Downtown Miami redevelopment “requires planning and patience”: Rok Enterprises pres

From right: Sergio Rok and partner Jimmy Tate
From right: Sergio Rok and partner Jimmy Tate

With 17 buildings downtown and another nine throughout Miami-Dade County, Rok Enterprises president Sergio Rok is one of the largest property owners in Miami, and like many of the city’s landlord’s he is committed to the redevelopment of downtown Miami.

“This is a very complex area with a lot of individual owners, and few big parcels,” Rok told the Miami Herald in an interview. “I truly believe in the future of downtown but a lot more needs to be done. It requires planning and patience.”

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Rok currently leases to nearly 300 downtown tenants and over the last five years, i.e., through the recession, he has only let four of his properties trade. “Once you stabilize an asset, the upside is limited so you look for a good time to sell,” Rok said.

According to Rok the future of downtown Miami will be adding residential real estate and luring national retailers to the city. “There is more residential than ever, so the population has increased, but national retailers are still holding back.” Rok said. “The DDA is working on the Flagler Street Improvement Project, which is critical if we are to attract national chains. We need the city, county and private sector to work together to bring about change.” [Miami Herald]Christopher Cameron