Miami’s luxury jewelry exchange receives $ 23.6 million home loan
(PRESS RELEASE) MIAMI, FL – Time Century Jewelry Center has secured a $ 23.6 million home loan from the City National Bank of Florida. The funds will be used to complete Phase 1 of a $ 50 million renovation of the building formerly known as Metro Mall. Phase 1 consists of the building’s wholesale retail space, which includes the basement, the ground floor, the mezzanine and the second floor. Phase 2, which is planned for this year, consists of four floors of office space. New York-based Time Century Holdings LLC completed the loan on February 12.
Once the renovations are completed in the second quarter of 2022, the 225,000-square-foot Time Century will redefine an entire city block in the jewelry and diamond district of downtown Miami. Time Century, located at 1 NE First St., will be one of the newest additions to the revitalized downtown area, attracting a new wave of residents and businesses from the Northeast, California, and other tax-burdened states. One example of this is New York private equity firm Blackstone, which has just announced that it will rent 41,000 square feet of office space in 2MiamiCentral, a building that was recently completed just blocks from Time Century.
Yair Levy, head of Time Century Holdings, a real estate investment and development firm, envisions a premier address for luxury jewelry retailers, wholesalers, consumers and watch enthusiasts.
“This loan is a real endorsement of downtown Miami’s transformation,” said Levy. “City National Bank has a pulse in the community and wants to be part of projects that will further position downtown Miami as a global travel destination. Our wholesale space, which is more than 60 percent pre-let, has already attracted jewelers from Europe, South America and Asia. We are proud to have worked with City National Bank to make this project a reality. “
The developer completed the demolition of the interior of the building in early 2020 and began construction at the start of the pandemic. Despite the economic slowdown caused by the standstill of the economy, Time Century was able to pre-let more than half of the retail space. Currently, Time Century’s remaining retail space ranges from 500 to 2,000 square feet with rental rates ranging from $ 65 to $ 150 per square foot.
The jewelry center will include luxury jewelry retail and wholesale space on four floors as well as four additional office floors. A large three-story atrium with newly designed escalators and computerized directories leads customers seamlessly through all levels. Most tenants have unobstructed signage that is visible from the ground floor. Customers also benefit from Time Century’s valet parking service and the several newly built public parking garages just steps away from the building.
With glass shop windows, high ceilings, elegant escalators and elevators, and state-of-the-art security, Time Century attracts local, regional and national tenants. This will be the first luxury retail property in the jewelry district.
Miami’s vibrant jewelry district is located on NE First Street and E. Flagler Streets and is home to more than 400 jewelry stores within four blocks. The district has annual sales of nearly $ 1 billion. The area has easy access to MetroRail, People Mover, and the Brightline train that connects Miami to Fort Lauderdale and West Palm Beach. The district is just minutes from PortMiami, known worldwide as the “Cruise Capital of the World”. Millions of tourists visit Downtown Miami each year and many more are expected as the Brightline suburban train opens a station in Orlando, connecting Miami tourists to Orlando’s theme parks.
Miami – like South Florida – is also seeing an influx of people moving from states with the greatest tax burdens for residents, including New York, Connecticut, New Jersey, and California. Some Northeasts who have relocated their homes and / or business to South Florida include President Donald Trump, Carl Icahn of Icahn Enterprises, Barry Sternlicht of Starwood Capital Group, and Edward Lampert of ESL Investments. Billionaire investment firm Elliot Management is moving its headquarters from Manhattan to West Palm Beach and private equity giant Blackstone is opening regional technology headquarters in downtown Miami. Earlier this month it was reported that Goldman Sachs is considering relocating its $ 8 billion asset management division from New York to South Florida.
Levy, who recently left the Big Apple for Miami, is in the process of purchasing commercial real estate in Miami and Orlando. Before focusing on Florida real estate acquisitions, his focus was on New York real estate. He was behind the acquisition of the 620 Sixth Avenue building, which he and his partners acquired for $ 280 million over a decade ago and eventually sold for $ 500 million. He was also behind the $ 418 million purchase of The Sheffield 57 at 322 West 57th Street, which was renovated and converted into condominium by Mr. Levy and his partners, and had sales of over $ 1 billion .