Dacra’s Miami Design District Project is now valued at $1.4 Billion – even though the project isn’t complete yet.
Dacra and LVMH’s L Real Estate are selling a 20% stake in the project for $280 million to General Growth Properties Inc. and Ashkenazy Acquisition Corp.
GGP is taking a 12.5% stake for $175 million. GGP operates Bayside Marketplace and The Village of Merrick Park.
Ashkenazy, which is paying $105 million for a 7.5% stake, is new to the market.