101/Exhibit, one of the premier contemporary art galleries in the Design District, has relocated its headquarters to Los Angeles and will be reducing its presence in Miami in the immediate future says Sloan Schaffer, the owner.
The 4,958 square-foot corner building at NE 1st Avenue and 40th Street that housed 101/Exhibit recently sold for $10.5 million--a whopping $,2117 per square-foot--setting a record in the area.
It's just another sign that the Design District, once a haven for the arts and creative types in South Florida, has reached the tipping point in its devolvement into a luxury brand ghetto, as the few remaining art galleries are priced out of the nabe.
Shaffer, who says he will maintain a Miami profile with a smaller space--open by appointment only and located west of the Design District--hopes to continue benefiting from the presence of Art Basel and a local collector base.
"Miami has been great for us, but we are changing our strategy to focus on Los Angeles and are also planning to open two spaces in New York in 2014," says Shaffer, who adds that he is working on new galleries in Long Island and Manhattan.
He also says he is exploring the possibility of launching a fully operational gallery in downtown Miami in the future.
"We want to maintain a high profile during Basel and the art fair season, and will be keeping an eye on what's shaking out in downtown Miami with the opening of the new Perez Art Museum and other major players relocating to the area and are interested to see what happens there."
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"We are currently in the process of moving to a new 5,000 square-foot, stand-alone building with 25-foot high ceilings and private parking behind the Will Call Bar, directly across from the arena," says BooksIIII Bischof, one of Primary Projects' owners.
"We plan to open this coming September with a solo show by Andrew Nigon and are excited to become part of a growing arts destination that includes the new museum, the Freedom Tower, Miami Dade College galleries and the DWNTWN ArtHouse, a new space that's home to Bas Fisher Invitational, Dimensions Variable, and the TM Sisters," says Bischof adding that "this is a super strategic move for us."