Popular eateries Yuca and Ceviche 105 are teaming up to open a new restaurant on Washington Avenue in Miami Beach: Cubiche 105.
The city of Miami Beach has agreed to lease 7,130 square feet at 1555 Washington Avenue to an entity called Cubiche 105 LLC. The 10-year lease is priced at $56 per square foot, triple net, with an aggregate value of $5.1 million, according to information The Real Deal obtained from the city’s spokesperson.
Cubiche 105 LLC is managed by Janet Suarez, whose family owns Yuca on Lincoln Road, and Juan Chipoco and Luis Hoyos, owners of Ceviche 105, which has locations in downtown Miami and on Lincoln Road. In addition to Ceviche 105, Chipoco and Hoyos also own Pollos y Jaras in downtown Miami.
The new restaurant will offer a fusion of Cuban food and Peruvian food, according to a spokesperson for Chipoco and Hoyos.
Noah Fox, associate and general counsel of Koniver Stern Group, represented the joint venture tenants. The city of Miami Beach was represented by Max Sklar, director of the Tourism, Culture and Economic Development Department and Mark Milisits, asset manager of the Office of Real Estate, according to the city’s spokesperson.
The deal has been in the works for months, and required approval from the city’s finance department, city commission and planning board, Fox said.
“It’s going to be a really cool addition to Washington Avenue,” Fox told TRD. The tenants will be making improvements to the space before opening in the spring. The site was formerly Bar-B-Que Beach Bar and Restaurant, which has closed.
It is unclear if Yuca is moving from its location at 501 Lincoln Road. In April 2015, TRD reported that the restaurant was under threat of eviction, as litigation between the Latin-cuisine establishment and its landlord headed toward a boil. The lease was up and the landlord, J. Berens & Sons Development Corp., owned by brothers Israel Berens and Fred Berens, was looking to sell the building. A call to the attorney representing Yuca was not returned, nor was a call to Suarez seeking comment.
Washington Avenue is experiencing a new wave of redevelopment, amid the city’s approval of 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.
Nearby, Spring Brothers Irish Pub is opening soon at 1248 Washington Avenue. The restaurant has leased 4,500 square feet from an investment group led by Jonathan Fryd. Fox also represented the landlord in that deal.
“There’s certainly significant hotel investment and new retail tenants coming to Washington Avenue,” Fox told TRD, “and it’s only going to be getting better as a new generation of food and beverage comes to Washington Avenue.”