South Beach’s Washington Avenue nabs new retail tenants

Miami /
Sep.September 24, 2015 03:45 PM

Three new retail stores are setting up shop on Washington Avenue near Eighth Street, amid efforts to gentrify the South Beach retail corridor, The Real Deal has learned.

Noah Fox, an associate with Koniver Stern Group told TRD he has just brokered three leases for the building that runs from 815 Washington Avenue to the corner of Eighth Street. 

“It’s exciting to see a street that for many, many years was blighted coming to life and flourish, and I hope to be part of that process,” Fox said. “Landlords are starting to look at the street as an opportunity for change, and it’s long overdue.”

Labellamafia, a Brazilan activewear company has already opened at 826 Eighth Street, adjacent to Washington Avenue. The store has 1,000 square feet, Fox said.

True Vintage, a high-end vintage eyewear store will open its 1,000-square-foot store at 811 Washington Avenue within the next month, he said.

And OMG Miami Swimwear has just leased 1,500 square feet at 815 Washington Avenue. The formerly online-only retailer will open its first store in next month, Fox said.

“Now the entire building is leased up with three tenants,” said Fox, who represented both sides of the deal for La Bella Mafia and True Vintage, and represented the landlord for OMG Swimwear.

Miami-Dade property records show the entities that own the building are 801 Washington VVV LC, 801 Washington RV LLC and 801 Washington Group LLC. The first two entities’ agent is Stephen Hruby, with a Naples address. The last entity’s manager is Richard Rumpf.

The property is next to the Clinton Hotel, which the Think Hotel Group bought in June for $28.5 million.

Nearby, other commercial properties along the street are also trading hands. Within the past week, Jason Weisman, principal of JAW Commercial, purchased the 6,200-square-foot retail building at 1413 Washington Avenue in Miami Beach, with plans to bring in new tenants.

Washington Avenue is experiencing a new wave of redevelopment, as the city considers new measures that are designed to increase hotel space and retail and dining opportunities on the street, which lags far behind Lincoln Road and Ocean Drive in attracting first tier retail, dining and hotel venues.

Proposals include raising height limits for buildings on Washington Avenue, widening sidewalks, adding bike lanes and closing down one lane of traffic along much of the avenue to allow parklets — parking spaces converted to temporary patios for outdoor dining.

“The goal is to make this an urban corridor where the tourists and the residents can meet,” said Andrew Resnick, a major proponent of improvements along the street and a partner in various Washington Avenue properties between 6th Street and 7th Street, 12th Street and 13th Street and 15th Street and 17th Street. “We believe this will be the best, coolest street in Miami Beach.”

 

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