A joint venture spearheaded by the owners of the Miami Design District has secured $125 million in loan financing for a mixed-use building. The project, designed by internationally renowned architectural firm Snøhetta, will be located within the luxurious open-air shopping centre, according to property records.
French bank Crédit Agricole, representing a group of lenders, provided the construction loan for the 120,000-square-foot development known as Sweetbird North. The building will feature a stainless steel-clad facade and house 22,500 square feet of ground-floor retail space along with office space on the upper floors.
Location and Partners
The eight-storey project is situated at 95 Northeast 40th Street, directly opposite the Alo and Alice and Olivia boutiques and adjacent to the Museum Garage. The 0.3-hectare site had long been undeveloped, serving as a location for temporary retail pop-ups and food stalls.
New York-based private equity firm Raycliff Capital acts as the sponsor for Sweetbird North, alongside the original promoters of the 18-block shopping centre, Miami Design District Associates. The latter includes Miami-based developer Craig Robins, L Catterton Real Estate (supported by LVMH), and Bernard Arnault's family office.
Design District Expansion
The financing comes as the Design District, home to stores such as Chanel and Hermes, plans further expansion. The same sponsors are currently developing a 25-storey residential tower and a 12-storey hotel for the luxury brand Fouquet’s, designed by Pritzker Prize laureate David Chipperfield, with construction yet to begin.
Another 20-storey tower with 107 residential units, located on the I-95, is still under construction. For this project, Miami Design District Associates and other partners received a $125 million construction loan last year. Nearby, ground was broken in June for a project designed by Kengo Kuma, featuring a San Ambroeus restaurant, after securing $85 million in financing.
A representative for Robins' company Dacra did not immediately respond to a request for comment.
- —95 Northeast 40th Street
- —Bernard Arnault
- —Craig Robins
- —Crédit Agricole
