New Jewelry Center Mulling Design School

RAPAPORT… Time Century Jewelry Center, a new mall under construction in the diamond district in downtown Miami, Florida, is looking to add a jewelry-design school to the project.

Yair Levy, the real-estate developer behind Time Century Jewelry Center, said Monday he was prepared to offer a “significant” rent discount to the “right candidate.”

Located in the second-largest jewelry and diamond district in the US, the planned academic institution will offer students access to seasoned jewelers across four floors.

“Downtown Miami offers a strategic location for a jewelry-design school,” Levy said. “I am willing to lower the rent and provide additional incentives” because this institution will create synergy with “top-notch jeweler tenants at Time Century,” he added.

Isis Pellegrino, who heads leasing for the jewelry exchange, plans to reach out to design schools for a possible satellite Miami location, which could occupy up to 10,000 square feet. She will target academic institutions such as the California College of the Arts, Rochester Institute of Technology, Miami Jewelry School and the American School of Jewelry.

In February, Levy secured a $23.6 million loan from City National Bank of Florida to fund the first phase of the $50 million renovation program for Time Century, formerly known as Metro Mall Miami. More than 50% of the retail space has been let, with Istanbul’s Markaled becoming the latest tenant to sign up.

Image: An impression of the entrance to the Time
Century Jewelry Center. (Time Century Holdings)