Design District Project Valuation Reaches $1.4 Billion With Sale Of 20% Stake

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.

 

 

 

4 Comments
most voted
newest oldest
Inline Feedbacks
View all comments
SextantRealty
6 years ago

Does anyone know the timeline for the rendering above?

reinsider
6 years ago

The rendering is of the 2nd phase of the district which should be completed on 2015.

Mike Moskos
6 years ago

I had an office in the Design District from 1999-2006. I found a great street dog and spent many hours walking her around. Even then, it was a great place to walk around at night and see the great stuff in the store windows. (Then as now, it looked much more unsafe than it actually was–of course I had a big dog with me.)

What surprised me was that Craig Robbins let it languish for so long. It was as if his attention was elsewhere even though he bought up much of the district, renovated the buildings, etc. Always thought his big mistake was not lowering the rent for restaurants so people would do just as I did: walk around after dinner and enjoy the great stuff in the windows.

Was over there a few weeks ago and I will give him credit for something you rarely see in Miami: He invested in some large, mature street trees along a completed street. WOW. The trees give you the impression they’ve been there for decades, calm the street, and encourage you to walk from one store to another. Smart move. I wish more had that insight. Location, location, location is great, but meaningless if shoppers don’t walk from store to store (and they won’t do that if the street sucks–the district’s main drawback for years).

XVS
6 years ago

Sometimes it’s better to wait and do it right than to hurry and build an eyesore. Hopefully that’s how it’ll work here. Thanks for the insight, enjoyed reading it.