Other trendy retailers including Lululemon and Ray-Ban leased at Miami Worldcenter
The retail and the financial sector have been front and center of Miami’s leasing action as of late.
Here’s a rundown of some of the most notable newly signed contracts:
Savage X Fenty, Lululemon, Ray-Ban, Posman Books I Miami Worldcenter
Rihanna’s lingerie brand Savage X Fenty is among the recently signed tenants at the Miami Worldcenter mixed-use development in downtown.
The apparel and innerwear retailer will open its first Florida location in
3,000 square feet at the project’s completed Paramount condominium tower, according to a Miami Worldcenter news release.
Lululemon took 3,800 square feet and Ray-Ban took 2,000 square feet, both along the pedestrian promenade at Northeast Seventh Street and the World Square Plaza. Posman Books, an indie bookstore, took 2,000 square feet along the World Promenade at the base of the Paramount tower.
The shops are expected to open next year.
The master developers of the 27-acre, $4 billion Miami Worldcenter are Art Falcone and Nitin Motwani, in partnership with CIM Group.
CIM and Michael Comras’ Comras Company are leading retail leasing at the development.
Completed portions of the project include the Caoba and Bezel Miami apartment towers, and 175,000 square feet of retail. Miami Worldcenter projects under development are the 351-key citizenM hotel, which is expected to open by year’s end; 125,000 square feet of retail space; the 52-story Miami World Towers, which will have apartments; the 50-story Legacy Hotel & Residences with 310 condos and 50,000 square feet of medical offices; and a second Caoba tower that will rise 40 stories and have 420 apartments.
Additional towers are planned. They include Related Group and Merrimac Ventures’ 450-unit The Crosby condo, Naftali Group’s pair of supertalls, and Witkoff Group’s pair of supertalls.
Yoyoso, Salt & Straw, More I Lincoln Road I Miami Beach
Miami Beach’s famous pedestrian street Lincoln Road has scored several new tenants.
Chinese fast fashion and leisure department store Yoyoso opened its third U.S. location in a 5,600-square-foot space at 1119 Lincoln Road, according to a news release. The retailer, founded in 2014 by Huan MA, has 1,000 stores globally, including in New York and New Jersey.
The Yoyoso outpost in Miami Beach is part of the 1111 Lincoln mixed-use garage, which CBRE Global Investors and German investment firm Universal-Investment bought in 2017 for $283 million. The deal included adjacent property.
Oregon-based Ice cream shop Salt & Straw signed a seven-year lease for 1,500 square feet of space at 749 Lincoln Road, according to a release from the property owner. Stephen Bittel’s Terranova Corporation owns the two-story building.
Salt & Straw already has locations in Miami’s Wynwood and Coconut Grove neighborhoods.
Others who recently opened on Lincoln are women’s retailer Mango, which took 4,600 square feet at 1036 Lincoln Road, and furniture and home décor store West Elm, which took 10,000 square feet at 1691 Michigan Avenue.
Lidia Dinkova, TheRealDeal
