Take a look at the new CocoWalk: renderings

Miami /
May.May 18, 2017 05:30 PM

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.


Related Articles

arrow_forward_ios
Fuse Group CEO Eyal Peretz and Metronomic's Ricky Trinidad with 3364 Oak Avenue (Photo via Google Maps; Fuse; Metronomic)

Bankruptcy judge paves way for Metronomic property auction

Bankruptcy judge paves way for Metronomic property auction
3608 Stewart Ave, Miami (Redfin)

Entity tied to private equity firm buys Coconut Grove spec home for $5M

Entity tied to private equity firm buys Coconut Grove spec home for $5M
3187 Royal Road, Coconut Grove (Realtor)

Ransom Everglades sues developer Caroline Weiss over backyard boat dock

Ransom Everglades sues developer Caroline Weiss over backyard boat dock
Matthew B. Gorson and One Park Grove (Google Maps)

Greenberg Traurig chairman pays $7M for One Park Grove condo

Greenberg Traurig chairman pays $7M for One Park Grove condo
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)

Miami developer Metronomic files for bankruptcy

Miami developer Metronomic files for bankruptcy
Michael Comras and 947 Lincoln Road (Credit: Google Maps)

Lawsuit accuses Michael Comras, Robert Cayre and Harry Adjmi of dodging $300K judgment

Lawsuit accuses Michael Comras, Robert Cayre and Harry Adjmi of dodging $300K judgment
Mike Fernandez and Grove at Grand Bay unit 1901S (Getty, Lifestyle Production Group)

Miami billionaire Mike Fernandez sells Grove at Grand Bay condo

Miami billionaire Mike Fernandez sells Grove at Grand Bay condo
Map of condo sales and Grove at Grand Bay at 2675 South Bayshore Drive (Credit: Google Maps)

Miami condo sales rise in first week of September

Miami condo sales rise in first week of September
arrow_forward_ios

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

Loading...