TSG Group unveils Miami Design District retail project

Developer plans a three-story, 9,000 sf building on the corner site

Miami /
Jul.July 13, 2017 01:15 PM

TSG Group just revealed plans to build a retail project on a development site it owns in the Miami Design District.

TSG has been sitting on the land since 2015, property records show. The firm, which has its office across the street, plans to turn a 5,100-square-foot corner lot at 17 Northeast 41st Street into a three-story, 9,000-square-foot building, according to a press release.

CBRE’s Paco Diaz will handle leasing of DD41. The development is being designed by Wynwood-based Royal Byckovas, the architecture firm behind the St. Regis Hotel and Residences in Argentina and the Bal Harbour Tower.

Records show the developer paid $5 million for the site in 2015. Camilo Lopez, CEO and managing partner of TSG, said CBRE is working to secure a fashion brand for the build-to-suit project. He expects construction to start by the second quarter of next year and open by the summer of 2019.

The site is next to the De La Cruz Collection and just north of the Orlean building at 3801 North Miami Avenue, which sold in March for $9 million. BH3 paid $2,137 per square foot for the building, and $1,116 a foot for the land.

The Design District — broadly defined as the area from Biscayne Boulevard to North Miami Avenue, and from the north side of 36th Street to 42nd Street, with the center the Paseo Ponti and First Avenue — is the subject of a multimillion-square-foot revamp that will ultimately include 120 stores and at least 15 eateries in the neighborhood by the end of 2018. Current tenants include Hermes, Tiffany & Co., Louis Vuitton and Dior.


Related Articles

arrow_forward_ios
Robert Finvarb and Abraham “Abie” Hidary with the site at 2534 North Miami Avenue (Koniver Stern Group)
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...