Michael Comras picks up missing piece of South Beach assemblage

Comras paid $714 per square foot for the 7000 sf site

Miami /
Aug.August 21, 2017 12:00 PM

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.


Related Articles

arrow_forward_ios
Phil Gutman with Bess Freedman and Mark Zilbert (Linkedin, Freedman by Studio Scrivo)
Phil Gutman leaves Brown Harris Stevens Miami
Phil Gutman leaves Brown Harris Stevens Miami
Peter Thiel with 445 to 441 East Rivo Alto Drive (Getty)
PayPal co-founder Peter Thiel revealed as buyer of Miami Beach mansions
PayPal co-founder Peter Thiel revealed as buyer of Miami Beach mansions
Ophir Sternberg with the Ritz-Carlton Residences, Miami Beach and the land for the villas (Lionheart Capital)
GFI buys land for second phase of Ritz-Carlton Residences Miami Beach
GFI buys land for second phase of Ritz-Carlton Residences Miami Beach
(iStock)
South Florida resi sales jump in Q4: Elliman
South Florida resi sales jump in Q4: Elliman
21046 Commercial Trail, Boca Raton (Google Maps, iStock)
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
Richard Bressler and Lisa Gersh with 1425 West 25th Street, Miami Beach (Getty, Google Maps)
Media titans buy Sunset Islands home for $5M
Media titans buy Sunset Islands home for $5M
Ruthie and Ethan Assouline lead Compass’ Assouline Team. (The Assouline Team, iStock)
Compass’ Assouline Team expands to Miami Beach
Compass’ Assouline Team expands to Miami Beach
Images of Arte, Ritz-Carlton Residences Miami Beach, Ritz-Carlton Residences Miami Beach and One Thousand Museum (One Thousand Museum via One Sotheby's)
Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida
Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida
arrow_forward_ios

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

Loading...