New York developer Yair Levy has secured a $23.6 million construction loan from City National Bank of Florida for Time Century Jewelry Center in downtown Miami.
The developer will use the money to complete the Phase 1 of a $50 million renovation of the building formerly known as Metro Mall, as reported by Citybizlist.
Phase 1 consists of the wholesale retail portion 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.
Time Century will be the premier jewelry center in all of Florida. The 225,000-sq.-ft. building is undergoing a spectacular renovation, with four floors of luxury jewelry retail and wholesale space, and four additional floors of offices.
A large three-story atrium with newly designed escalators and computerized directories will direct customers throughout all levels and most tenants will have views of their store signs viewable from the main floor. With glass storefronts, soaring ceilings, elegant escalators and elevators, valet parking and state-of-the-art security, this will be a dazzling experience for luxury shoppers of fine jewelry.
The renovations are set to complete in the second quarter of 2022.