The Mediterranean-style, 1990s-era CocoWalk is about to get a whole new look – and roster of tenants.
The open-air shopping center’s owners, Federal Realty Investment Trust, Grass River Property and Michael Comras, purchased an 80 percent interest in the 198,000-square-foot mall in a deal valued at $87.5 million in 2015. Comras announced earlier this year that CocoWalk would be converted into a mixed-use center with an open plaza, a plan that includes knocking down part of the mall and building a 78,000-square-foot office building.
The office component, called One CocoWalk, is slated to open in mid-2019 and will be geared toward global brands, media and technology companies, creative and financial firms. It will have four floors of office space above a level of ground-floor retail space, plus a rooftop terrace and event space with full views of the neighborhood.
Comras is handling retail leasing, which will include new stores and chef-driven restaurants catered more toward people who live and work in Coconut Grove, Comras said. Cafe seating, water features and a tree canopy will be added to CocoWalk. Beame Architectural Partnership is designing the project.
Comras confirmed that Cheesecake Factory is closing, but said the restaurant chain’s lease was ending and that it was a mutual decision. Cinepolis, a movie theater chain, will be renovating its theaters. Youfit Health Clubs will also stay. The shops are also looking to add service-type tenants like salons and beauty stores, as well as a gourmet market like a Dean & Deluca or Epicure, Comras said.
Asking rents are consistent with downtown Coconut Grove, which ranges from $50 per square foot to $120 per square foot, depending on size and location, according to Comras. Tenants like Büro Coconut Grove, Panther Coffee, Harry’s Pizzeria, Kit and Ace and others have moved in to the Grove over the past couple of years.
Renovations will start this summer and be completed in mid-2018. CocoWalk will stay open throughout.