With Art Basel Miami Beach under way this week, ’tis the season to drum up buzz for forthcoming local projects. One such new development is NE40th, a mixed-use retail space described by Asi Cymbal, of Cymbal Development, as “a curated collection of about 40 shops, bookstores, cafes, and restaurants that will also incorporate art.”

The 140,000-square-foot project (41,000 square feet of leasable space) will be designed by Mexican architect Enrique Norten. The site is located along NE 40th Street in Miami’s Design District, which has become a hotbed of fashionable real estate since high-end furniture firms and restaurants claimed the neighborhood and luxury retailers followed. In the last three years, Marni, Tomas Maier, Christian Louboutin and Maison Martin Margiela have signed leases there. Miami’s OhWow Gallery was the only tenant Cymbal could confirm, but he emphasized bringing an edgier design focus to the project.

Ground will break early next year, with completion expected in 2012. Meanwhile, Cymbal and his partners are bringing an artistic element to the space. During Art Basel, OhWow will host its group exhibition on the site.