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Chicago, IL--Lugano Diamonds is set to make its Chicago debut by securing a retail space at 100-104 East Oak Street in the city’s Gold Coast shopping district.

According to sources cited by Crain’s and highlighted in The Real Deal, the California-based luxury jeweler, headed by CEO Moti Ferder, is finalizing a deal to lease the property owned by Ponte Gadea USA, the real estate arm of billionaire Amancio Ortega, founder of Zara.

The Oak Street property, redeveloped from the former Esquire Theater into a 54,000-square-foot retail space in 2014, has been a significant part of the area’s commercial landscape. The building's previous tenants, including French boutiques Maje and Sandro and the Mediterranean restaurant Fig & Olive, have either vacated or are in the process of closing.

Lugano Diamonds, which operates stores in locations such as Aspen, Greenwich, Houston, and Washington, D.C., is known for its private, high-end shopping experiences tailored to the preferences of its wealthy clientele. The Chicago store is expected to maintain this exclusive “salon” concept, offering bespoke services to customers in a luxurious setting.

The report in The Real Deal noted that despite the general challenges facing retail districts in Chicago, Oak Street has remained resilient, with a vacancy rate below 10%, according to estimates from Stone Real Estate.

High-end brands continue to flock to the area, with local fine jeweler Burdeen’s Jewelry recently opening a two-story location and Razny Jewelers purchasing a nearby building for $16.4 million.

Learn more in the article by The Real Deal.