Having built out high-end luxury jewelry stores across South Florida from Breitling at Sawgrass Mills mall to Swarovski in Brickell City Centre, we are excited to hear that Metro Mall in the downtown Miami’s Jewelry District is up for grabs and with potential for redevelopment.
Our good friend Investment Broker Mika Mattingly, with Colliers International South Florida’s Urban Core Division, is marketing the property. The new owner could turn the aging building into a state-of the art diamond or jewelry retailer. Not many people know that the neighborhood is one of the top three jewelry districts in the United States – generating more than $850 million in sales during 2016 alone. This signals the continued upward trend of consumer spending and investment in downtown Miami.
Downtown Miami is experiencing unprecedented transformation, and the Metro Mall listing is another example of how the neighborhood is reinventing itself into a major metropolis. The SPACiO Design Build team is already talking with some of the new owners of commercial properties along Flagler Street to reposition their retail space on the ground floor. They expect to attract specialty retailers capable of helping to build a true community, where area residents can live, work and play. In the last two years, investors have acquired $1.5 billion of real estate along the historic Flagler Street, where properties have been neglected for decades.
A significant number of investors are coming from New York and familiar with the process of preserving and restoring buildings in an effort to create trendy districts. As an experienced general contractor working on buildings of historic value, we can’t wait to help retrofit some of the amazing spaces in downtown Miami after decades of neglect. The work will require a high level of creativity and innovation in the build-out of that space but we are up to the task.
This is an exciting time for downtown Miami and Metro Mall, one of the few remaining developing sites to hit the market. It will play an important role in the area’s transformation. We’re looking forward to the wave of new development that will reinvent the urban landscape into a thriving metropolis.