MIAMI—The Miami Design District just got an infusion of capital that could help visionary Craig Robins execute his plans for the neighborhood dedicated to fashion, design, art, architecture and dining experiences. A joint venture between General Growth Properties (GGP) and Ashkenazy Acquisition Corporation (AAC) has acquired a minority interest in the area from Miami Design District Associates.

“We made this investment in the Miami Design District as it is the urban retail destination in South Florida,” says Sandeep Mathrani, CEO of GGP. “This provides a tremendous opportunity for GGP to add to its portfolio of unique, experience-based retail neighborhoods. It is a destination for those who are in search of creativity, style and culture and we are thrilled to be taking part in its continued development.”

Miami Design District Associates is a partnership between Dacra, founded and owned by noted developer Robins, and L Real Estate (LRE), a private equity fund dedicated to mixed-use real estate investments with luxury retail components. The Miami Design District is an 18-square block neighborhood that offers luxury retail with culinary, cultural, and architectural experiences.