Downtown Miami redevelopment “requires planning and patience”: Rok Enterprises pres

Miami /
Jan.January 21, 2013 10:15 AM

With 17 buildings downtown and another nine throughout Miami-Dade County, Rok Enterprises president Sergio Rok is one of the largest property owners in Miami, and like many of the city’s landlord’s he is committed to the redevelopment of downtown Miami.

“This is a very complex area with a lot of individual owners, and few big parcels,” Rok told the Miami Herald in an interview. “I truly believe in the future of downtown but a lot more needs to be done. It requires planning and patience.”

Rok currently leases to nearly 300 downtown tenants and over the last five years, i.e., through the recession, he has only let four of his properties trade. “Once you stabilize an asset, the upside is limited so you look for a good time to sell,” Rok said.

According to Rok the future of downtown Miami will be adding residential real estate and luring national retailers to the city. “There is more residential than ever, so the population has increased, but national retailers are still holding back.” Rok said. “The DDA is working on the Flagler Street Improvement Project, which is critical if we are to attract national chains. We need the city, county and private sector to work together to bring about change.” [Miami Herald]Christopher Cameron


Related Articles

arrow_forward_ios
Moishe Mana with the Shoreland Arcade at 120 Northeast First Street (Getty)
Moishe Mana buys historic downtown Miami buildings for $34M
Moishe Mana buys historic downtown Miami buildings for $34M
An aerial of the proposed development site and warehouse with Sergio Rok and Jimmy Tate
Neighbor sues to short-circuit Jimmy Tate and Sergio Rok’s no-bid North Miami project
Neighbor sues to short-circuit Jimmy Tate and Sergio Rok’s no-bid North Miami project
Jimmy Tate, Sergio Rok sell luxury Boca apartments to GID for $92M
Jimmy Tate, Sergio Rok sell luxury Boca apartments to GID for $92M
Jimmy Tate, Sergio Rok sell luxury Boca apartments to GID for $92M
Fort Lauderdale commissioners approve rezoning for Bahia Mar project
Fort Lauderdale commissioners approve rezoning for Bahia Mar project
Fort Lauderdale commissioners approve rezoning for Bahia Mar project
Aerial view of Bahia Mar hotel and marina
Bahia Mar developer cuts condo height by 10 floors
Bahia Mar developer cuts condo height by 10 floors
Jimmy Tate, Sergio Rok close $50M loan for luxury Boca Raton apartments
Jimmy Tate, Sergio Rok close $50M loan for luxury Boca Raton apartments
Jimmy Tate, Sergio Rok close $50M loan for luxury Boca Raton apartments
Fort Lauderdale commission again delays action on Bahia Mar project
Fort Lauderdale commission again delays action on Bahia Mar project
Fort Lauderdale commission again delays action on Bahia Mar project
?????????????????????????????????????????????????????????
Bahia Mar’s revamp met with opposition in the wee hours
Bahia Mar’s revamp met with opposition in the wee hours
arrow_forward_ios

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

Loading...