Michael Comras picks up missing piece of South Beach assemblage
Comras paid $714 per square foot for the 7000 sf site
Michael Comras just picked up the missing piece of an assemblage he’s stitching together in South Beach.
The investor paid $5 million for a parcel that will allow him to build a new retail complex in the neighborhood.
Comras’ MAC 1045 5th St LLC bought the 7,000-square-foot site at 1031 Fifth Street from an affiliate of Carefree Lifestyle, property records show. Carefree is a luxury concierge service led by CEO Gary Marotta. Comras paid $714 per square foot for the Carefree Lifestyle site. He could not be immediately reached for comment.
Comras has been looking to develop BLVD at Lenox, a four-story retail project with more than 82,000 square feet of retail at what is seen as the “gateway to Miami Beach.” The building, being designed by Zyscovich Architects, will have three floors of retail, with parking on the third, fourth and rooftop levels.
The commercial broker and developer, who led the investor group that sold an entire block of Lincoln Road to Spanish billionaire Amancio Ortega for $370 million in 2015, paid $3.48 million for the properties at 1045 Fifth Street, 527 Lenox Avenue and 543 Lenox Avenue in 2014.
Together, the four parcels total 28,500 square feet and include a two-story nightclub.
The project is a block away from Fifth and Alton, a retail complex anchored by Best Buy, Publix and Total Wine & More.