Comras tapped to reposition stretch of Las Olas Boulevard

Miami /
Dec.December 05, 2016 11:15 AM

Michael Comras plans to bring a new vibe to the retail market in downtown Fort Lauderdale.

Comras and his senior director of retail leasing Jeffrey Evans were hired to handle leasing for the three major property owners along a four-block stretch of Las Olas Boulevard, which control about 90 percent of storefronts: Las Olas Companies, Barron Real Estate and Hudson Capital Group. In all, the Comras Company is handling about 250,000 square feet of retail space from U.S. 1, where the Cheesecake Factory is, going east toward the canal.

“Those four blocks for years have been sort of held back,” Comras told The Real Deal. “These independent owners are banding together to remerchandise and restrategize.”

He and Evans are launching leasing at ICSC New York on Monday and Tuesday, and have started wrapping storefronts with new marketing materials. The 250,000 square feet includes 50,000 square feet of new space and another 50,000 square feet that’s underway, Evans said. Las Olas Co. is building Las Olas Place, a two-story, 30,000-square-foot retail and office building across the street from American Social, a restaurant and bar on the corner of Eighth Avenue and the boulevard.

Comras declined to provide asking rents, but said that market rents currently range from $70 a square foot to $80 a squre foot. He plans to bring in similar tenant mixes like those on Miami Beach’s Lincoln Road and Sunset Harbour, and in Coconut Grove, including small fitness companies, home furnishings and accessories, athleisure, and high-tech stores.

Just west of the Las Olas shops is Fort Lauderdale’s central business district, where the Related Group is building Icon Las Olas. To the east are high-end single-family homes, and to the north, Flagler Village,  which is undergoing significant redevelopment geared toward attracting millennials and baby boomers. More than 40 projects are in the pipeline in Flagler Village.

Comras said he plans to redirect those consumers, who would otherwise go to Town Center at Boca Raton in Palm Beach County or Aventura Mall in Miami-Dade.


Related Articles

arrow_forward_ios
From left: 707-715 Southwest Fifth Street, Dania Beach; 2901 Northwest 18th Street, Fort Lauderdale; and 801-805 Northwest 10th Street, Hallandale Beach (Google Maps)
GDF Properties scoops up Broward multifamily portfolio for $17M
GDF Properties scoops up Broward multifamily portfolio for $17M
1600 Ponce De Leon Drive, Fort Lauderdale (Google Maps)
Tech company founder sells waterfront Fort Lauderdale mansion for $17M
Tech company founder sells waterfront Fort Lauderdale mansion for $17M
Chad Johnson and 1300 Brickell Drive, Fort Lauderdale (Lady Jane's)
Barbershop founder drops $7M on waterfront mansion in Fort Lauderdale
Barbershop founder drops $7M on waterfront mansion in Fort Lauderdale
John Rosatti and 315 Royal Plaza Drive, Fort Lauderdale (Google Maps)
BurgerFi founder sells waterfront Fort Lauderdale mansion for $7M
BurgerFi founder sells waterfront Fort Lauderdale mansion for $7M
Scottie Pippen and 2571 Del Lago Drive, Fort Lauderdale (Getty, Compass)
Scottie Pippen relists Fort Lauderdale estate for $12M
Scottie Pippen relists Fort Lauderdale estate for $12M
Gustavo Carbonell and a rendering of Progresso Village
Mixed-use apartment project planned for Fort Lauderdale’s Progresso Village
Mixed-use apartment project planned for Fort Lauderdale’s Progresso Village
Location Ventures CEO Rishi Kapoor and a rendering of the project. (Location Ventures)
Location Ventures lands financing on Ft. Lauderdale condo project
Location Ventures lands financing on Ft. Lauderdale condo project
Vision Properties’ Fred Arena and Steelbridge’s Gavin Campbell with 5900 North Andrews Avenue (Google Maps)
Vision Properties pays $44M for Cypress Creek offices
Vision Properties pays $44M for Cypress Creek offices
arrow_forward_ios

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

Loading...