Downtown Miami Jewelry Center Receives $ 24 Million Home Loan

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Yair Levy and a rendering of the project

Time Century Holdings has taken out a $ 23.6 million home loan to begin phase one of a building’s renovation in downtown Miami.

The property at 1 Northeast First Street, formerly known as Metro Mall, is scheduled for a $ 50 million renovation in the second quarter of 2022. City National Bank is the lender, according to a press release.

In the first phase, under the direction of Yair Levy, Time Century will renovate the wholesale space that includes the basement, ground floor, mezzanine and second floor of the building now called the Time Century Jewelry Center.

According to Dan Deutsch, Managing Director of Time Century, the developer will renovate the four floors of the office space at the end of this or the beginning of next year. Architect Kobi Karp designs the project.

The building is in a four-block jewelry district that is home to more than 500 jewelry stores that have annual sales of more than $ 1 billion, according to the press release. Across the street is the historic Seybold Building, a centerpiece of the jewelry district.

More than 60 percent of the wholesale areas of the Time Century Jewelry Center have been approved in advance. The remaining retail space ranges from 500 square feet to 2,000 square feet, with rental rates between $ 65 per square foot and $ 150 per square foot, according to the press release.

Tenants include Markaled, an Istanbul-based jewelry store that is 1,500 square feet, Deutsch said. Time Century’s Isis Pellegrino handles the leasing in-house, Deutsch said.

The intestinal renovation of the building includes glass shop windows, a three-story atrium with new escalators and a parking service.

“We are injecting lightning into a dead area,” said Deutsch, referring to the historic district of downtown Miami. “We’re coming in, we’re spending a lot of money and we’re building a building that will soon house all of Miami’s major jewelers.”

Time Century paid $ 14.5 million for the 225,000-square-foot building in 2018, records show. It was built in 1926.

Developer and investor Moishe Mana has spent more than $ 350 million building real estate in the Flagler District of downtown Miami. Mana recently broke ground for the Nikola Tesla Innovation Hub, a 136,000 square foot office and retail building at 155 South Miami Avenue.

Earlier this year, the Silicon Valley investor Plug and Play announced that it would be opening an office in the Mana district.

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