Zara Founder Buying a Piece of Miami Design District for Nearly $110M
By Julia Echikson September 17, 2025 2:11 pm
reprints
Amancio Ortega made his fortune pioneering fast fashion by founding Zara, but now he’s targeting high fashion, at least in real estate.
Pontegadea, Ortega’s family office, is under contract to buy a retail complex within the Miami Design District for nearly $110 million, according to a source with knowledge of the transaction.
Called Atlas Plaza, the property houses about 20,000 square feet of retail space at 135 and 137 Northeast 39th Street as well as 114 and 126 Northeast 40th Street in the heart of the luxury shopping district. The retail corridor is fully leased to tenants that include Rolex, Oliver Peoples and the Michael’s Genuine restaurant, per Bloomberg, which first reported on the impending sale.
Since the pandemic, the Miami Design District, a development spanning 18 city blocks, has become one of the hottest luxury shopping districts in the country, boasting Chanel, Hermes and Prada stores.
Pontegadea beat out notable suitors. Craig Robins, who developed much of the open-air mall, as well as LVMH, which owns a portion of the Miami Design District through the L Catterton private equity firm, and Uniqlo’s parent company Fast Retailing all bid on the property, the source added.
The sellers are Tricap, RFR Holding and Commerz Real AG. Newmark’s Adam Spies, Marcella Fasulo, Adam Doneger and Eric Williams are brokering the sale.
For Ortega, the impending deal would mark his latest real estate transaction in South Florida. This year, the Spanish billionaire purchased a new, 46-story multifamily tower in Fort Lauderdale for $165 million and is under contract to buy a 30-story office building in Miami’s Brickell for $275 million.
The mogul already owns a chunk of the Lincoln Road shopping promenade in Miami Beach and the 30-story Southeast Financial Center office building in Downtown Miami.
A spokesperson for Pontegadea could not be reached for comment. A representative for RFR declined to comment, while spokespeople for Tricap and Commerz Real AG did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
