After more than two hours of contentious debate, the Miami Beach Historic Preservation Board on Monday allowed the developer to apply for permits for the proposed Time Out Market at 1601 Drexel Avenue, on the ground floor of a parking garage, just around the corner from Lincoln Road. [more]
Posts Tagged ‘lincoln road’
More dining options are in the works for Miami Beach residents and visitors near Lincoln Road, with Time Out Market, a gourmet food hall, opening soon. [more]
What a difference a few weeks make: Most of the 13 Lincoln Road operators given suspensions last month for allegedly putting out too many tables and chairs at Halloween have had their violations dismissed and the rest are still pursuing their appeals. [more]
The ground-floor retail space at 605 Lincoln Road in Miami Beach has just hit the market, and could fetch $30 million, The Real Deal has learned. [more]
More than a dozen Lincoln Road restaurants’ owners and representatives are crying foul over a recent city of Miami Beach crackdown on unpermitted outdoor tables and chairs during Halloween.
Lincoln Road’s notorious Alvin’s Island beachwear shop could be headed for the wrecking ball.
The Wexler family is offering Alvin’s home at 200 Lincoln Road as a long-term land lease, opening the door for possible redevelopment. [more]
A flurry of investment deals over the last year helped propel Miami Beach’s Lincoln Road toward the forefront of North America’s most expensive retail markets.
But a new report from brokerage Cushman & Wakefield shows the street’s meteoric rise has leveled off amid a changing retail landscape. [more]
From the fall issue: A year after Spanish billionaire Amancio Ortega made a record-shattering purchase on Lincoln Road — paying $370 million for an entire block — some of the enthusiasm for the retail district has waned.
“Two years ago, we were showing space on Lincoln Road every day,” said Stephen Bittel, chairman of Terranova, the largest retail property owner on the street. “Now it’s twice a week.”
Justin Greider, a vice president at JLL, echoed the sentiment, saying that vacancies are taking longer to get leased up, with some spaces sitting empty for up to 15 months. And some lingering vacancies remain, particularly on the east end of the popular retail street.
Owners have been dropping asking rents, which have declined to about $275 to $325 per square foot, down from $350 to $450 at the start of the year, according to Greider. That followed a long streak of rising rents dating back to 2010.
“If anything, supply is greater than demand right now,” said Drew Schaul, an executive vice president at RKF who represents several properties on Lincoln Road.
For the moment, though, there’s still plenty of money pouring into the fashionable Miami Beach shopping district. The area is still a very attractive location for retailers, said Manny De Zarraga, an executive managing director at HFF. He ranked it among the top shopping, dining and entertainment districts in the world because of the volume of visitors.
“Ten million people may walk Lincoln Road a year,” he said. “It’s tough to find even regional malls that come close to that traffic.” [more]
Terranova Corp. is putting a lease deal with an Argentine ice cream shop franchisee on deep freeze. [more]
Macy’s leasehold on its store off Lincoln Road is quietly being marketed for sale, and could fetch as much as $80 million or more, sources told The Real Deal. [more]