A Las Vegas nacho chain, a Brazilian-concept deli and butcher shop, and a Starbucks have signed lease deals at a mixed-use project that is still under development in Miami’s Wynwood
The three tenants will occupy almost 14,000 square feet within the retail portion of Society Wynwood, a 10-story building with 318 apartments and 50,210 square feet of commercial that is being built at 2431 N.W. Second Ave.
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The tenants will move into about 32,000 square feet of retail that Tricera Capital and LNDMRK Development has a contract to acquire once the project is complete, a Tricera spokesman said. Although they don’t yet own it, both Miami-based companies have overseen the project’s retail portion.
Irma Figueroa, Andrew Rosenberg, and Max Gelband of Comras Company represented Tricera and LNDMRK.
The three tenants are:
- Seattle-based coffee giant Starbucks (Nasdaq: SBUX), which closed on a lease for 2,615 square feet. Elizabeth Higgins, Marty Arrivo, and Aracibo Quintana of Acre represented Starbucks in the lease negotiations.
- Nacho Daddy, a Las Vegas-based nacho-centric Mexican restaurant chain, closed on 5,434 square feet of retail for its first location in Miami. Jenny Gefen and Dave Preston of Colliers represented Nacho Daddy.
- Chama De Fogo, a Brazilian eatery, will lease 5,522 square feet. Elizabeth Hazan of Byblos Hospitality Holdings consulted for Chama De Fogo.
Society Wynwood will be the second location for Chama De Fogo in Miami’s Wynwood area. About 1,000 feet away from Society Wynwood, Chama De Fogo is slated to open a 7,514-square-foot restaurant at 2800 N.W. Second Ave. in New York-based Thor Equities Wynwood Walk.
Dustin Ballard, Tricera Capital’s head of leasing, said the two Chama De Fogos will have different concepts. The Chama at Society Wynwood will be more of a casual dine-in and take out spot with a butcher shop and deli. Chama De Fogo is a spin-off of Oliveira’s Brazilian Steakhouse, owned by Mark Food Enterprises, in Somerville, Massachusetts.Read more: Insigneo expands with new Miami-Dade office complex with various finance firms
Financed by a $142.3 million construction loan, Society Wynwood is being developed by New York-based PMG and Toronto-based Greybrook. The project is being built on 1.93-acres of land that the two real estate companies invested $57.5 million assembling between 2019 and 2020. The project is slated to be finished in the winter of 2024, according to PMG’s website.
Once an area filled with warehouses and artist studios, Wynwood is being redeveloped into a region of high-end apartments, Class A office, and brand new retail.
According to a recent Colliers market report, listed retail rent in the Wynwood/Design District submarket during the second quarter of 2023 averaged at $79.75 per square foot. In comparison, the average asking rent in all of Miami-Dade County was $43.82 in Q2 2023.
Erik Bojnansky, South Florida Business Journal
