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.