Miami Club Owner Buys Downtown Space for ‘Survivor’ Dining Experience
By Chava Gourarie June 6, 2023 3:36 pm
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Nightclub owner Rex Gryphon has purchased a ground-floor retail space at the base of the 50 Biscayne condo tower in Downtown Miami for $5.8 million to house Dust Miami, a survival-themed dining concept, according to the brokers on the deal.
The retail space, at the base of the 54-story tower developed by Related Group, spans 7,500 square feet, with a mezzanine and an additional 5,000 square feet of outdoor space. It is located on the corner of Biscayne Boulevard and Flagler Street, opposite Bayfront Park along Biscayne Bay.
Gryphon owns the underwater-themed Wet Restaurant & Lounge in Brickell, which describes itself as a balance of “steampunk edge and subaquatic sex appeal,” and was looking to expand, according to JLL’s Zach Winkler, who represented the buyer. The nightlife impresario plans to open Dust Miami, described as a post-apocalyptic-tinged dining experience with a locally sourced menu inspired by the art of survival, in Downtown Miami this summer, Winkler confirmed.
The Biscayne Boulevard retail space, originally three separate units, is no longer encumbered by debt. The seller, an entity managed by Sergey Tokarev and Glafira Tokarova, purchased the condo units in 2012, also for $5.8 million, and paid off the mortgage in 2019. Gryphon plans to spend several million on the build out.
Arnaldo Cantero III of BGRS Commercial Real Estate Advisory represented the seller. “For many years, my client was looking for the right fit for the space that would benefit and appeal to the tower’s residents above and larger Downtown Miami community,” said Cantero.
Gryphon did not immediately respond to requests for comment.
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
