Miami’s Little Haiti neighborhood has attracted a new tenant. Entercom Communications Corp., one of the country’s biggest radio broadcasting companies, is moving from Miami Gardens to Little Haiti.
Entercom inked a lease for 22,500 square feet at the Citadel, a redeveloped, mixed-use, 62,000-square-foot building at 8300 Northeast Second Avenue, according to Avison Young. The brokerage’s principals and managing directors Donna Abood and Michael T. Fay and senior associate Joe Abood represented Entercom in the lease, which will take up the second floor of the building with offices, studios, meeting rooms and a performance space for up to 200 guests.
Asking rent for the 22,500 square feet in the building was $30 per square foot, according to December 2016 data from the CoStar Group. About 5,500 square feet of ground floor retail space is still available.
Overall, the average asking office rent in Little Haiti is nearly $40 a foot.
Urban Atlantic Group and Conway Commercial Real Estate own and redeveloped the property. Thomas Conway, principal and managing director of his company, represented the Conway and Urban Atlantic. The two firms also own MADE at the Citadel, a two-story, 26,000-square-foot co-working building across Northeast Second Avenue. That opened less than two years ago.
New development plans are sprouting up all over the neighborhood. There’s the proposed Eastridge special area plan that would take over 22 acres, a proposal to redevelop Archbishop Curley-Notre Dame High School, and the $1 billion Magic City project.
Entercom, a publicly traded broadcasting company based in Bala Cynwyd, Pennsylvania, calls itself the fourth-largest radio company in the United States, with more than 125 radio stations in 27 media markets. It’s leaving its 15,000-square-foot space at 20450 Northwest Second Avenue and will move into the Little Haiti location in the fall, according to a press release.
TRD Researcher Eda Kouch contributed to this report.