New hope for Coconut Grove?

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The Coconut Grove business improvement district is trying to turn the fortunes of Coconut Grove as competition from Miracle Mile, downtown Brickell and other areas has put the area in tough times. Some hope exists: the Grove’s large public space, the outdoor mall called CocoWalk, has reached a deal to suspend foreclosure proceedings against it, according to owner Michael Ehrenstein. There are also several new projects underway — one is a Muvico movie theater to replace the former AMC inside CocoWalk, which  could be open by late spring. A new restaurant, Lulu, will open in the same time period. One problem is that rents in the Grove grew excessive, something that is now correcting itself in the downturn. [Miami Herald]