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Posts Tagged ‘Cartier’

Bal Harbor Shops signageAfter seeing a few of its key retail stores leave such as Louis Vuitton, Cartier or Dior for Aventura Mall or the Miami Design District over a couple of years ago, The Bal Harbour Shops have launched their “counter attack”. First, they are partnering with Swire Development, the Hong Kong- based developer, for the retail component of ambitious mixed-use development Brickell CityCenter, which will be located West of South Miami Avenue, between SW 7th and 8th streets. Second, they will expand by sf 200,000 within the next couple of years. After endless years of negotiation with their neighbor, the Church By The Sea, they got to negotiate to use their land and develop a more modern, eco-friendly church. The Whitman family, who owns the shopping center, also bought the Suntrust Bank  building located on 96th Street and Collins avenue, to expand further their presence in the neighborhood. The Bal Harbour Shops are quite famous for their average sales amount per square foot, which is said to be the highest in the United States : $2,793 of sales per square foot in January 2013, a 15% increase from January 2012.

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Louis Vuitton store in theThe Design District

Louis Vuitton store in The Miami Design District

I have written a few posts about the transformation of the Miami Design District, however as the area seems to be changing every month and I drove around there earlier today, I feel like writing about it again. A few luxury stores have opened over the past 4 months, including Cartier, Louis Vuitton, Dior Hommes, Prada, Celine and more of them are on the way. The ambitious mixed-use real estate project of Miami-based developer Craig Robins and French luxury mega group LVMH seems more tangible as a higher number of luxury boutiques are opening-up and cranes are demolishing old buildings to free some space for the future pedestrian shopping center. Thes boutiques currently occupy temporary spaces and will move to their permanent homes when the new shopping center opens, sometime in 2014. The Miami design District is changing at such a fast pace that my real estate company has even created an interactive map to show the boutiques, restaurants and art galleries not to be missed in the area : find out more HERE. Developer Asi Cymbal is also developing on a mixed-use project there that could be called “Museum Village”., located close to the De la Cruz Collection exhibition space on 41 St. Most of these future buildings , stores and offices will be designed by nationally or internationally known architects. Oak trees will be planted and promenade areas will be created to offer shade and attract pedestrians. Rolex will apparently open too and is said to have recently signed a lease for $175 a sf per year, when the price per sf per year was only $35 just 4-5 years ago. Hermes will open a sf 10,000 flagship store in the Fall 2013 and more glittery brands will appear such as Bulgari, or Pucci. Craig Robins is one of this city’s visionaries who started purchasing properties in the area 20 years ago and is now going to transform the way we see retail in South Florida.

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artist RETNA-designed facade of new Louis Vuitton boutique in the Design District ( photo from http://www.freshnessmag.com )

A few months ago, I wrote about the evolution of the Miami Design District, progressively turning into the new luxury mecca of South Florida. The new retailers who are going to change the spirit of the area are now progressively appearing. CARTIER opened a few weeks ago. LOUIS VUITTON opened is boutique earlier this week. The luxury retailer commissioned L.A. based street artist RETNA to create the facade of its temporary store in the Miami Design District. Over the past decade, graffiti art has gained recognition in the art world. It has been exhibited in major contemporary art museums and street artists have been collaborating with fashion and interior designers to revamp their collections. The LOUIS VUITTON boutique will be moving to a permanent location in the area once the new shopping center, created in partnership between Miami-based developer Craig Robins and the LVMH group opens, sometime in 2014. Until then, nobody knows how pedestrian traffic will change and how these developments will impact the lifestyle of Miami residents and visitors.

Another luxury retailer, certainly less known to most Floridians, will also open in a temporary space, next to Michael’s Genuine Food and Wine restaurant, early December, just in time for Art Basel Miami Beach : AGNONA. This exotic sounding name is the name of an elegant Italian women ready-to-wear brand, that was bought by ZEGNA in the late 90s. The subtle sophistication of this line should be an interesting addition to the area.

Agnona clothing ( Photo from http://www.veraclasse.it )

Since the announcement of the transformation of the Miami Design District was officially made a few months ago, retail space and residential real estate prices have jumped. The neighboring condos located in Midtown 2 and Midtown 4 now sell at approximately $360 a square foot and asking retail space lease prices go for $100-150 per sf per year ( vs. $50 over a year ago ).

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