Comras Co., led by Michael Comras, is expanding its imprint on Miami Beach’s famed shopping corridor.
Courtesy of 3D Design Plus Inc.
The project will line Lincoln Road and North Lincoln Lane.
Comras landed a $117M loan from Acore Capital to acquire five properties along Lincoln Road and North Lincoln Lane, the developer announced Wednesday. It is planning to reposition the buildings into a 150K SF retail “micro-district” dubbed NoLi.
The project will feature 1,700 linear feet of retail, dining, wellness and lifestyle concepts, according to a release. The sale price for the properties was $140M, The Real Deal reported, citing an unnamed source.
“Lincoln Road has long been a landmark destination, and today there’s a clear demand for renewed synergy and a cohesive vision that elevates the overall experience,” Comras said in a statement.
None of the buildings will be torn down. Instead, they will be repurposed to create retail spaces that span 400 SF to 4K SF.
The developer plans to create a pedestrian passage that cuts through the 700 block of Lincoln Road and connects to North Lincoln Lane. The 18-foot-wide walkway would be lined with storefronts and restaurants. The passage will lead to a courtyard with café seating and a fountain in the center named NoLi Plaza.
Comras would also turn North Lincoln Lane from a service alley into a pedestrian-forward street with new stores, wider sidewalks and outdoor dining.
“Today’s market is about providing environments that foster a true sense of community, a place where people can come together, grab a coffee or juice, grab a workout, discover a boutique and just hang out,” Comras said in a statement. “With one cohesive vision across over 40 continuous storefronts, we’re creating an experience that resonates with both locals and visitors.”
Comras has been a longtime developer of retail on the corridor, starting in 1999 when he purchased properties from 1001 Lincoln Road through 1035 Lincoln Road for $12M, redeveloped them into an entire block and leased them out to Apple, Nike, Capital Bank and Gap. The parcel was sold in 2015 for $370M to Spanish billionaire and Zara founder Amancio Ortega, The Real Deal reported.
Across the street from its new development, Comras owns 701 Lincoln Road, which houses sports brand Hoka and fashion retailer Akira, a corner set to bring major Mexican sports retailer Culto Futbol from Grupo Innovasport.
The company, founded in 1992, has also developed shopping districts in Wynwood, Miami Design District, Coconut Grove, Downtown Miami, Coral Gables and East Las Olas Boulevard.
Plans for the NoLi micro-district come as Lincoln Road is going through a new phase of development.
The city of Miami Beach has adopted a $29M redevelopment plan for Lincoln Road pedestrian mall by redoing walkways, new lighting, new street furniture and a fertilization system for the trees that line the street.
At the Miami Beach Convention Center, a seven-minute walk away, Terra Group and Turnberry are building an 800-room Grand Hyatt Miami Beach hotel.