Marinablue's ground floor retail space with prime Biscayne bay-front location just recently sold for $14.94. The sale comes out to approximately $1,347 SF and has 7 retail units spanning 11,090 SF. Wine by the Bay has a long term lease on one of the units. The deal was brokered off market with the buyer being European investor Aran Properties. In March CVS signed a 25 year lease for the space with the store opening in July. This is another exciting development in the fast changing Downtown Miami which has seen population rise by over 29% in the past 5 years and brings yet more value to the Museum Park group of buildings which also just saw an STK and Me Miami Hotel open in Marquis Residences.
Midtown Overview
What has essentially come the unofficial home of Art Basel, Midtown Miami has rapidly been transformed into a hustling and busting city center. The main Midtown development broke ground in 2005 transforming the FEC rail yard into a clean and safe area for recreation and retail. Midtown Miami continues to undergo massive amounts of construction as the area continues to grow with new buildings and businesses opening everyday.
Midtown Miami is wedged between the Florida East Coast Railway and I-95 and spans from North 29th St. to I-195. The project was originally planned as a large-scale urban development with 8 high-rise residential buildings, a hotel, 2 parks and The Shops at Midtown, consisting of shopping, recreation, dining and entertainment. The project would go on to crash 2 years later with only 2 residential buildings completed, but was reinvigorated in 2011 with plans to complete The Shops and continue with development of residential buildings. The Shops at Midtown are meant to simulate SOHO from New York. Art Basel has made its home right in Midtown Miami with Art Miami and Spectrum amongst other shows attracting visitors to the area from all over the world.
The completed residential buildings have become an attractive option for both buyers and renters alike due to the full-service market the area offers. Midtown currently is one of the few places in Miami where everything you could possibly need is in walking distance from your apartment. The area is also kept extremely safe and clean. Midtown 2 and Midtown 4 have been well received by the market and are very hot buildings to buy or rent. Both buildings take cues from New York's SOHO with a "Miami twist" and the pool decks create a popular urban oasis. Midtown Miami is definitely an area on the rise and worth looking into whether you are looking to buy an investment property, personal property or rent your next apartment.
Top Buildings:
- Midtown 4
- MidBlock
- Midtown 2
- Northblock
New Developments to Watch:
- Hyde Midtown 3
- Midtown 5
- Liner Retail
Island Gardens
Miami is fast on the rise to solidifying itself as the superyacht capital of the Americas and the Island Gardens development is a major driving force behind the shift. By Flagstone Property Group, the Watson Island project is expected for completion in 2018 featuring a superyacht marina that can accommodate up to 550 feet, 2 luxury hotels, condos, and a retail and entertainment promenade. The marina will be the first of its kind in North America and will be able to house of to 50 superyachts matched with full-service amenities for the marina including a clubhouse, on-site customs, etc. The project will also feature 221,000 SF of retail and green spaces throughout the property. Mehmet Bayraktar won the rights to build the development after working with the city for 14 years. Flagstone plans to start building this fall.
Tenant Update: Brickell City Centre
The 500,000 square-foot shopping center, anchored by Saks Fifth Avenue and Cinemax, is set to open in November. Co-developers Whitman Family Development and Simon Property Group recently announced new additions to its diverse roster: Armani Collezioni, Intermix, Audemars Piguet, Diptyque, Pandora, Stuart Weitzman, Italia Independent, and the largest Apple store in Florida. The mall will bring a mix of luxury and accessible brands to an under-served market, while creating hundreds of local jobs.
City Center will appeal to foodies as well: an Italian food hall the likes of which has yet to open in Florida - until now - will be debuted, along with a variety of familiar and new eateries like Dr. Smood, Luke’s Lobster, Haagen Dazs, Pasion del Cielo, and Pubbelly Sushi.
The mall will be conveniently accessible by a Metromover stop and will have an underground garage to accommodate the influx of traffic.
1212 Lincoln Road
A new mixed-use development is heading to Miami Beach's Lincoln Road, with an expected completion of 2017. The Miami Beach Design Review Board approved the long awaited plans after a 1 year extension as tenants relocated. The newly approved development will be a five-story building filled with a mix of a hotel, luxury retail and dining. The hotel will include 100 boutique hotel units across 45,000 SF with a European-style market in the 93,000 SF of retail space. The building will be designed by Perkins + Will and will help upgrade the existing aging infrastructure that currently makes up Lincoln Road. The project will help expand Lincoln Road across the street at 16th and Alton. Developer Crescent Heights has plans to build 2 more developments on Lincoln Road as this neighborhood gets an exciting shake-up.