Stylish boutiques, chef-driven restaurants, an open-air courtyard and a fresh, modern design are all in store for CocoWalk, the retail-driven lifestyle center in the heart of Miami’s Coconut Grove neighborhood. The ownership group behind CocoWalk’s redevelopment is setting out to restore the center as a regional dining, shopping and entertainment destination as Coconut Grove emerges as one of South Florida’s hottest urban districts. Renovations to the existing retail space on the center’s western half will begin this summer in anticipation of a completion date in mid-2018.
News of the retail makeover follows the launch of One Cocowalk, a 78,000-square-foot Class A office building that will rise on the eastern portion of the CocoWalk site. The offices will appeal to media and tech companies, creative firms, financial and professional services firms, and global brands, boosting Coconut Grove’s daytime population and creating a built-in customer base for retailers and restaurants. One Cocowalk’s construction will begin in 2018, with delivery set for 2019.
“Surrounded by walkable streets, eclectic restaurants and retail, and some of the strongest demographics in Miami, CocoWalk has the potential to be a magnet for locals and visitors seeking an authentic neighborhood,” says Michael Comras of the Comras Company, a principal of the development team who will be spearheading retail leasing. “Our team acquired CocoWalk because we saw an opportunity to contribute to Coconut Grove’s emergence as a neighborhood that’s thriving day and night. Revamping our retail and adding new office space is essential to that vision.”
The centerpiece of the new CocoWalk will be an open-air plaza serving as a physical extension of Coconut Grove’s pedestrian streetscape. Café seating, water features and native foliage evoking the neighborhood’s lush tree canopy will create an ‘outdoor living room’ for the local community to enjoy. The center’s new look is designed by locally-based Beame Architectural Partnership and Foreseer, a company that specializes in creating unique connections between people and place. A contemporary design will be introduced with a careful nod to the Grove’s history, future and overall experience. Further, the project’s design intent will be consistent with Coconut Grove’s existing neighborhood aesthetic. The center will remain open to the public throughout the phased renovation process.
CocoWalk’s new retail mix will feature well-known brands and local operators providing lifestyle, wellness, beauty and other daily services. Food and beverage options will include both fast-casual and sit-down restaurants operating during breakfast, lunch and dinner. Once completed, the center will offer approximately 150,000 square feet of leasable space.
Federal Realty Investment Trust (NYSE: FRT), the Comras Company and Grass River Property purchased CocoWalk in late 2015 with the goal of improving the center’s connectivity with surrounding streets, aligning the property’s uses with Coconut Grove’s changing demographics, and revamping its retail offerings to meet the everyday needs of area residents. Since then, the team has engaged the community to determine the right direction for CocoWalk, leading to the decision to revamp the center’s retail and add commercial office space.
“We love the Miami market and Coconut Grove in particular, but ensuring success in retail today goes far beyond making cosmetic design changes,” explains Chris Weilminster, president of the mixed-use division at Federal Realty Investment Trust. “We’re going to inject CocoWalk with newer, cooler, hipper brands while improving integration with our neighborhood’s urban grid. The result will be an immersive experience that gives people a reason to leave home and brings the community together.”
CocoWalk was built in 1990 and soon gained popularity as a weekend destination in Miami’s bohemian Coconut Grove village. The past five years have seen a dramatic comeback in Coconut Grove, which is enjoying a commercial and residential resurgence marked by the rise of luxury condominiums, the debut of trendy shops and cafes, and the arrival of major corporations and entrepreneurial firms. Today, CocoWalk’s trade area is among the most affluent and dense in South Florida, home to more than 153,000 people with average household incomes of $110,000.
Nearby demand drivers include the University of Miami and numerous private day schools within walking distance; surrounding feeder neighborhoods including Coral Gables, Brickell, and Key Biscayne; and a series of marinas and public parks along the Biscayne Bay waterfront.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Our expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 98 properties include over 2,800 tenants, in approximately 23 million square feet, and over 1,800 residential units. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 49 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.
About Grass River Property
Grass River Property is a Coconut Grove, Florida based leader in real estate investment and development of mixed-use, commercial, office and residential projects. As the developer, owner and manager of some of the area’s most iconic and influential properties, Grass River Property has the local market expertise to execute projects of virtually any size and complexity. Our principals have collectively built more than $5 billion in office construction, totaling over 6 million square feet of office space. Our sustainable development and investments in urban properties are served by existing transportation infrastructures for high value-add projects that focus on walkability and transit access in increasingly dense urban settings. Examples include Grove Station Tower, a 184-unit apartment building in Miami; the 125-unit Aloft hotel near Miami International Airport; and the acquisition and planned mixed-use redevelopment of The Shops at Sunset Place and Cocowalk in partnership with Federal Realty and The Comras Company. Grass River has decades of experience working with some of the nation’s largest commercial, office and residential real estate and financial firms.www.grassriverproperty.com.
About The Comras Company
Comras Company of Florida, Inc. is a leading retail leasing, investment and development company. The firm specializes in urban markets and provides services that include landlord and tenant representation, strategic planning, site identification, market analysis, lease negotiation, portfolio review, site acquisition and disposition. The Company was founded by Michael Comras in 1992 and has since grown to sixteen employees with seven brokers dedicated to retail leasing and sales. In addition to brokerage services, Mr. Comras has developed and owns a portfolio of street oriented retail assets in Miami’s top markets. The ability to understand the development process, from due diligence through acquisition and subsequent development, allows the Company to evaluate sites as an owner/developer, which enhances the Company's ability to service its clients. A sampling of these assets include flagship locations for Apple, Gap, Nike, Forever 21, BCBG, Sephora, and 24 Hour Fitness in locations along Miami Beach's historic Lincoln Road, Collins Avenue's "Fashion District", Coconut Grove, Wynwood, and Miami's Design District, www.ComrasCompany.
