RH – formerly Restoration Hardware – has filed a proposal to build a development at One Ocean Drive in Miami Beach (formerly Nikki Beach).
“We believe Miami is one of the most key global cities in America,” RH CEO Gary Friedman told CNBC. “Look, there’s New York, there’s Los Angeles and there’s Miami Beach. And those are the three iconic places in North America. It’s a bridge to South America, and it’s a global city.”
The proposal includes $333 million in lease payments to the city over a 30-year term for the rights to develop the property.
The company would additionally invest $150 million to $170 million on building out the development.
The project would include a Beach Club, Palm Garden & Pool Terrace, Bath House & Spa open to members only, with 50% membership discounts to Miami Beach residents.
The remainder of the development will be open to the public, including a 94,000 square foot Public Park, 17,000 square foot Sculpture Garden, three restaurants, a Design Studio, Architecture & Design Library, Exhibition Galleries and a 15-room Beach House
Park space would be created by burying parking underground, replacing an existing surface parking lot.
The restaurants would include a Myconian-inspired Beachside Taverna, a Kyoto-style Sushi & Hand Roll Bar facing the Sculpture Garden, and a Farm to Table Live-Fire Grill in a skylit Atrium
Three other bidders are competing for the site, including a proposal from Tao Group Hospitality.
(photo: Phillip Pessar)