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
Fontainebleau Miami Beach (Top), Diplomat (Left), and Boca Raton Resort (Right)

SoFla hotels face $4B CMBS debt exposure

From left: Avra Jain, Scott Sherman, Josh Migdal, Tony Arellano, Devlin Marinoff and Jason Kellogg

“A landlord waiving rent and not getting anything in return is just not a reality:” experts sound off on pandemic’s effect on South Florida’s retail market

From left: Edgardo Defortuna, Stephan Burke, Ron Shuffield, Ana Bozovic, Carol Cassis, and Mark Zilbert

South Florida’s residential sales shift to virtual reality as business slows

From left: Eden Roc and BLT Prime Trump National Doral (Credit: Acroterion/Wikipedia, and Trump International Hotels Management LLC)

Trump National Doral restaurant, Eden Roc hotel lay off hundreds

The city of Miami Beach issued a stay-at-home order (Credit: iStock)

Miami Beach becomes first South Florida city to order residents to stay at home

From left: Miami Beach Mayor Dan Gelber, and Miami-Dade Mayor Carlos Gimenez (Credit: Twitter, Ryan Holloway/ Armando Rodriguez Miami-Dade County Photographers, and iStock)

All hotels, short-term rentals in Miami-Dade ordered to shut down due to coronavirus

5242 North Bay Road and Cyril Matz (Credit: Google Maps)

Waterfront North Bay Road home sells for $7M

4403 Pine Tree Drive with Mendel Fellig and Oren Alexander (Credit: Douglas Elliman, Sean Zanni/Patrick McMullan via Getty Images)

Car insurance mogul flips Miami Beach waterfront estate

arrow_forward_ios
Loading...