DESIGNS ON LAND: Cymbal Development bought the $10.5 million mortgage and note for 49,500 square feet of land in the heart of Miami‘s Design District. President Asi Cymbal says he worked on this deal for more than a year as he has plans to develop the site, which sits on Northeast 40th and 41th streets, and an adjacent lot into a mixed-use project. Mr. Cymbal acquired the mortgage and note from Compass Bank under the entity Design District 40th and 41th Street LLC, of which he is a managing member. Mr. Cymbal, managing partner of Sra. Martinez and popular bar Bardot, says he sees a lot of potential for the blooming Design District. After succeeding with other business ventures there, he says, he plans to continue investing in the neighborhood. His next move: to unveil plans for the newly-bought site in about six months. Mr. Cymbal developed the 25,000-square-foot retail and office complex Midtown Center at 3452-3470 N Miami Ave.