Yair Levy, a New York developer who is developing the Time Century Jewelry Center in Miami has secured a US$23.6 million loan for construction from the City National Bank of Florida. The funds will be used to complete Phase 1 of a US$50 million renovation of the building formerly known as Metro Mall. Phase 1 consists of the wholesale retail space of the building, which includes the basement, ground, mezzanine, and second floors. Phase 2, planned for later this year, consists of four stories of office space. Once the renovations are completed in the second quarter of 2022, the 225,000 square-foot Time Century will redefine an entire city block in downtown Miami’s jewelry & diamond district.
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Time Century’s renovation is being led by Kobi Karp. Levy, a renowned architect who heads Time Century Holdings. The company is a real estate investment and development firm, envisions a premier destination for luxury jewelry retailers, wholesalers, consumers, and watch enthusiasts. The developer completed demolition of the interior of the building in early 2020 and began construction soon after the global pandemic hit the region. Despite the economic slowdown caused by the shutdown of the economy, Time Century was able to pre-lease more than half of the retail space. Currently, the remaining wholesale retail space available at Time Century ranges from 500 to 2,000 square feet with rental rates ranging from US$65 to US$150 per square foot.
The jewelry center will boast four floors of luxury jewelry retail and wholesale space as well as four additional floors of offices. A large three-story atrium with newly designed escalators and computerized directories will seamlessly direct customers throughout all levels. Most tenants will have unobstructed signage viewable from the main floor. Customers will also benefit from Time Century’s valet parking service and the several newly-built public parking garages steps away from the building.
