The retail component of Miami Worldcenter is one step closer to becoming a reality.
The Forbes Company and Taubman Centers hired the Comras Company to partner on leasing of the 300,000 square feet of retail, restaurant and entertainment space at the 27-acre mixed-use development near Miami’s Overtown. Miami Worldcenter is under construction between Northwest First Avenue and Northeast Second Avenue and between Northeast Sixth Street and Northwest 11th Street.
Comras President and CEO Michael Comras, Jeff Evans and Michael Silverman will be working on Miami Worldcenter. Comras said the Seventh Street corridor, where the apartment building Caoba was recently completed, will cater to residents and employees in the area with lifestyle-type tenants that will include a coffee shop, salon, spa, specialty fitness, cafes and more.
Comras is targeting large entertainment concepts, theaters, breweries and sports bars, large fitness operators, a gourmet market or food hall, restaurants and lounges.
Retail spaces will range from 400 square feet to 50,000 square feet and up. Comras will also be reaching out to fashion, athleisure, cosmetics and beauty, and clicks-to-bricks retailers.
The retail space is expected to start opening at the end of 2020, he said.
On rents, Comras declined to provide specific rates, adding that, “I would like to say we’re a young Brickell.”
Caoba, the first building at the $4 billion, 10-block complex was recently completed by CIM Group and Falcon Group. Rents at the 444-unit rental tower, at 698 Northeast First Avenue, start at about $1,800 for a 349-square-foot studio. Next to be delivered is Paramount Miami Worldcenter, a 60-story condo tower with more than 500 residential units, which is 85 percent sold. It’s expected to open in May.
Miami Worldcenter will also have a 348-room CitizenM hotel, a 434-unit rental tower, a 1,100-space parking garage, a 1,700-room convention center hotel from MDM Development Group and an office tower being built by Hines with up to 500,000 square feet of office space.
“There will be very minimal onsite food and beverage [at the convention center hotel] so everyone from the hotel is encouraged to walk over to our main promenade,” Comras said.