Asi Cymbal is a Miami developer who apparently has a lot of faith in the Design District. He is purchasing property in the area with immediate plans for more restaurants and retail.
The Design District has been ablaze lately and developer Cymbal is jumping on board the seemingly unstoppable steamroller that is the Design District. In addition to his newest plans to develop in the area, Cymbal is also the managing partner of the Michelle Bernstein restaurant Sra. Martinez, and head of his own construction company.
In addition to owning the 25,000-square-foot Midtown Center at North Miami Avenue and 34th Street, Cymbal purchased the former site of a planned town home project for a great price which includes a little more than one acre at the corner of Northeast First Avenue and 41st Street. He paid $2 million for the $10.5 million mortgage with Compass Bank on the property in the final days of 2009.
Cymbal has said that the “project would involve retail and restaurants” but has declined to be more specific. Reportedly, Cymbal also has “plans to build a 100,000-square-foot structure at 112-130 NE 41st Street. About half of the building will serve as parking, with retail on the bottom and another use on the top of the building.”
In regards to the Design District, Cymbal said “there is great demand for mixed-use projects in the growing Design District, which has become a focal point of activity for the annual Art Basel art event. Our intent is to bring the Design District to the next level,” Cymbal said.