South Florida is getting a glittering new jewelry hub.
The Time Century Jewelry Center, a former shopping mall in downtown Miami, was acquired in 2018 by New York City developer Time Century Holdings, which is transforming the property into a jewelry and gem exchange featuring retail, wholesale, and office space in a $50 million renovation.
Last month, company founder Yair Levy was granted a $23.6 million construction loan from City National Bank of Florida for the first phase of the renovation, which includes remodeling the wholesale and retail spaces. The second phase will see the four floors of planned office space revamped. Once complete (in 2022), the 225,000-square-foot property at 1 NE First St. will occupy an entire city block.
Now the tenacious real estate developer is looking to add a jewelry design school to the property’s tenancy, presumably to bolster its future reputation as a design epicenter.
The company announced in a statement yesterday that it’s prepared to offer a jewelry design school a “significant” rent discount. Levy said in the same statement, “I am willing to lower the rent and provide additional incentives for the right school because I know this institution will energize the jewelry district and create a great synergy with the colleges around us and the top-notch jeweler tenants at Time Century.” The school could occupy space ranging from 5,000 to 10,000 square feet.
The developer plans to approach the following institutions with the idea of setting up a possible satellite location in Miami: GIA, University of Kansas, California College of the Arts, San Diego State University, Rochester Institute of Technology, Temple University, Virginia Commonwealth University, Indiana University, University of Wisconsin, Academy of Art University, Miami Jewelry School, and American School of Jewelry.
Schools interested in discussing the prospect of coming to the center should contact Isis Pellegrino at [email protected].
Top: A rendering of the entrance to the Time Century Jewelry Center in Miami (photo courtesy of Time Century Holdings)
Follow Emili Vesilind on Instagram: @emilivesilind
Source: JCK 23-03-2021
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