Planned redeveloped Design District building available for lease – or sale, at $15.5M

Remy Jacobson bought the building in April for $10.5M

TRD MIAMI /
Jun.June 20, 2016 12:50 PM

Developer Remy Jacobson is looking for tenants to fill his newly acquired Design District building. That, or a buyer. 

Jacobson bought the building, a former church at 4141 North Miami Avenue, for $10.5 million in April. Now, the property is available for sale at $15.5 million, as well as for lease, Metro 1’s Tony Arellano told The Real Deal.

Arellano, who’s co-listing the property with Tony Cho, said the objective for the 41 Building is still to renovate and lease. The “comprehensive redevelopment” would convert the nearly 16,000-square-foot building into restaurant and/or vertical retail.

Asking rents range from $60 to $75 per square foot, blended and triple-net, depending on how large the tenants are, Arellano told TRD. The proximity to the de la Cruz Collection and ICA Miami makes the property appealing to a design or art-oriented tenant like an auction house, he said.

Dacra, which has spearheaded the transformation of the Design District, plans to have 120 stores open in the neighborhood by the end of 2017. Other property owners will have an additional 40 open by the end of next year. Luxury retail tenants include Hermes, Tiffany, Louis Vuitton and Tom Ford.

The 41 building is just north of the already developed retail destination. It sits on a 9,700-square-foot lot with 100 feet of frontage on North Miami Avenue. The renovation will be completed in 12 to 18 months, Arellano said.


Related Articles

arrow_forward_ios
David and Leila Centner and the Centner Academy (Credit: Getty Images, Google Maps)

Owners of new Miami Design District school hired mayor’s law firm to represent them in zoning appeal

CocoWalk at Coconut Grove

The Weekly Dish: Cote NYC heads to Miami, Sushi Garage opening at CocoWalk & more

Alex Karakhanian, Chaim Cahane, and 45 Northeast 41st Street

Investors under contract to buy Opportunity Zone property in the Design District

4136 North Miami Avenue and David and Leila Centner (Credit: Pintrest)

Centner Academy owners score approval to convert Buena Vista building into preschool

Rendering of 4141 North Miami Avenue and Remy Jacobson

Remy Jacobson nabs loan for Miami Design District project

Remy Jacobson (Credit: LinkedIn)

Miami investor starts crypto platform for real estate investment

Hotel developer Quadrum Global buys Wynwood site

Melding online and physical retail is the key to surviving: TRD Miami panel

arrow_forward_ios