Zara’s Amancio Ortega buys an entire block in Miami Beach

By

Barbara Santamaria

Published
Sep 8, 2015

Acquiring a stretch of over 14,630 square meters in Miami Florida for $370 million, the transaction of Inditex’s founding chairman is the second largest real-estate deal in Miami history, and the most significant Spanish property investment in the area.

The stretch in Lincoln Road is home to fine restaurants and major brands, such as Zara, Apple, Gap, Atletha and Nike, which is opening a new location in the next weeks.

The deal was made through Playa Retail Investments, a real-estate firm that shares an office with Ponte Gadea Miami, the local branch of Ortega´s real-estate investment firm. The stretch of land was acquired from Jonathan Fryd and Michael Comras, two Miami real-estate investors.

“[Lincoln Road has] become one of the top retail streets in the world by virtue of the fact that it’s on the beach and attracts people from all over the world,” said Comras to the Miami Herald.

Although Ortega has not confirmed his intentions regarding the block, it seems unlikely he will change the lucrative portfolio of brands that are located in the area, said the newspaper.

South Florida has become an important market for retailers thanks to its large population of young people, its constant stream of foreign investment and tourist attractions.

According to Forbes, Amancio Ortega is the second richest person in the world, with a net worth of $67.7 billion. His fashion group, Inditex, includes labels like Zara, Bershka, Massimo Dutti and Pull & Bear.