The Comras Co. plans to redevelop a section of Lincoln Road as a new retail, dining and lifestyle destination in Miami Beach.
For the project, dubbed NoLi (North Lincoln Road), the Miami Beach-based commercial real estate developer has acquired five buildings along the famed pedestrian mall.
The buildings are located at 600-612, 719-737, 741 and 801 Lincoln Road and 723 N. Lincoln Lane.
The sellers were affiliates of Terranova Corp. (The Business Journal previously reported that the Miami Beach-based property owner planned to offload some of its Lincoln Road holdings.)
Prices were not disclosed. The properties have an assessed value of about $83 million combined. As of Wednesday morning, deeds had not been filed with Miami-Dade County.
As part of the transaction, Comras Co. obtained a $117 million loan from San Francisco-based commercial real estate lender Acore Capital.
Together, the five properties span more than 150,000 square feet and offer more than 1,700 linear feet of retail frontage.
All the buildings, except 600 Lincoln Road, are located at or adjacent to the intersection of Lincoln Road and Meridian Avenue. They are not far from the 800-room Grand Hyatt Miami Beach hotel, currently under construction, and the Miami Beach Convention Center.
600 Lincoln Road is currently occupied by a Cheesecake Factory restaurant, while 723 N. Lincoln Lane is home to The Lincoln Eatery, a 9,600-square foot food hall featuring more than a dozen vendors. Most of the other retail spaces are vacant.
“By putting all these [properties] together, it gives me the critical mass,” Comras Co. President and CEO Michael Comras told the Business Journal. “The goal is to put together…40 like-minded retailers, cafes and lifestyle uses, creating a micro-village at the heart of Lincoln Road, where I’ll be able to curate and merchandise it effectively.”
The NoLi project will see the construction of a covered walkway through the 719 Lincoln Road building, connecting Lincoln Road with North Lincoln Lane, which currently functions as a service alley for storefronts on the northern side of Lincoln Road.
New landscaping and expanded sidewalks to allow for outdoor seating along North Lincoln Lane, which would require approval from the Miami Beach City Commission, would turn that section of the alley into a plaza-like space.
Finally, the properties’ floorplans would be reconfigured so that some spaces would front the new walkway, allowing for retail layouts starting at 400 square feet, significantly smaller than most options on Lincoln Road. That would help address one of Lincoln Road’s biggest hurdles for tenants, according to Comras.
“One of the challenges that Lincoln Road faces is that the lots are very [narrow and] deep, which is the worst configuration for a retailer or for a restaurant. Nobody wants to have a little storefront [with] big, deep space,” he said.
Lincoln Road has struggled to recover from the COVID-19 pandemic, which caused a sharp decline in foot traffic. That prolonged downturn, combined with high rents, has led to many closures in recent years.
But Comras is bullish on Lincoln Road’s future, arguing there are few options left in South Florida’s other main shopping districts.
“Every other market is tapped out. There’s no space available, and the rent has risen to a point that you can’t get space anywhere,” Comras said. “At the same time, Lincoln Road’s rents have come down to a point where the market has now reached a stabilization.”
“The reason why it hasn’t happened sooner is because the makeup of Lincoln Road and how it’s designed,” he continued. “Where it falls short is every one of these properties is owned by different owners.”
Comras also hopes to capitalize on major street improvement projects underway or planned by Miami Beach.
Lincoln Road is currently undergoing a $29 million city-led upgrade that includes expanded sidewalk, improved lighting, new landscaping and expanded outdoor seating. Similar improvements along Meridian Avenue are slated to begin in January.
“Our goal is to evolve Lincoln Road, to attract locals back,” Comras said. “By having the proper mix of boutiques, food and beverage cafes and lifestyle uses, you’ve created a microdistrict that caters to the everyday needs of our locals, as well as the tourists.”
Comras said he expects to complete the renovations and street improvements needed to bring the NoLi project online by the first quarter of 2027.
Comras Co. has been active along Lincoln Road for decades and already owns a number of other properties there, including 701 and 744 Lincoln Road.
Comras made headlines in 2015 when he and fellow Miami Beach real estate investor and developer Jonathan Fryd sold a full block on Lincoln Road for $370 million to Spanish billionaire Amancio Ortega Gaona.
Lincoln Road is home to more than 200 restaurants, cafes, shops and galleries and attracted more than 10.8 million visitors last year, according to the Lincoln Road Business Improvement District.
Mark Dovich, South Florida Business Journal
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