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Time Century Jewelry Center receives construction loan for renovation

A New York-based real estate investment and development firm recently received a construction loan toward the renovation of the former Metro Mall in downtown Miami.

Time Century Holdings LLC received a $23.6 million loan from City National Bank of Florida to fund Phase 1 renovations of the Time Century Jewelry Center at 1 NE First St., which will include the building’s wholesale retail space, basement, ground, mezzanine and second floors.

According to a release, the renovation of “the 225,000 square-foot Time Century will redefine an entire city block in downtown Miami’s jewelry & diamond district” located along Northeast First Street and East Flagler Street. Project leaders are confident that renovations will make Time Century a destination for the area’s new businesses and residents and notes that private equity firm Blackstone will lease office space blocks from Time Century at 2MiamiCentral.

“This loan is a true endorsement of the transformation of downtown Miami,” said Yair Levy, head of Time Century Holdings, in the release. “City National Bank has a pulse in the community and wants to be part of projects that will further position downtown Miami as a global destination. Our wholesale retail space, which is more than 60 percent pre-leased, has already attracted jewelers from Europe, South America and Asia. We are proud to have partnered with City National Bank to bring this project to fruition.”

After demolition was completed in early 2020, Time Century pre-leased more than half the building’s retail space. Remaining space, the company says, “ranges from 500 to 2,000 square feet with rental rates ranging from $65 to $150 per square foot.” The second phase of renovation is planned to renovate four stories of office space later this year. Renovations are expected to be completed in the second quarter of 2022. The entire renovation is estimated to cost $50 million.

Architect Kobi Karp is leading the renovation, which will remake four floors of luxury jewelry retail and four floors of office space. The highlight will be a three-story atrium with computerized directories.

The release notes that Levy is continuing to invest in Florida, acquiring several commercial properties in the Magic City and Orlando. Previously, he was focused on New York and was a player in the acquisition of the 620 Sixth Avenue building 10 years ago as well as the $418 million purchase of The Sheffield 57 at 322 West 57th Street, which was converted to condos that generated $1 billion.

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.