The luxury business is still booming in Miami’s Design District for Craig Robins’ Dacra, L Catterton Real Estate and Brookfield.
The partnership, which is the largest landlord in the Design District, added $100 million to an existing $250 million loan secured by six retail properties, including the historic Moore Building at 4040 Northeast Second Avenue, records show. Deutsche Bank provided the financing.
“The assets are doing extremely well and under leveraged,” Robins told The Real Deal. “We thought there’d be no harm in increasing our cash position and taking out money that we can deploy if we want to.”
An affiliate of Miami Design District Associates, the joint venture, obtained the $250 million loan in 2021 from Rialto Capital Management, records show. Two years later, Deutsche Bank refinanced the mortgage.
L Catterton, led by Scott Dahnke and J. Michael Chu, is a Greenwich, Connecticut-based subsidiary of French luxury goods conglomerate LVMH Moët Hennessy Louis Vuitton. New York-based Brookfield is led by Bruce Flatt.
The Design District is among the top street retail destinations in the U.S., according to Cushman and Wakefield. From 2019 to 2024, rents soared in the luxury fashion, fine dining and arts neighborhood by more than 200 percent to an average of $500 per square foot.
Miami Design District Associates owns close to half a million square feet in the Design District, consisting of 15 buildings. Louis Vuitton, Christian Dior and Fendi are some of the LVMH brands that have planted flagship stores in the neighborhood under Robins’ stewardship. Other luxury tenants include Gucci, Off-White and Chanel.
Last year, the joint venture picked up a 5,700-square-foot store at 80 Northeast 40th Street for $18 million, or $3,175 per square foot.
The Design District featured the fifth-largest retail sale of 2025. Spanish billionaire Amancio Ortega’s Pontegadea paid $110 Million for Atlas Plaza, a 20,000-square-foot retail building that includes longtime Design District restaurant Michael’s Genuine and a Rolex store.