(PRESS RELEASE) MIAMI, FL — As the retail market continues to gain steam despite the pandemic, Time Century Jewelry Center has signed a lease with Freddy’s Certified Diamonds & Fine Jewelry. Freddy’s, considered a pillar of the jewelry & diamond district in downtown Miami, will occupy 2,500 square feet in the new luxury jewelry center scheduled to open in the second quarter of 2022.
Time Century, formerly known as Metro Mall, is undergoing a $50 million renovation led by renowned architect Kobi Karp to become the heart and soul of the jewelry district in downtown Miami. This development is the brainchild of Yair Levy, who leads Time Century Holdings LLC, a real estate investment and development firm with a diversified portfolio of holdings in New York and Florida.
“We are ecstatic to welcome Freddy’s to the growing Time Century family,” said Isis Pellegrino, who handles in-house leasing for Time Century. “The quality of tenants that Time Century continues to attract will make our jewelry center Miami’s premier destination for luxury jewelry retailers, wholesalers, consumers and watch enthusiasts. Our building truly marks a new beginning for one of the largest jewelry districts in the country that continues to grow in importance.”
Since 1975, Freddy’s Certified Diamonds & Fine Jewelry has served as the leading jewelry destination for South Floridians with an in-store and online multimillion-dollar diamond inventory. Freddy’s offers a full range of services including custom designs, special orders and even a complete in-store repair center, with a specialization in a vast selection of GIA Certified Diamonds, engagement rings and wedding bands. Freddy’s will be relocating from another location in downtown Miami.
“We are excited to expand our store in this rapidly growing city and look forward to being part of Miami’s new premier jewelry center,” said Howard Steinlauf, co-owner of Freddy’s.
Once completed, the jewelry center will boast four floors of luxury jewelry retail and wholesale space as well as four additional floors of offices. The wholesale retail space currently available ranges from 500 to 2,000 square feet with rental rates ranging from $65 to $150 per square foot.
With glass storefronts, soaring ceilings, elegant escalators and elevators, and state-of-the-art security, Time Century will be the first luxury high street retail property in Miami’s jewelry & diamond district.
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.
Located along NE First Street and E. Flagler Street, Miami’s vibrant jewelry district is home to more than 400 jewelry stores in a four-block radius. The district generates close to $1 billion in sales annually. The area has easy access to MetroRail, People Mover and the Brightline train, connecting Miami to Fort Lauderdale and West Palm Beach. The district is minutes away from PortMiami, known worldwide as the “Cruise Capital of the World.” Millions of tourists visit Downtown Miami each year and many more are expected to arrive as soon as the Brightline commuter train opens a station in Orlando, connecting Miami tourists to Orlando’s theme parks.
In addition to tourists, Downtown Miami has seen a drastic increase in full-time residents. In recent years, people have moved into the highly-amenitized high-rises built in the area in the last decade. As a result, its population is expected to reach 109,617 by the time the 2020 census is completed. That would represent a 67 percent increase since 2010. The City of Miami has been ranked as the fourth “Most Walkable City” in the U.S. because of its Downtown. A major contributor to this growth is the jewelry district.