The Real Deal Miami

Comras nabs $35M construction loan for Miami Beach retail project

Target is opening its first small-format store in SoFla at the development
March 06, 2018 04:30PM

Rendering of BLVD at Lenox and Michael Comras

A company led by Michael Comras closed on $35 million of construction financing for BLVD at Lenox, a Target-anchored retail project in Miami Beach.

City National Bank is providing the loan to Mac 1045 5th Street LLC, led by Comras. The five-story building will have about 67,000 square feet of retail space and 224 parking spaces. The developer broke ground in January.

CBRE’s Jonathan Rice and Jeff Ackemann of Atlanta secured the financing, according to a release. Target will anchor the development with a 33,000-square-foot store that’s slated to open in the spring of 2019. The retailer will open its first small-format store in South Florida at the Comras project.

In November, Comras said he’s aiming to lease the remaining 34,000 square feet of retail space to restaurant and service-oriented retailers. Asking rents at the project range from $40 per square foot to $70 per square foot. Available spaces include nearly 28,000 square feet on the ground floor and 5,500 square feet on the third floor.

Comras, who led the investor group that sold an entire block of Lincoln Road to Spanish billionaire Amancio Ortega for $370 million in 2015, assembled the BLVD at Lenox site between 2014 and 2017 for a combined $8.48 million. – Katherine Kallergis