Miami Design District Developer Proposes First Rental Building
By Julia Echikson July 14, 2023 3:43 pm
reprints
Craig Robins’s development company Dacra wants to add a 20-story rental building at the southern end of the Miami Design District, in what would be a first for the swanky retail neighborhood.
The plans, filed to Miami Urban Development Review Board, call for 107 rental units, 21,812 square feet of commercial space on the ground floor and 227 parking spots at 91 NE 36th Street, sandwiched between 36th Street and the I-195 expressway.
The project marks the first rental development for the Design District, which is widely considered Miami’s shopping mecca, home to Chanel, Louis Vuitton and Gucci stores, to name a few.
“The project will infill an important section of Northeast 36th Street and will serve as the southern gateway into the Miami Design District, providing much-needed residential uses to further diversify one of the most exciting mixed-use communities in the city of Miami,” according to the proposal.
Units would range between 843 square feet for a one-bedroom to 3,269 square feet for a 3-bedroom with a den. Amenities include a pool, a gym, an outdoor fitness deck, a children’s playroom and a business center.
Artwork by Cuba-born Jorge Pardo would wrap around the three-story parking lot podium. The urban development board will hear the proposal July 19.
The 18-block Design District was developed by Miami Design District Associates, a partnership between Dacra and L Catterton Real Estate, a private equity firm backed by luxury giant LVMH. Brookfield (BN) Properties later bought a stake in the development.
The filing suggests that L Catterton and Brookfield also own a stake in the rental project, called Tower 91 and designed by Elkus Manfredi Architects. A representative for Miami Design District Associates did not immediately respond to a request for comment.
Plans for a multifamily addition also come as the Design District undergoes a major expansion. Last year, the partnership bought a portfolio of 15 retail buildings along Northeast 39th Street for $165.3 million, though plans for the assemblage have yet to be unveiled.
Last year, the partnership separately announced plans for a 15-story office building, but construction has yet to start.
In another sign of the rush of development coming to the area, David Martin’s Terra paid $40 million in June for a 1.6-acre site across the street from Dacra’s proposed multifamily development, where it plans to erect a luxury condo building.
Julia Echikson can be reached at jechikson@commercialobserver.com.
