The developer of a new jewelry retail complex in Miami has secured a $23.6 million loan, enabling it to move forward with the project.

The funds from City National Bank of Florida will go toward completing phase one of the Time Century Jewelry Center program. This consists of constructing the building’s retail and wholesale space, which spans the basement, ground, mezzanine and second floors, Time Century Holdings said last week. The real-estate investment and development firm closed on the loan on February 12.

The entire project, costing $50 million, will see Time Century renovate the building formerly known as the Metro Mall in the Florida city’s jewelry and diamond district. Phase two, planned for later this year, involves the installation of four stories of office space.

“This loan is a true endorsement of the transformation of downtown Miami,” said Time Century head Yair Levy. “City National Bank has a pulse in the community and wants to be part of projects that will further position downtown Miami as a global destination.”

The company plans to complete the renovations in the second quarter of 2022. The new building will span 225,000 square feet that will “redefine an entire city block,” it explained.