Comras Co. announced on Wednesday it has acquired five buildings on the north side of Miami Beach’s Lincoln Road pedestrian mall and unveiled plans to redevelop the portfolio into a “NoLi” micro-district of boutiques, restaurants, and wellness and lifestyle concepts.
The Miami Beach-headquartered company, founded by Michael Comras, adds 600, 719, 741 and 801 Lincoln Road as well as 723 North Lincoln Lane to local holdings that already include 701 and 744 Lincoln Road. The company said it could not discuss the sales price yet disclosed it was financing the purchase with a $117 million loan from commercial real estate investment manager Acore Capital. Randy Barceló of Stearns Weaver Miller served as lead counsel for Comras.
Several of the buildings last traded as part of a 2014 deal in which Miami Beach-based Terranova Corp. and Acadia Realty Trust sold six buildings to a new partnership of Morgan Stanley Real Estate Investing and affiliates of Terranova for a then-record $342 million.
Current retail tenants in the portfolio include The Cheesecake Factory, ice cream parlor Salt & Straw, candy store It’Sugar and The Lincoln Eatery food hall.
Comras’ announcement comes at what the company described as a “pivotal moment” for Lincoln Road, which has attracted a number of major retailers, including Apple, Nike and Zara, over the past decade or so but has also lost some of its luster with empty storefronts and complaints that it lacks local character found in more fashionable nearby retail districts.
The city is in the midst of executing a $29 million revitalization of the promenade, and a number of notable private development projects are also under way in the surrounding neighborhood.
Michael Comras played a role in attracting some of those larger national and international retailers as part of an earlier revitalization. He redeveloped a blockfront of Lincoln Road that is now home to Nike, Apple, Capital One Bank and The Gap, later sold for a record $370 million. Now, he appears poised to try a different approach to respond to new consumer demands.
“Today’s market is about providing environments that foster a true sense of community, a place where people can come together, grab a coffee or juice, grab a workout, discover a boutique, and just hang out,” Michael Comras said in a statement. “With one cohesive vision across over 40 continuous storefronts, we’re creating an experience that resonates with both locals and visitors. Miami Beach now has more full-time residents with greater wealth than ever before, and they want an authentic neighborhood destination without having to leave Miami Beach.”
The 150,000-square-foot district will be centered around Via NoLi, a paseo carved through the 700 block of Lincoln Road. The 18-foot-wide passage itself will be lined with boutiques and will also connect the pedestrian mall to North Lincoln Lane, which Comras said his firm is working on with the city to transform from a service alley into a “vibrant street off the street” with storefronts, expanded sidewalks, cafés, outdoor seating and lush landscaping.
Via NoLi and North Lincoln Lane will meet at NoLi Plaza, which Comras described as an outdoor living room and natural gathering space featuring lush greenery and intimate café seating around a central fountain.
“Lincoln Road has long been a landmark destination, and today, there’s a clear demand for renewed synergy and a cohesive vision that elevates the overall experience,” Comras said in his statement. “NoLi delivers on that opportunity at the heart of Lincoln Road, bringing together over 1,700 linear feet of retail frontage that enables thoughtful curation, dynamic merchandising, and a connected ecosystem that enhances pedestrian traffic, strengthens identity and drives collective success.”
Comras also touted NoLi as a sustainable development, using existing buildings and repurposing outdated floor plans as boutiques ranging in size from 400 to 4,000 square feet.
The company is aiming to complete the project by the end of 2026, it said.
The city’s work on Lincoln Road will include upgraded sidewalks, lighting, landscaping and new pedestrian-only areas designed by New York-based Field Operations.
On the private side, major restorations will see the Shore Club Hotel reopen under the Auberge Resorts Collection and the Raleigh Hotel restored as a Rosewood Hotel. Construction also began this year on a new 800-room Grand Hyatt Miami Beach Convention Center Hotel, and Alo Yoga is planning a new flagship store and private health club in space at 100 Lincoln Road, which Comras helped to sell.
Philip Shea, Law 360
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