Michael Comras Proposes Lincoln Road Pedestrian Passage

Michael Comras wants to turn a service alley and vacant storefronts from Lincoln Road to North Lincoln Lane in Miami Beach into a pedestrian retail destination lined with boutiques, cafés and outdoor seating.

The investor filed plans with the Miami Beach Historic Preservation Board for renovations to 719-737 Lincoln Road, a 1941 building in the Flamingo Park Historic District, as part of a broader revitalization effort dubbed Via NoLi that aims to create a walkable connection.

The renovations include a covered pedestrian passageway through the property, creating 1,500 linear feet of retail frontage linking Lincoln Road and North Lincoln Lane. Plans also call for upgraded storefronts, new landscaping and shade trees, outdoor seating areas and improvements to a second-floor mezzanine overlooking the pedestrian corridor.

The Historic Preservation Board is scheduled to review the application Tuesday. Approval is required because the building is a contributing structure within a local historic district.

North Lincoln Lane currently serves as a vehicle loading and service alley. The project would not add square footage or change the building’s scale and massing, instead focusing on modernizing the property while preserving its historic character, according to the application.

The 18,800-square-foot property fronts Lincoln Road and extends north to North Lincoln Lane on a midblock site between Meridian Avenue and Meridian Court.

The filing mentioned a separate application that seeks improvements to the Lincoln Road Eatery property at 723 North Lincoln Lane, and Comras-affiliated entities are negotiating with the city on public realm and infrastructure upgrades along North Lincoln Lane.

Comras did not immediately respond to a request for comment.

Competition from Miami’s Design District, Wynwood and Brickell neighborhoods drew retailers and restaurants away from Lincoln Road in the late 2010s, leaving landlords scrambling to fill storefronts and support rents.

The pendulum is swinging back through efforts from Miami Beach and the Lincoln Road Business Improvement District in addition to players like Comras.

Rents have become more attainable for local tenants, and a combination of public investment, business district initiatives and private development is helping breathe new life into the iconic pedestrian mall.

Comras is no stranger to Lincoln Road. In 2015, the veteran retail investor sold 1001-1035 Lincoln Road for $370 million to Pontegadea, the family office of Zara co-founder and Spanish billionaire Amancio Ortega.

Now he’s making another big bet on the corridor.

In November, Comras’ firm paid $140 million for 11 storefront properties situated along Lincoln Road’s 700 and 800 blocks. The portfolio includes spaces occupied by tenants such as The Cheesecake Factory, Salt & Straw, IT’SUGAR and Lincoln Eatery.

Comras plans to rebrand the portfolio into NoLi — short for North Lincoln Road — a 150,000-square-foot boutique shopping district that he hopes will help fuel the corridor’s comeback.

He’s not the only one bullish on Lincoln Road’s revival.

In April, real estate broker and investor Aaron Butler paid $8.4 million for a quarter-acre vacant lot at 500 Lincoln Road. The site already has approvals for a two-story, 20,000-square-foot building with a rooftop terrace designed by Touzet Studio, where hospitality group Noble 33 is expected to open its Mēdüzā Mediterranïa restaurant.

Torose Equities founders Michael Simkins and Scott Sherman also jumped into the market, paying $11.7 million in February for a one-story retail building at 716-720 Lincoln Road.

And last year, Robert Rivani bought the historic Lincoln Theatre building for $37 million. The fully leased property is anchored by H&M and also houses tenants including Swatch, Tapelia Spanish Cuisine and Myka.