Stefano Ricci will open a boutique in Miami’s Design District, in space leased from Thor Equities, The Real Deal has learned.
The Italian luxury menswear brand will be located at 20 Northeast 39th Street, Thor told TRD. The 5,700-square-foot retail building includes 50 feet of frontage with 3,300 square feet of space on the ground level, and 1,400 square feet on the second floor.
The new store will mark the luxury menswear brand’s third in the United States and first in the Southeast, following boutiques in New York City and Beverly Hills. Stefano Ricci carries men’s apparel, ties, scarves, handkerchiefs, accessories, belts, bags, cufflinks, home decor and fragrances, according to its website.
As the Design District transforms into a luxury shopping destination, the retailer will join such nearby designer boutiques as Louis Vuitton, Zegna, Tiffany’s, Cartier, Hermes, Tom Ford, Burberry, Dior, Rolex, Longchamp, Panerai and Givenchy.
“The Design District has become the neighborhood of choice in Miami for creative industries, as well as a world class luxury shopping destination,” Melissa Gliatta, executive vice president of Thor Equities said in a statement.
New York-based Thor represented itself in the transaction.
Thor has spent more than $100 million acquiring a portfolio of properties in the Design District. Thor’s large roster of Design District sites includes 2-54 Northeast 40th Street, 43 Northeast 39th Street, 53 Northeast 39th Street, 75-81 Northeast 39th Street, 120 Northeast 39th Street and 3925 North Miami Avenue. Thor also owns properties in Wynwood and in Miami Beach.
In New York, Thor’s portfolio includes such retail sites as 597 Fifth Avenue, 693 Fifth Avenue, 685 Fifth Avenue and 680 Madison Avenue