Bottega Veneta signed a lease in the Miami Design District.February 27, 2018
The Italian luxury goods and high fashion brand house will be opening in the fall in a 4,000-square-foot space between Gucci and Rick Owens on Northeast 41st Street, said Craig Robins, president and CEO of Dacra. Bottega Veneta’s other South Florida locations are at Bal Harbour Shops and on Worth Avenue in Palm Beach.
Robins said retail rents range from $125 per square foot to $200 per square foot in the Design District, which comes out to between $500,000 and $800,000 for 4,000 square feet.
Ten new restaurants will have opened by October, including St. Roch Market Miami, a 10,000-square-foot food hall that opened on Saturday at 140 Northeast 39th Street. Joel Robuchon’s four dining spots, L’Atelier, La Boutique, Le Sushi and Le Bar, are also under construction.
Miami Design District Associates, led by Dacra and LVMH, owns about 70 percent of the real estate in the neighborhood. Robins has spearheaded the transformation of the area into a high-end retail district where tenants include Bulgari, Fendi, Hermes, Louis Vuitton, Prada and Valentino. Flagships for Céline, Dolce & Gabbana and Balenciaga will be opening over the next couple of months, he said.
In June, minority partner General Growth Properties increased its ownership stake in the Design District, according to a filing with the U.S. Securities and Exchange Commission. GGP bought out its joint venture partner, Ashkenazy Acquisition Corp., bringing its total ownership of Miami Design District Associates to 22.3 percent.
Robins recently completed Paradise Plaza with new stores, public art and restaurants. The House of Creed, Rag & Bone, Joseph and the nearby Institute of Contemporary Art opened in December.
Source press release: The Real Deal South Florida