Juvia Group inked a 15-year lease to open a rooftop restaurant at the Standard Residences, Midtown Miami, The Real Deal has learned.
Carlos Rosso’s Rosso Development, Standard International and Alex Vadia’s Midtown Development are developing the 12-story, 228-unit building at 3100 Northeast First Avenue. It’s under construction and is expected to be completed next summer, said Rosso, founder and CEO of Rosso Development.
The project will mark the first Standard Hotels-branded residential development.
Miami-based Juvia Group, led by Jonas and Alexandra Millán, previously had its flagship restaurant at 1111 Lincoln Road, a Herzog & de Meuron-designed mixed-use parking garage in Miami Beach. That location closed in August. Juvia plans to reopen at Miami Worldcenter next year, Jonas Millán said.
Manuel Clavel Arquitectos is designing both new Juvia Group restaurants. The Standard Residences building is being designed by Arquitectonica.
Juvia will operate its new Solana concept out of the Midtown Miami space. The restaurant and bar, set to open out of a commercial unit, will have a separate elevator entrance so the public can access the space, and it will be adjacent to the residents’ only pool deck. Another Solana is under construction in Madrid as well, Millán said.
Millán and Rosso declined to disclose additional terms of the lease, but Rosso called it a “record” deal for Midtown Miami, where newer tenants include Trader Joe’s across the street from the Standard project.
The average triplet net asking rent for retail space in the area, including Wynwood and the Design District, is about $81.50 per square foot and the vacancy rate was 6.6 percent, according to a first quarter market report from Colliers.
Rosso said that he had been trying to work with Juvia for years.
“Ever since I was at Related [Group], I wanted to open a restaurant with him,” said Rosso, who left Related in 2020. “One of the main drivers to convince Jonas to come to this location was to show the growth happening in Midtown.”
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Standard Residences is more than 95 percent sold with about 15 units remaining, Rosso said. Sales launched with Douglas Elliman in late 2021. Units will range from 432 square feet to 965 square feet, and from studios to two-bedroom condos.
Owners will have some short-term rental flexibility: they will be able to rent their units out for terms as short as one month. Amenities will include an indoor pickleball court, karaoke bar and screening room, and co-working spaces.
In October, the developers secured a $45 million construction loan from Bank OZK.