Redevelopment of CocoWalk advances as demolition starts on property’s east side

The owners are making way for a five-story, 85,000-square-foot office building and 20,000 square feet of street-level retail space

Miami /
May.May 26, 2018 09:00 AM

CocoWalk redevelopment rendering

Demolition work is under way on the east side of the CocoWalk complex in Coconut Grove to make way for a five-story office building and street-level retail space.

It will be the first new office building to open since 1989 in Coconut Grove, where the office vacancy rate is 1 percent, according to research by Blanca Commercial Real Estate.

Construction of the 85,000-square-foot office building, called One CocoWalk, and the 20,000 square feet of street-level retail space is scheduled to conclude in the fourth quarter of 2019.

Chase Bank, the Cinepolis movie theater, The Gap, YouFit Health Club and other CocoWalk tenants will remain open for business during the project.

The $70 million project is part of a redevelopment of CocoWalk by Federal Realty Investment Trust, Grass River Property and the Comras Company, which together bought the Mediterranean-style, 1990s-era property in 2015.

The demolition of the east side of CocoWalk follows the start of a large-scale remodeling project on the west side of the property.

The Comras Company and Blanca Commercial Real Estate are leading the efforts to secure tenants for offices and retail spaces. – Mike Seemuth


Related Articles

arrow_forward_ios
From left: AMLI Residential’s Gregory Mutz; Terra’s David Martin; Grand Peaks Properties’ Luke Simpson; Related’s Jorge Perez; and Grand Peaks Properties' Nick Simpson (Getty Images, AMLI, Terra, Grand Peaks Properties, Related, Corwil Architects, Arquitectonica)
Development bonanza: Four Miami projects nab approval
Development bonanza: Four Miami projects nab approval
Terra's David Martin and AB Asset Management's Getzy Fellig with rendering of Residences in the Grove (Terra Group, LinkedIn, Getty)
Terra, AB Asset plan 174 apartments in Coconut Grove
Terra, AB Asset plan 174 apartments in Coconut Grove
Moishe Mana, 48 East Flagler Street (left) and 76 East Flagler Street (right) (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Google Maps)
Moishe Mana’s downtown Miami tenants allege fraudulent eviction
Moishe Mana’s downtown Miami tenants allege fraudulent eviction
MG Developer's Alirio Torrealba with 3191 Southwest 39th Avenue and 3160 Southwest 38th Court (LinkedIn, Google Maps)
MG completes Miami apartments dev site assemblage
MG completes Miami apartments dev site assemblage
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Metronomic's Kelly Beam with 3265 Bird Avenue (Metronomic Holdings, Google Maps)
Embattled developer’s Coconut Grove rentals head to auction
Embattled developer’s Coconut Grove rentals head to auction
Ken Griffin and Adrienne Arsht with 3031 Brickell Ave (Getty, Atlantic Council, Oak Studios)
Ken Griffin buyer of Adrienne Arsht’s $107M estate: sources
Ken Griffin buyer of Adrienne Arsht’s $107M estate: sources
Adrienne Arsht and the Coconut Grove estate (Arsht via Naomi.cherenson, CC BY-SA 4.0, via Wikimedia Commons, 3031 and 3115 Brickell Avenue photos provided by 1 Oak Studios)
Adrienne Arsht’s Coconut Grove estate sells for record $107M
Adrienne Arsht’s Coconut Grove estate sells for record $107M
arrow_forward_ios

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

Loading...