Developer Metro 1 is bringing Wynwood Park, a much needed new mixed-use development with a focus on green space to Wynwood. Wynwood Park will feature an acre of open green public park space adjacent to Wynwood Walls. The development will also include an adaptive retail concept. It was designed by MKDA Architecture and was introduced at CIASF's 2017 Wynwood Market Report Presentation event. Leasing has already begun. Wynwood Park will be located at NE 2nd Avenue and 26th to 27th Streets. Wynwood has boomed in recent years, first getting its boost from the unique street art that developed into a full art scene. The neighborhood has seen rising prices as it has attracted a number of restaurants, galleries, shops and nightlife to create a vibrant scene in a once industrial setting.
New Retail Historical Conversion Coming to Design District
Miami’s Historic and Environmental Preservation Board has approved a proposal by J Cube Development to renovate an existing, aging building at 4141 North Miami Avenue in the Design District and convert the existing structure into modern retail. The renovations of the 15,901 SF structure will be overseen by architect Allan Shulman and will include 2 levels of retail and a rooftop terrace. Remy Jacobson and J Cube Development purchased the building last year for $10.5 million.
Miami Commercial Real Estate Market Outlook Strong Through 2017
Florida's economy will become the 16th largest in the world this year when gross product passes the $1 trillion mark, expected to happen by 2018. Factors driving this force are declining unemployment, declining vacancy rates and strengthening real estate prices. This should keep South Florida's commercial real estate market strong across office space, retail and industrial markets. In Miami the population continues to rise and the city has an unemployment rate of 5.5%. Miami has seen a glut of projects move toward completion and open over the past several years, with several more in the pipeline including Miami WorldCenter, Brickell City Centre and Design District. Despite that commerical vacancy rates in Miami continued to fall and major companies look to expand their footprint in the city including Ernst & Young. Fort Lauderdale & Broward County's unemployment rate is currently 4.6% with continued job growth expected. Office vacancy rates dropped to 9.4% and rental rates are expected to rise to adjust to the falling inventory levels. Opportunities for development in Fort Lauderdale over the next year will be in retail and multifamily projects. Domestic and international investment and interest are expected to remain strong for South Florida though 2017.
CK Prive Group to Build Mixed-Use Project on Biscayne Blvd. in North Miami Beach
CK Prive Group is planning to build a mixed-use project on Biscayne Blvd. in North Miami Beach. The development will be designed by Arquitectonica and will be located at the intersection of Biscayne Boulevard and 163rd Street. It will feature 198 residential apartment units, 160 hotel rooms, 130,000 SF of office space, 200,000 SF of retail and 1,400 parking spaces. Leasing is under way with retail leases asking around $50 to $70 per foot.
New Renderings of Paramount Miami World Center "High Street Retail" Concept
Arthur Falcone's Miami World Center has submitted their plans and applied for a warrant for their "High Street Retail" with Miami's Planning & Zoning Department as part of Downtown Miami's multi-billion dollar mega mixed-use residential and retail project Paramount Miami World Center. It will ultimately be the second-largest mixed-use urban development in the United States and largest in Florida. In 2015 the developers had received a warrant for an indoor mall, but after adjusting plans earlier this year to an outdoor mall concept, they have submitted the revisions. Although the new plans were reviewed and approved by the Urban Design Review Board, the decision on the new warrant cannot be issued prior to October 6. Construction has started on Paramount residential skyscraper as the first phase of the project and will finish as a 1.1 million SF urban mega-center over 27-acres.
Downtown Miami's Bayside Marketplace in For Major Renovation
Bayside Marketplace is ready for a revamp after 30-years as one of the only shopping centers in Downtown Miami. The project will be led by Zyscovich Architects, Ashkenazy Acquisition and General Growth Properties (GGP). GGP sold 49% of Bayside Marketplace in 2014 and Ashkenazy Acquisition took over management of the property earlier this year. Phase 1 of the redesign will include 140,850 SF of public outdoor space. Phase 2 will the result in a 2-level parking garage and added retail space on Biscayne Boulevard. Bayside Marketpalce has over 150 retail and dining/ entertainment tenants and GGP has a $250 million mortgage committed to renovation and expansion of the development. The proposed SkyRise Miami would be located in Bayside if ultimately constructed.
Macy's Shopping Around Remainder of Lincoln Road Leasehold
It's no secret that the major department stores are in for a major shake-up. The Real Deal is reporting that Macy's is quietly marketing the remainder of leasehold for their Lincoln Road location. The 98,610 SF at 1675 Meridian Avenue has 34 years left on the lease and could go for about $80 million. It is one of the largest retail spaces available in the area and it is reported that both Nordstrom Rack, HomeGoods, Saks Fifth Avenue OFF 5th and Old Navy have inquired about the space. HFF has the listing on the space. Macy's had reported earlier this year that they would be closing 100 stores, but would not comment on what would happen to the Miami locations.
Mixed-Use Project Proposed at 929 Alton Road
Victor Uzan's Evergreen Overseas Holdings, Inc. has proposed a mixed use development at 929 Alton Road. The 4-story, 30,000 SF mixed-use use project will be designed by IDEA Architecture from Aventura. The proposal includes retail space, office space and 82 parking spaces. The office space would occupy the top floor, with ground floor retail and parking in the middle. The Miami Beach Planning Board will review the proposal during their September meeting. Evergreen Overseas Holdings, Inc. had previously proposed a 20 unit condo development at the same site in 2014.
The BLVD at Lenox Retail Center Coming to 5th St. in Miami Beach
Fifth Street on Miami Beach is about to get another retail center named The BLVD at Lenox. Comras Company, the owners of the Ivy Nightclub which currently sits on the property, are planning to redevelop the lot into a 5-story retail structure designed by Zyscovich. The lot is located at 1045 5th St., directly across the street from the current Publix-anchored retail center at Fifth and Alton. The proposal includes 64,930 SF of retail space and 218 parking spaces and is set for review by Miami Beach's Planning Board in September.
Alta Developers Move Ahead with Quadro Mixed-Use Project Next to Design District
Alta Developers is moving ahead with its Quadro mixed-use project at 3900 Biscayne. They plan to build a 198-unit mixed use apartment building with 28,000 SF of commercial space in close proximity to Design District and Midtown. Alta Developers purchased the site for $18.36 million last year. Leasing for the commercial space is already underway. Revuelta will be the architect and Banco de Crédito e Inversiones of Chile will finance the project. Quadro will be 13 stories and will be delivered in 2018.