On the ground floor of the new Marshalls building just off of Lincoln Road, Terranova Corp. plans to open a food hall by the summer of 2018.
The Lincoln Eatery, at 723 North Lincoln Lane, will join a handful of new food halls planned for the Miami area. Miami Beach-based Terranova is handling the management and leasing of the project, a 9,600-square-foot food hall that will have roughly 16 eateries, juicers and coffee-type tenants, Terranova Executive Vice President Mindy McIlroy told The Real Deal.
Within the food hall, spaces will range from 115 square feet to nearly 500 square feet, and spaces can be combined depending on the tenant. About 4,400 square feet will be leased to tenants and the remaining 5,200 square feet will be for seating and other common space. McIlroy declined to provide asking rents, but said they will be driven by expected sales volume.
“The goal is to bring more unique, local, curated [eateries],” she said. Other food halls in the works include the Time Out Market, a gourmet food hall planned for 1601 Drexel Avenue, and La Centrale at Brickell City Centre.
The Lincoln Eatery will also have a rooftop with about 1,000 leasable square feet, which will be liquor/beverage-focused, and will have open-air space for seating.
Site plan (click to enlarge)
Property records show PPF 723 Lincoln Lane LLC, a company controlled by Terranova Chairman and founder Stephen Bittel, owns the building. The LLC paid $33.2 million for the property in 2014, and took out a $18 million construction loan for the site in 2015.
McIlroy said the food hall expects to receive approvals from the Miami Beach Design Review Board in the coming months and secure building permits by July so that it can deliver “plug and play” spaces to the tenants by the beginning of the second quarter of next year, and open by the summer of 2018.
The project is part of Terranova’s plans for the Lincoln Lane district, an area just north of Lincoln Road where the company is also spearheading the development and leasing of the building across the Meridian Avenue, where Anthropologie is slated to open in July. That project, at 801 Lincoln Road, will also include a restaurant on the rooftop.