Fogo de Chão Founder Buys Design District Site to Develop Luxe Restaurant
Founder of upscale steakhouse chain Fogo de Chão paid $6.2 million for a retail building in the Miami Design District, Commercial Observer has learned.
The new owner plans to tear down the existing building and redevelop the property to create an ultra-luxury 8,000-square-foot restaurant, according to CBRE’s Alex Cesar, who represented the buyer.
The two-story property is located at 20 NE 41st Street, directly across the street from Miami’s Institute of Contemporary Art. It’s currently fully occupied by hair salon Yxey Mane Artistry and the Luxy Beauty Bar spa, said DWNTWN Realty Advisors’ Tony Arellano, who represented the seller, Orchard Holding Investment Group, alongside Devlin Marinoff.
Orchard bought the 3,163-square-foot building for $3.1 million in 2015, according to property records.
Florida corporate records list the buyer as Jair Coser, who founded Fogo de Chão, a Brazilian steakhouse concept, which has locations in Dubai, Mexico, and across the country, including two in Miami.
It’s unclear whether the new development would house a Fogo de Chão restaurant. Cesar declined to comment on Coser’s involvement.
Miami’s food scene has risen over the two years as a slew of marquee New York restaurants, such as Carbone and Cote, set up shop. The Michelin Guide awarded its first stars in Miami this year with three Design District restaurants taking home stars.
Julia Echikson can be reached at email@example.com.