L
ugano Diamonds is on the verge of securing its first store in Chicago's upscale Gold Coast shopping district. The luxury jeweler, led by CEO Moti Ferder, has a deal to occupy 100-104 East Oak Street, according to sources familiar with the matter. Ponte Gadea USA, the real estate arm of Spanish billionaire Amancio Ortega, owns the building, which was redeveloped in 2014 from a former theater into a 54,000-square-foot commercial space.

    The property's previous tenants are vacating, including French boutiques Maje and Sandro, as well as Mediterranean restaurant Fig & Olive. Lugano Diamonds is known for its exclusive shopping experiences tailored to affluent clients, with locations in Aspen, Colorado; Greenwich, Connecticut; South Florida; Houston; Washington, D.C.; and London.

    The Chicago store will likely follow the company's "salon" concept, offering a private, bespoke shopping experience. This move would solidify Oak Street's status as a premier shopping destination, despite challenges faced by other retail districts in the city. The area has maintained a low vacancy rate of under 10 percent, with only three storefronts available.

    Luxury brands like Lugano Diamonds are drawn to Oak Street due to its appeal for high-end customers willing to spend. Other recent additions to the street include Burdeen's Jewelry and Razny Jewelers, which secured a $16.4 million deal for a 6,300-square-foot building in 2022.