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
Barry Sternlicht’s ex-wife buys condo at Glass in South Beach
Barry Sternlicht’s ex-wife buys condo at Glass in South Beach
Barry Sternlicht’s ex-wife buys condo at Glass in South Beach
Location Ventures launches sales of co-living project in Miami Beach
Location Ventures launches sales of co-living project in Miami Beach
Location Ventures launches sales of co-living project in Miami Beach
From left: Cavalli Tower with Hussain Sajwani of Damac and the Surfside condo collapse site (Damac, Wikimedia, Getty)
From Dubai to Surfside: Inside Damac’s plans to redevelop the tragic site
From Dubai to Surfside: Inside Damac’s plans to redevelop the tragic site
Philly developer Bart Blatstein buys Continuum townhome for $6M
Philly developer Bart Blatstein buys Continuum townhome for $6M
Philly developer Bart Blatstein buys Continuum townhome for $6M
Artefacto owner buys waterfront Palm Island home for $5M
Artefacto owner buys waterfront Palm Island home for $5M
Artefacto owner buys waterfront Palm Island home for $5M
Chris Bosh and the property (Getty, The Waterfront Team)
Chris Bosh’s former waterfront Miami Beach mansion hits the market for $42M
Chris Bosh’s former waterfront Miami Beach mansion hits the market for $42M
Douglas Elliman agent Oliver Lloyd buys waterfront Miami Beach teardown
Douglas Elliman agent Oliver Lloyd buys waterfront Miami Beach teardown
Douglas Elliman agent Oliver Lloyd buys waterfront Miami Beach teardown
Sabal Development sells another non-waterfront Miami Beach spec house for nearly $6M
Sabal Development sells another non-waterfront Miami Beach spec house for nearly $6M
Sabal Development sells another non-waterfront Miami Beach spec house for nearly $6M
arrow_forward_ios

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

Loading...