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 Miami Beach-based Terranova Corp.
Comras Co. paid $130.8 million for the properties – $211 million less than what they sold for in 2014.
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 The Cheesecake Factory, while 723 N. Lincoln Lane is home to The Lincoln Eatery food hall. Most of the other retail spaces are vacant.
The NoLi project will add 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 north 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 Lincoln Road options.
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 Co. President and CEO Michael Comras is bullish on Lincoln Road’s future, arguing that 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.”
“Our goal is to evolve Lincoln Road, to attract locals back,” he continued. “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.
Lincoln Road – which is home to more than 200 restaurants, cafes, shops and galleries – attracted more than 10.8 million visitors last year, according to the Lincoln Road Business Improvement District.
City considers padel facility on public garage
South Miami is considering a new padel facility on top of a municipal parking structure.
The City Commission voted Nov. 18 to authorize negotiations for the SoMi Padel Center public-private partnership. The item requires a second reading to be finalized.
The five-court padel facility would be located on the rooftop of the South Miami Parking Garage, at 5829 S.W. 73rd St.
The proposal was made by an affiliate of Van Veggel Ventures, the family office of a prominent Dutch family. The proposal lists the entity’s address as 501 E. Las Olas Blvd. in Fort Lauderdale.
Under the proposal, the operator would pay the city the greater of $18,000 or 15% of gross revenues every month. The $18,000 flat rate would increase by 2% annually.
The proposal came unsolicited, which would typically trigger a request for proposals to allow for competing bids. But South Miami is tapping a provision in state law that allows the city to forgo the public bidding process.
Padel is gaining nationwide popularity, with South Florida as a hot spot for the racket sport.
The Big Number
10.8 million
Number of visitors to Lincoln Road last year, according to the Lincoln Road Business Improvement District
Mark Dovich, South Florida Business Journal
Read more here: SouthFloridaBusinessJournal.com
