Posts Tagged ‘L Real Estate’

Upcoming Cartier boutique in the Miami Design District

A few months ago, I wrote about a few tenants leaving the Bal Harbour Shops to plan to open a boutique in Miami’s Design District. Miami Developer Craig Robins, who owns most of the properties located in the Design District, recently announced a $312 million mixed-use project to be created in partnership with luxury group LVMH to transform the area into Miami’s new luxury destination to open in 2014. The city still needs to approve the project, however, it is expected to feature a selection of boutiques from the LVMH group ( Louis Vuitton, Christian Dior, Pucci, Bulgari, …) as well as a few others such as Hermès ( in which LVMH holds approximately 20% shares ) and Cartier, a shaded pedestrian promenade, filled with trees, a mid-rise condominium, a hotel, cafes and restaurants. Even at a time when the announcement that new high-end boutiques were going to join current Design District tenants like Christian Louboutin and Marni was not official, commercial and residential real estate values rose significantly in the area, which development impacts areas stretching from the Design District to Midtown and Wynwood.

Midtown 2 and 4 buildings, full service condominiums, which are located just four blocks South of the Miami’s Design District are actually experiencing an increased interest from renters and buyers as a result of the news  about the Craig Robins‘ developement plan.The developer for Midtown still had units to sell from 2007, when the market collapsed. The last round of developer sales started in March. As of today, there are only 13 developer units left for sale at Midtown 2 and 300 new units at Midtown 4 are being launched. Prices are very accessible, starting in the low $300,000 for a one bedroom apartment up to over $ 1 million and the value of real estate in the area is showing a continuing potential for increase . The neighborhood has been attracting people who left Miami Beach for a more urban and bohemian living environment

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