Michael Comras picks up missing piece of South Beach assemblage

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

TRD MIAMI /
Aug.August 21, 2017 12:00 PM

Rendering of BLVD at Lenox and Michael Comras

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
1510 West 25th Street, Valerio Morabito (inset) and Gianluca Vacchi (Getty, Douglas Elliman)

Italian entrepreneur and DJ pays $25M for Sunset Islands mansion

Italian entrepreneur and DJ pays $25M for Sunset Islands mansion
WeWork Lenox Avenue, WeWork Lincoln Road and CEO Sandeep Mathrani (Lenox location by Katherine Kallergis, WeWork, iStock)

WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave

WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave
27359 South Dixie Highway and Longpoint Realty Managing and Founding Partner Dwight Angelini (Google Maps)

Longpoint buys Fresco Y Mas-anchored center in Naranja

Longpoint buys Fresco Y Mas-anchored center in Naranja
Clifford Asness and 321 Ocean (Getty, Douglas Elliman)

Billionaire hedge funder sells South Beach PH at a loss

Billionaire hedge funder sells South Beach PH at a loss
(iStock)

South Florida by the numbers: From the Big Apple to the Magic City

South Florida by the numbers: From the Big Apple to the Magic City
David Martin and a rendering of the project

David Martin’s Miami Beach Marina proposal heads to voters in November

David Martin’s Miami Beach Marina proposal heads to voters in November
6380 north bay road with Richard and Barbara Lane (Urdapilletta Real Estate, A Scott/Patrick McMullan/Getty)

Real estate honcho buys waterfront North Bay Road home for $9M

Real estate honcho buys waterfront North Bay Road home for $9M
Shelborne South Beach

Shelborne South Beach unit owners lose appeal contesting $30M in assessments

Shelborne South Beach unit owners lose appeal contesting $30M in assessments
arrow_forward_ios

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

Loading...