small but very solid critical mass of brands that are now open, and we can see more activity in the neighborhood.”   Source:...

FPL Sells Vacant Downtown Miami Lot for $21M

Florida Power & Light sold a vacant lot in downtown Miami for $21 million last week. FPL sold the 2.2-acre site to Miami Bridge Lot Ventures, a partnership between Ytech International and Miami investor Carlos Mattos, according to a news release. The lot, located at 201 Southwest Second Avenue, was last assessed by the Miami-Dade property appraiser at $4.1 million and is zoned for commercial use.  It was advertised as a “unique opportunity to develop a high-profile and high-visibility condo, multi-family or mixed-use project.” Colliers International and Avison Young brokered the deal. Ytech International, led by Yamal Yidios Char, has redeveloped more than 3,000 residential units in South Florida and has a $300 million real estate portfolio in Florida and Texas, according to the release. The site is directly west of I-95 and north of the Miami River, near future sites of All Aboard’s MiamiCentral and the Miami Worldcenter project.   Source: The Real...

Walmart Opens in Liberty City Area of Miami-Dade

Walmart opened a new 182,000-square-foot store in the Liberty City area of Miami earlier this month, saying it is the first new development in the neighborhood in decades. Walmart has been opening new stores in South Florida at a rapid pace and bought the 23.2-acre site at 3200 Northwest 79th Street in 2012 for $12.7 million. The retail giant just opened a store in Miami Gardens on Jan. 7. Several more stores are in the works,the company said, including ones in Hollywood, Tamarac, Fort Lauderdale and Davie, as well as one in Midtown Miami that has faced fierce neighborhood opposition. Overall, the company said Florida represents its largest state after Texas. Source: The Real...

Miami Retail Vacancies Drop to an All-Time Low

Miami can almost place a “no vacancy sign” on its retail spaces as availability fell to all-time low in the third quarter in 2014. By the second quarter, retail vacancies had already fallen to 3.9 percent with asking rates of up to $40.35 per square foot, according to data from a CBRE retail market report. Vacancies have now decreased to 3.8 percent, with asking rates at $45.18 per square foot, the report said. The jump in asking rates represents a $7.43 increase year over year and is seen as a result of Miami’s steady stream of tourists. “This is a world destination for tourists and we’re seeing the luxury retail market get better and better,” said Zach Winkler, a CBRE senior associate, to Miami Today. Absorption in the third quarter totaled 450,914 square feet and 615,498 square feet year to date, which is attributed to the opening of a 417,000-square-foot IKEA store in Doral. Demand for luxury retail space in places like the Design District is also fueling the vacancy drop, Winkler told the paper. Source: The Real...