RH CEO talks potential Miami expansion: ‘It’s the most significant capital contribution we’ve ever made’

Gary Friedman, CEO of upscale home design and hospitality firm RH, elaborated on the company’s plans to purchase a large Miami restaurant and entertainment venue in a Friday interview with CNBC’s Jim Cramer.

Formerly known as Restoration Hardware, RH announced its bid to buy One Ocean Drive in a Wednesday press release, expecting to spend between $150 million and $170 million on the venture as it expands into hospitality development.

“It’s a magnificent opportunity, I think, for the community of Miami, and it’s the most significant capital contribution we’ve ever made,” Friedman said.

Friedman detailed RH’s plans for the site, including a 90,000 square foot public park, a sculpture garden, a beach club and a design studio with an architecture and design library. RH is one of four companies bidding for the property, the Real Deal reported.

“We believe Miami is one of the most key global cities in America,” Friedman said. “Look, there’s New York, there’s Los Angeles and there’s Miami Beach. And those are the three iconic places in North America. It’s a bridge to South America, and it’s a global city.”

RH is also expanding its presence globally, Friedman added. The company launched a London gallery in June and plans to open galleries in Paris, Milan and Madrid.