Gap grows up on Lincoln Road

Miami /
Jul.July 10, 2012 06:00 PM

The Gap has signed a long-term, 20,000-square-foot lease at 1001 Lincoln Road and is planning to construct a new ground-up, two-story, 29,000-square-foot, structure on the site, according to the Comras Company, which brokered the deal on behalf of the site’s landlord.

The clothing retailer is setting up shop in the location where Apple had intended to house an expanded flagship store until backing out last year, after disputes with the city of Miami Beach’s preservation board over the current building’s historic value.

“Gap thought it would be a great idea for them to come in and take advantage of the opportunity to go and redevelop the property into a new flagship building,” Michael Comras, president of the Comras Company, told The Real Deal.

The retailer will occupy 6,800 square feet on the ground floor, and an additional 13,200 square feet on the second floor of the structure. There will be 9,000 square feet available for an additional tenant.

“[I]t just further solidifies Lincoln Road as one of the main shopping destinations [in the country],” he said.

Lincoln Road has seen rents jump from around $140 per square foot less than two years ago more than $200 per square foot today, according to Comras.

With space scarce, retailers are looking upwards, by building additional floors, to obtain more room, as The Real Deal first reported.

“It really furthers the concept of verticality,” said Greg Masin, senior director of retail services at Cushman & Wakefield in Miami. “We now have multiple tenants on the street taking a two-story format because they can’t get what they need.”

That class includes tenants such as Forever 21, H&M and Banana Republic. Banana Republic, which was one of the first locations on the street with an extra floor (though they did not construct it) is located at 1100 Lincoln Road. The building was purchased last week by Vornado for $132 million.

“I think it’s a trend of smart global retailers saying, ‘I need to be on Lincoln Road because it’s extremely relevant for my branding, but I need to do so efficiently,'” Masin said. “It sort of portends where I see things going for the next few years — it’s not the last two-story deal you’re going to see.”


Related Articles

arrow_forward_ios
Ronny Finvarb and Joseph Chetrit with the Miami Beach Macy's (Finvarb Group, Getty Images, Google Maps)
Ronny Finvarb and Joe Chetrit nab Miami Beach Macy’s for $16M
Ronny Finvarb and Joe Chetrit nab Miami Beach Macy’s for $16M
Rendering of 830 Brickell office tower; Cushman & Wakefield's Brian Gale, JLL's Manny De Zárraga, Avison Young's Donna Abood, Dwntwn Realty Advisors' Tony Arellano and Stephen Rutchik. (Credit: OKO Group and Cain International, JLL, CW, Dwntwn Realty Advisors, Cushman & Wakefield, Avison Young, Getty, 830 Brickell)
Meet the commercial brokers making bank in Miami
Meet the commercial brokers making bank in Miami
Don Peebles and Barry Sternlicht with renderings of proposals to develop city-owned property in Miami Beach (Starwood, Integra, Comras JV, Polo Sivori, CC BY-SA 4.0 via Wikimedia Commons, Getty)
Miami Beach voters to decide on controversial Peebles, Sternlicht office projects near Lincoln Road
Miami Beach voters to decide on controversial Peebles, Sternlicht office projects near Lincoln Road
Cushman & Wakefield 's Amarjit “Marj” Bains with 701 Brickell Avenue and 703 Northwest 62nd Avenue
Cushman poaches 32 JLL employees who manage trophy Miami office properties
Cushman poaches 32 JLL employees who manage trophy Miami office properties
Starwood's Barry Sternlicht and Don Peebles III (Getty, Starwood, Integra, Comras JV)
Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road
Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road
From left: Ivy Realty's Anthony P. DiTommaso Jr. and Russell Warren Jr. (Ivy Realty in front of the Tower 101 office building at 101 Northeast Third Avenue in Fort Lauderdale (Ivy Realty)
Lease roundup: Ivy Realty scores tenants at Tower 101 in Fort Lauderdale
Lease roundup: Ivy Realty scores tenants at Tower 101 in Fort Lauderdale
BH Properties' Steve Gozini and Vornado's Steven Roth with 1100 Lincoln Road (BH Properties, Getty, Google Maps)
Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago
Don Peebles and Barry Sternlicht with renderings of proposals to develop city-owned property in Miami Beach (Starwood Capital Group, Integra Investments, Comrass Company, Wikipedia, Getty)
Miami Beach gives preliminary OK to controversial Peebles, Sternlicht office projects near Lincoln Road
Miami Beach gives preliminary OK to controversial Peebles, Sternlicht office projects near Lincoln Road
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...