Hollywood Mad for 'Max,' 'Spotlight' Takes Big Prize

The Miami Herald, 2016-02-29 Cropped page Page: 1A

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VOLUME 113, No.168 FACEBOOK.COM/MIAMIHERALD KEEPING YOU Mostly cloudy MONDAY FEBRUARY 29 2016 $1 STAY CONNECTED MIAMIHERALD.COM TWITTER.COM/MIAMIHERALD CONNECTED 80°/66° See 8B

THE ENVIRONMENT Lake O dumps muddy state’s coasts

...... Dumping of Lake Okeechobee water after a wet winter is harming Florida’s shorelines ...... Locals concerned about a repeat of fish kills and algae blooms that followed earlier releases ...... Water managers can’t say when CHRIS PIZZELLO/AP the releases will end THE 88TH ANNUAL ACADEMY AWARDS ......

BY JENNY STALETOVICH [email protected]

What’s yellow, brown and Hollywood mad for ‘Max,’ black all over? After a bruising watery winter on the heels of a dry summer, Florida’s water. In July, a stinky stain that ‘Spotlight’ takes big prize scientists call yellow fog spread across Florida Bay after a regional drought killed miles of ...... seagrass. This month, water ‘Spotlight’ suprises everyone by winning Best Picture managers began flushing Lake ...... Okeechobee, a vast shallow Host Chris Rock dove in and tackled #OscarsSoWhite controversy bowl more than twice the size of ...... New York City, into the Atlantic ‘Mad Max: Fury Road’ snatched a healthy string of early awards Ocean and Gulf of Mexico fol- ...... lowing record rain. A familiar wave of black water thick with “I’ve always just adored stories sediment soon flowed east, BY RENE RODRIGUEZ —hearing them, seeing them, spreading to corals on the [email protected] being in them — so for me to have northern remnants of the state’s achance to work with I think one reef tract. On the Gulf coast, The 88th Academy Awards of the greatest storytellers of our water turned a muddy brown. spread the love among the nomi- time, Steven Spielberg, has just “You can’t see three inches in nated films, with Mad Max: Fury been such an honor,” said Ry- the water,” said fishing Capt. Road taking an early lead with six lance. “And unlike some of the Mike Connor, whose Stuart- Oscars, including Best Editing, leaders we’re being presented with based business is down 70 per- Production Design and Makeup. these days, he leads with such love cent this year as he struggles to The movie’s recognition was par- that he’s surrounded by masters in recover from a similar flushing ticularly notable considering it is every craft. … I’m so pleased that in 2013. part of a genre — post-apocalyptic our film has been nominated so “We get this every two to action — which rarely is recog- many times.” three years,” he complained. nized. Spotlight and The Big Short, “It’s like a punch-drunk boxer. Leonardo DiCaprio broke his two dramas based on real-life You get punched too many streak of missing out on Oscars, events, won the Oscars for Best times and you just don’t get

winning Best Actor for his role in Original and Adapted Screen- CHRIS PIZZELLO/AP up.” The Revenant. In one of the night’s Dumping lake water has be- SEE OSCARS, 2A biggest upsets, Creed’s heavily- Academy Awards host Chris Rock, at top, weighed in Sunday on the come a routine move with an favored Sylvester Stallone lost the lack of diversity in this year’s batch of nominees with a pointed — aging flood-control system inca- Best Supporting Actor Oscar to MORE INSIDE yet elegant and funny — opening monologue addressing the Oscars’ pable of handling Mother Na- Mark Rylance, who played a So- long history of shutting out minorities.Above, actress Alicia Vikander ture’s curve balls. But scientists viet spy in Steven Spielberg’s Check out the best dresses seen Sunday accepts the Best Supporting Actress award for her role in ‘The Bridge of Spies. night on the red carpet, 10A Danish Girl.' SEE BLACK WATER, 2A

IN DEPTH BUSINESS MONDAY SPORTS SANDERS MAY BE DEVELOPERS GO HEAT WINS IN HARD SELL HERE BIG ON RETAIL JOHNSON DEBUT Bernie Sanders hasn’t Developers are investing Dwyane Wade scored 26 campaigned in South billions in renovating points and Joe Johnson Florida, where his talk of shopping centers across made a three on his first a ‘political revolution’ South Florida and building shot in a Heat uniform might make it difficult to new open-air ‘high-street’ as Miami beat the New connect with exiles, 4A shops, 16G York Knicks 98-81, 1B

TOP STORIES CAMPAIGN 2016 MIAMI GARDENS VIRGINIA SPORTS Advice 11A Local news 4-7 STAY CONNECTED Comics 13A People 10A Bill Clinton stumps for Teen charged in shooting Slain officer was sworn in Golfer Adam Scott Deaths 14-15A Puzzles 11-12A Hillary in Miami Gardens death of 14-year-old boy a day before shooting captures Honda Classic Horoscope 12A Sports on TV 2B PAGE 4A PAGE 4A PAGE 9A PAGE 1B Lottery 9A Television 11A Copyright 2014 Olive Software 2016-02-29 07:04:24

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...... CENTERPIECE Developers and mall operators want to renovate and expand This Week Staff shopping centers across the region. But some locals worry that national chains geared toward wealthy tourists will keep Executive Business Editor squeezing out the small businesses that make South Florida Monday WLRN FM public radio, unique. Either way, the growth isn’t stopping, Jane Wooldridge, 16 91.3 FM, 9 a.m.: The Sun- [email protected] shine Economy presents PROFILE “Politics and Money,” featur- Business Monday Editor In a field of heavily marketed brands such as Expedia and Kayak, ing conversations with Rosemary ‘Rory’ Clarke Skyscanner — with an office in Miami — sets itself apart, 4 business and labor leaders [email protected] about the economic issues STARTUP SPOTLIGHT at the heart of voter con- Ironhack is an international coding boot camp, 6 REPORTERS 16 cerns this election year. Consistently, voters say the SOUTH FLORIDA CEO ROUNDTABLE economy is one of the top Nancy Dahlberg, Entrepreneurship, CEOs were asked: On a 1-to-10 scale, how would you describe issues in the race for the local tech, 305-376-3595, your outlook toward sea-level rise and South Florida’s economy? 8 White House. As early [email protected] voting begins for Florida’s BROKER’S VIEW/ON THE HOMEFRONT primary, what are the eco- Last year was one of change for Brickell’s residential real estate 4 Nicholas Nehamas, Banking, nomic stakes for South market, and 2016 will be pivotal, says David Siddons of EWM, 11 Florida’s economy, busi- economy, real estate, 305-376-3745, nesses and workers? [email protected] GATEWAY CITY/WHO’S HERE In town: Tropical Pallets in Allapattah, a family-run business, A The National Confec- Mimi Whitefield, International creates the wooden items that are an essential piece of tioners Association “State of business, 305-376-3732, the transportation network for imports and exports, 13 the Industry” conference. [email protected] Began Sunday, ends Tues- Q&A day. At Trump National Melissa Krinzman of Krillion Ventures, 14 Doral Miami; 600 attendees Rene Rodriguez, Media and expected. entertainment, 305-376-3611, A NALCO leadership [email protected] meeting. Began Sunday, Index ends Friday. At the Fontai- HOW TO REACH US Datebook, ...... 6 nebleau Miami Beach. 588 Business Plan Challenge, ...... 7 attendees expected. Philanthropy, ...... 9 A The Environmental Newsroom, 305-376-2111 Movers, ...... 10 Grantmakers Association, Gateway City/Trend, ...... 12 Winter Briefing. Through Agenda, ...... 24 To advertise, In Miami-Dade, call Wednesday. At Eden Roc 305-376-2694; In Broward, call ...... Resort Miami Beach; 150 954-538-7227 attendees expected. ON THE COVER To subscribe, 800-843-4372 Bal Harbour Shops is heavily landscaped with palms Wednesday and fish ponds. The mall, one of the region’s top- ‘HYPE” Awards at For back issues, 305-376-3719 producing shopping centers, plans a major expansion. 13 Greater Miami Chamber of Commerce: Celebrating PHOTO BY CHARLES TRAINOR JR./MIAMI HERALD STAFF For article reprints, young professional in- ...... novation and achievement. MiamiHerald.com/heraldstore 12-1:30 p.m. at Jungle Island. By the Numbers $75 member, $100 non- For photo and graphic reprints, member. Register at MiamiHerald.com/heraldstore The median sale price of a single-family home in www.MiamiChamber.com. For information, contact ...... January in Miami-Dade, according to data released last week by the Miami Association of Realtors. That Andréa Garcés, 305-577- 5433 and agarces@ compares to $237,500 in January 2015. miamichamber.com $270,000 DEBORA LIMA ......

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make retail a good buy. Miami actually outsold higher- profile shopping destinations such as New York and Los Angeles in 2014, according to a commonly used statistic collected by the Developers go on International Council of Shopping Centers. Sales for non-anchor tenants in South Florida averaged $768 per square foot in 2014, ICSC found, well ahead of New York ($581) and Los Angeles ($566), as well as the a shopping spree national average ($474). “Everything is in this market’s favor, particularly in the two areas ...... mall next door. we are investing in,” Weilminster BY NICHOLAS NEHAMAS New or expanded shopping centers are planned across South Florida And then, of course, there’s said. Related Group [email protected] ...... American Dream Miami, a 200- But he and Federal’s partners, An artist’s view of the shops now planned for CityPlace Doral. Retail-space vacancies are at historic lows acre complex slated for Northwest local developer Michael Comras There’s a gold rush on for retail ...... Miami-Dade. If given the green and Coconut Grove-based Grass in South Florida. Some are concerned that local retailers will get squeezed out light by the county, it would be the River Properties, know they have a Developers and mall operators ...... U.S.’s largest mall. long road ahead, one that could want to renovate and expand For consumers, at least those cost tens of millions of dollars, and shopping centers across the region. who can afford the new shops, likely more, in renovations and New retail is popping up, too, more and better options are a good rebranding. especially open-air “high-street” thing in what analysts say is an During a recent visit on a rainy shops with surprisingly gourmet underserved market. New jobs, weekday afternoon, CocoWalk dining — a breezy contrast to the even if mostly low-wage, will help was practically deserted. Even on enclosed suburban malls of old. the economy, too. But some locals sunny weekends, the four-story, The cost of all that investment worry that national chains geared 198,000-square-foot mall can feel runs into the billions. toward wealthy tourists will keep a bit like the aftermath of a zombie The timing may seem odd, given squeezing out the small businesses apocalypse, forgotten by locals and the obstacles: Economic slow- that make South Florida unique. frequented instead by undiscrimi- downs in Latin America, Europe Either way, the growth isn’t stop- nating tourists and teens escaping and China. A strong dollar slowing ping. mom and dad. The mall has had tourist spending and a shaky stock “It’s really unprecedented,” said four different owners since 1998, market here at home. More and Alan Esquenazi, a commercial not including the latest group. more people shopping online. But real-estate broker at Continental Vacancy rates hover at nearly 20 experts say the Miami market’s Real Estate Companies. “The percent. Tiles are cracked, paint Dacra fundamentals are strong and that South Florida market is on fire. chipped. Arendering shows a garage wall at the Museum Garage, designed by there’s room to grow despite fears The demand from national retail- “This really should be the crown Tokyo-based Nicolas Buffe, that’s planned in Miami’s Design District. of oversaturation when the new ers, as well as local and regional, is jewel of Coconut Grove,” said projects open up. CHARLES TRAINOR [email protected] intense. The available space is Comras, who also recently part- To list all of South Florida’s Security guard Sam Thelusma stands watch in the heavily landscaped, lacking. Rents are rising quickly.” nered on a massive $370 million retail activity takes heroic resolve: well-fronded Bal Harbour Shops, keeping calm amid the crowds. No one is making a bigger bet sale of an entire block on Lincoln A 500,000-square-foot, open-air on South Florida than a Maryland- Road. (That mega-deal, to Spanish shopping center under construc- based real-estate investment trust billionaire Amancio Ortega, is tion at Brickell City Centre is set retail arteries on Lincoln Road in that just finished a major local another sign of how badly inves- to open this fall. Traditional po- Miami Beach, Miracle Mile in shopping spree, spending tors want to nab South Florida werhouse malls such as Aventura, Coral Gables and Flagler Street $87.5 million on CocoWalk in retail, brokers say.) where the ATMs dispense $100 downtown. Even industrial Doral Coconut Grove and $110 million “When you look at the areas bills, and Dadeland have expand- is getting an influsion of upscale IT’S REALLY on the Shops at Sunset Place in that surround Coconut Grove from ed or are in the process of doing retail. UNPRECEDENTED. THE South Miami. Coral Gables to Key Biscayne to so. The ultra-luxury Design Dis- In Broward, Plantation’s Fash- SO‘‘UTH FLORIDA “We’ve always had a strong Pinecrest to South Miami, you trict will double in size in 2017. ion Mall is set to be demolished desire to be in South Florida,” said have the best demographics year- The Bal Harbour Shops would like and replaced by an open-air shop- MARKET IS ON FIRE. Chris Weilminster, executive vice round in South Florida,” Comras to grow, too. In downtown Miami, ping center. Meanwhile, America’s president at Federal Realty In- added. the long-planned Miami World- largest outlet mall, Sawgrass Mills, Alan Esquenazi, commercial vestment Trust. “This is a long- The new owners say they have center project recently announced is planning a new wing for full- real-estate broker term play for us.” plans to renovate CocoWalk and CHARLES TRAINOR [email protected] a major redesign. And city price stores and fine dining while Weilminster said that tourist Sunset Place with sleeker, more Visitors amble through the open-air Bal Harbour Shops, the first luxury shopping center in South Florida. It’s still one governments are spending big another developer wants to build a dollars pouring into Miami, as well Swire Properties of the region’s top-producing shopping centers, but it’s planning a major expansion to keep up with competitors. bucks to redo Miami-Dade’s iconic separate, 480,000-square-foot as strong local demographics, SEE CENTERPIECE, 19G A rendering of the Metro Mover station at Brickell City Centre.

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The Miami Herald, 2016-02-29 Cropped page Page: 18G

18G MONDAY FEBRUARY 29 2016 Centerpiece BUSINESS MONDAY MIAMIHERALD.COM

Hillsboro Blvd.

Coconut Coral Springs Creek Pompano Doubling down on South Florida retail Margate 95 Beach Across South Florida, developers and mall operators are making a big bet on retail. Nearly all of Miami's major shopping centers are expanding or rebranding. And new retail is popping up, too. Sawgrass Turnpike 1 Metropica: A long-dormant 11 Lincoln Road Mall: A makeover for Commercial Blvd. mixed-use project in Sunrise is back Miami Beach’s iconic open-air mall on track with plans for an upscale by the architect of New York’s High OaklandOaklanOak Park Blvd. Oakland A1A Metropica Park 480,000-square-foot mall. Line will see the tourist-heavy area 1 2 Sawgrass Mills Fort become more pedestrian and bike 2 The country's largest Sunrise LauderdaleLauderdale Sawgrass Mills: friendly. 75 Fashion Mall Sunrise Blvd. outlet mall (2.2 million square feet) is 3 Broward Blvd. moving in a new direction with a 12 Island Gardens: Stalled for 14 years, 118,000-square-foot expansion a $600 million mixed-use project on 595 Plantation featuring full-price shops and Watson Island with 220,000 square Weston Flamingo Rd. 75 sit-down restaurants. feet of retail is nally making Grin Rd. Davie progress, its backers say. 3 Fashion Mall: The same group developing Miami Worldcenter plans 13 Miami Worldcenter: The Sheridan St. Cooper City Dania to tear down this bankrupt enclosed developers of 27-acre Miami 1 Hollywood mall in Plantation and replace it with Worldcenter recently changed their Pines Blvd. Hollywood Blvd. open-air, high-street retail. plans from an enclosed mall to 95 Pembroke Pines A1A open-air, high-street retail. Miramar Hallandale 4 AmericAm an Dream Miami: A University Dr. Aventura developer is planning what would be 14 Flagler Street: A two-year, $13 BROWARD COUNTY Mall 5 America's largest mega-mall in million reconstruction of downtown MIAMIDADE Miami AveAventura northwest Miami-Dade. The county Miami’s struggling retail artery will 4 Miami Gardens Dr. Gardens COUNTY must approve the massive 200-acre mean wider sidewalks, new trees American North Dream Miami 826 Miami Beach complex. and modernized utilities Miami Lakes NW 135 St. 5 Aventura Mall: Florida’s largest mall 15 Brickell City Centre: This $1.05 Bal Harbour at 2.7 million square feet plans to get billion development in the heart of 6 27 Shops even bigger with a three-story, Brickell will be anchored by Biscayne Blvd.

Red Rd. 95 Hialeah A1A 315,000-square-foot addition. department store Saks Fifth Avenue. Turnpike NW 79 St. 6 Bal Harbour Shops: America’s most 16 Miracle Mile: This prime strip of Downtown Design Doral protable mall wants to double in Coral Gables shops and restaurants NW 41 St. NW 87 Ave. 7 District Miami NW 36 St. Beach size to 800,000 square feet but will undergo a $21 million Doral 112 9 SW 27 Ave. 195 needs to win approval from Bal reconstruction in the spring to draw 8 Miami International Lincoln Road Dolphin City Place Airport Miamimi Mall Harbour voters. more pedestrians and sidewalk Mall 395 11 10 Doral Miami Worldcenter 13 836 12 SouSouth cafes. Flagler Street 7 Downtown Doral: Retail at this Tamiami Trail SW 8 St. 14 Island Beach 41 Brickell City Center 15 Gardens 120-acre, mixed-use project tends 17 CocoWalk: A Maryland-based Coral Miracle company bought Coconut Grove’s 826 16 towards convenient businesses such Bird Rd. Gablesles Mile as dry cleaners, banks and salons, as foundering mall last year for $87.5 CocCoconut million and plans a badly needed CocoWalk 17 Grove well as trendy restaurants. 874 renovation and a new mix of SW 137 Ave. Shops at 18 Sunset Place Key 8 CityPlace Doral: The Related Group tenants.

Dadeland . SW 88 St. Mall 19 Biscayne is bringing about 250,000 square feet of retail and restaurants to the 18 The Shops at Sunset Place: The Red Rd. industrial suburb of Doral. same group that bought CocoWalk Pinecrest threw down $110 million for this West Kendall 9 Design District: Craig Robins, the South Miami mall, which is in similar SW 152 St. 1 main developer in this ultra-luxury, need of renovation and a new open-air shopping area, plans to tenant mix. SW 184 St. Palmetto nearly double his holdings with 60 Bay Biscayne new stores and restaurants. 19 Dadeland Mall: One of Miami’s Bay most popular suburban malls 10 SW 216 St. Dolphin Mall: The outlet Dolphin recently renovated its food court Cutler Atlantic Mall in Sweetwater added ve and also added a new Ridge SW 232 St. Ocean restaurants, a 1,300-car garage and 102,000-square-foot shopping valet parking in a renovation that wing. Turnpike opened in September.

5 miles

MARCO RUIZ [email protected] SW 312 St.

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more than doubled to $197.5 MILLION 80,000, according to the Amount spent by Federal Downtown Development Realty on CocoWalk and the Authority. Shops at Sunset Place But there are dangers: Federal Reserve bankers have warned of a possible bubble forming in commer- market. Retail vacancies of cial real estate. Eric Rosen- just 3.5 percent are near green, president of the record lows for Miami- Boston Fed, said in a Dade County and are ex- speech late last year that pected to fall even lower, low interest rates could according to a recently cause investors chasing released report from higher returns to take on TD Bank. Sales are up too much risk, according to 4.5 percent, despite a MarketWatch. strong dollar that has TD Bank, for its part, slowed tourist spending acknowledges that some from Latin America and markets may be too frothy, Europe, the report found. particularly the office sec- “South Florida’s eco- tors in New York, Boston, nomic growth since the Washington, D.C., and recession and the number San Francisco. of new people moving into But economist Dolega the state have really said Miami retail was not a ramped up retail,” said high-risk market. “The Michael Dolega, a senior risks do not appear to be economist at TD Bank. concentrated in Florida,” Retail space across Mia- he said, adding that local mi-Dade rented for an demand was high enough average of $33 per square to absorb the new supply in foot in the fourth quarter of the pipeline. “According to 2015. That’s double the our projections, all the MARSHA HALPER [email protected] national average and inventory is going to be Michael Comras, left, and Chris Weilminster talk in the nearly empty courtyard of CocoWalk in Coconut Grove on Jan. 14. 17 percent above Miami’s absorbed through 2017.” Comras is CEO and principal of Comras Company in Miami Beach; Weilminster is EVP and president of the mixed-use pre-recession peak in 2007, Later in the decade, supply division of Federal Realty Investment Trust in Rockville, Maryland. They’re planning a transformation for CocoWalk. Dolega said. The hottest might start to outpace de- sub-markets are Brickell mand, but only slightly, he ...... FROM PAGE 1617G plan to release complete (more than $80 per square concluded. details of planned reno- foot) and Miami Beach “We would love to do Miami leads vations at both malls within (more than $70 per square more retail lending,” said the nation CENTERPIECE the next two years. foot), the bank found. Ernie Diaz, regional presi- “The raw material is Prime real estate on Lin- dent for TD Bank. The Miami metro area, great,” said Don Wood, coln Road goes for more Even single-tenant prop- which includes Broward contemporary finishes. “People want to be im- Federal’s CEO. “The prod- than $300 per square foot, erties such as gas stations, and Palm Beach They also want to relieve mersed when they shop,” uct’s not great. But we’re according to brokers who banks, fast-food chains and counties, has more sales the heavy, fortress-like Weilminster said. “You going to change that. We work in the area. pharmacies are hot, as long per square foot for qualities that serve to cut have to create something have to listen to what the The fastest-growing area as the tenants belong to a non-anchor tenants than the malls off from bustling experiential … That’s how community wants and what in Miami-Dade? The Bis- well-run national chain, any metro area in the downtowns in Coconut you get them off the couch the retailers want. It takes cayne corridor along Mia- said commercial real-estate U.S., according to a Grove and South Miami. and off the Internet.” time.” mi’s historic MiMo district, broker Alex Zylberglait. commonly cited statistic. That means bringing in a Federal owns more than “You can’t do what where retail rents have “Demand has been on the Miami: $768 stronger mix of local, re- 90 properties with 21 mil- worked in San Jose and soared an average of rise in the $1 million to gional and national tenants lion square feet of retail in plop it down in South Mia- 12 percent per year since $20 million range mainly Washington, D.C.: $608 (“newer, cooler, hipper,” 12 states, including major mi or Coconut Grove.” 2011 as developers open up due to interest from foreign Weilminster said) and developments in Cali- new restaurants, hotelsand investors,” Zylberglait said. New York: $581 better dining options. fornia, Massachusetts, BOOM TOWN shops, including a boutique “These assets are very Denver: $579 They’ve tried things like Pennsylvania, Virginia and The numbers don’t lie. from luxury designer Trina hands-off and very safe, so weekly cooking classes at Washington, D.C. As the luxury condo Turk. More and more they can put in the money Los Angeles: $566 other properties to get For now, the company is boom dies down, retail has young people are moving and then sit back … And Source: International Council of people interested in recon- playings its cards close to become one of the stron- into the urban core. In the there’s a lot more demand Shopping Centers necting with their local the vest on CocoWalk and gest sectors of the local past 10 years, downtown SEE CENTERPIECE, 20G ...... malls. Sunset Place. But it does commercial real-estate Miami’s population has

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FROM PAGE 19G CENTERPIECE than there is supply, mean- chains as tenants since ing prices are rising.” their ability to pay high But Mitchell Kaplan, rents makes their proper- who owns local favorite ties more valuable, and Books & Books, said he then they often flip their worries that all of the mon- properties, making lots of ey pouring into Miami money. The question to be retail will mean higher answered is: Does that rents and the demise of make our community bet- many small businesses. ter?” The bookstore has loca- tions in Coral Gables, THE MALL THAT Bal Harbour and on STARTED IT ALL Lincoln Road, as well as at Even the shopping center the Adrienne Arsht Center that launched luxury retail and Miami International in South Florida is looking Airport. to keep pace with the new “Look at how Lincoln activity. The Miami Herald, 2016-02-29 Cropped page Page: 20G Road has lost its retail Bal Harbour Shops, 20G Centerpiece BUSINESS MONDAY MONDAY FEBRUARY 29 2016 uniqueness,” Kaplan said. which celebrated its 50th MIAMIHERALD.COM H1 “You don’t want all of anniversary last year, South Florida being dom- wants to build a new wing FROM PAGE 19G Aerial Photography inated by national chain that would double its size Construction is well underway at CityPlace Doral, a mixed-useCE NTprojectERPIE withCE 250,000 square feet of retail. stores … locally owned, to about 800,000 square than there is supply, mean- chains as tenants since ing prices are rising.” their ability to pay high But Mitchell Kaplan, rents makes their proper- independent businesses feet. (First, it needs to gain who owns local favorite ties more valuable, and Books & Books, said he then they often flip their can’t compete with the voter approval for a land- But in recent years a few worriesican that all of thecurrency mon- properties, makingcrisis lots of that in the still-under-construc- ey pouring into Miami money. The question to be retail will mean higher answered is: Does that rents paid by the chains. swap deal and end a high- major tenants have left $33 rents andhas the demise taken of make a ourbite community out bet- of tion district, with that total many small businesses. ter?” We don’t operate on a level profile and increasingly leafy Bal Harbour for big- Price per square foot for The bookstoretourist has loca- spending in Miami, expected to grow to more tions in Coral Gables, THE MALL THAT Bal Harbour and on STARTED IT ALL playing field.” ugly tussle with neighbors.) ger stores in newer loca- retail rents across LincolnLazenby Road, as well as at describedEven the shopping center it as a than 120 plus a hotel and the Adrienne Arsht Center that launched luxury retail “Even the traditionally The open-air shopping tions. Louis Vuitton, Her- Miami-Dade, more than and Miami“temporary International in South blip. Florida is ”looking Bal Har- 10 new restaurants by the Airport. to keep pace with the new “Look at how Lincoln activity. edgier places in Miami are center boasts tenants that mès and Cartier have all double the national average Road hasbour’s lost its retail businessBal Harbour Shops, is roughly end of 2017. uniqueness,” Kaplan said. which celebrated its 50th seeing the influx of the are the crème de la crème opened in the Design Dis- “You don’t80 want p allercent of anniversary tourist, last year, 20 per- South Florida being dom- wants to build a new wing Aerial Photography inated by national chain that would double its size Construction is well underway at CityPlace Doral, a mixed-use project with 250,000 square feet of retail. national chains,” Kaplan of luxury retail: Gucci, trict, developer Craig Rob- stores …cent locally owned, local.to about 800,000 square HIGH-STREET STYLE independent businesses feet. (First, it needs to gain continued. “Look at Wyn- Prada, Valentino, Chanel, ins’ new Midtown mecca can’t competeAs with thea result,voter approval he for asaid land- But in recent years a few One of the mostican currency obvious crisis that in the still-under-construc- rents paid by the chains. swap deal and end a high- major tenants have left $33 has taken a bite out of tion district, with that total We don’t operate on a level profile and increasingly leafy Bal Harbour for big- Price per square foot for tourist spending in Miami, expected to grow to more wood, look at Coconut Armani. With sales at for ultra-luxury retail, selves,” Lazenby said. playing salesfield.” haveugly dropped tussle with neighbors.) aboutger stores in newer loca-trendsretail rents in across Miami’sLazenby retail described it as a than 120 plus a hotel and “Even the traditionally The open-air shopping tions. Louis Vuitton, Her- Miami-Dade, more than “temporary blip.” Bal Har- 10 new restaurants by the Grove. All neighborhoods about $3,000 per square which is itself expanding. “With the experience we edgier places10 inpercent Miami are center in boasts 20 tenants15. that Othermès and Cartier have allboomdouble theis national a preference average bour’s business foris roughly end of 2017. seeing the influx of the are the crème de la crème opened in the Design Dis- 80 percent tourist, 20 per- national chains,” Kaplan of luxury retail: Gucci, trict, developer Craig Rob- cent local. HIGH-STREET STYLE in Miami have become foot in 2015, it remains the Vuitton also opened at provide.” He added that if continued.retailers “Look at Wyn- thatPrada, Valentino, depend Chanel, ins’on new Midtown meccaopen-air, high-streetAs a result, hespaces said One of the most obvious wood, look at Coconut Armani. With sales at for ultra-luxury retail, selves,” Lazenby said. sales have dropped about trends in Miami’s retail places where investors now most lucrative shopping Aventura Mall, owned by the shops had been al- Grove. Allforeign neighborhoods moneyabout $3,000 perhave square alsowhich is itself expanding.on the“With the model experience we of10 Fifthpercent in 20 15.Ave- Other boom is a preference for in Miami have become foot in 2015, it remains the Vuitton also opened at provide.” He added that if retailers that depend on open-air, high-street spaces places where investors now most lucrative shopping Aventura Mall, owned by the shops had been al- foreign money have also on the model of Fifth Ave- prospect. They buy up real center in the U.S., accord- Turnberry Associates and lowed to grow five years prospect.reported They buy up real centersales in the U.S.,dropping accord- Turnberry or Associates andnuelowed in to Manhattangrow five years reported and sales dropping or nue in Manhattan and estate. They seek national ing to CNBC. Jackie Soffer, who is mar- ago, when his family first flattening out. Rodeo Drive in Beverly estate. They seek national ing to CNBC. Jackie Soffer, who is mar- ago, when his family first flattening out. ried to Robins. Rodeoproposed Drivethe expansion, itin Beverly“We’ve seen these cycles Hills. Traditional malls “Vuitton had a 5,000- likely would have been before, and we know they around the county have square-foot store here at able to hold onto now- come to an end,” he said. struggled as consumers ried to Robins. proposed the expansion, it “We’ve seen these Balcycles Harbour,” said Mat-Hills.departed Traditional tenants. While malls the Miami market turn to online shopping. thew Whitman Lazenby, Current tenants agreed. is down overall, Design Developers in South Flor- “Vuitton had a 5,000- likely would have been before, and we know whosethey family developedaroundBooks & Booksthe opened countyDistrict developerhave Robins ida want to piggy-back on and owns the shops. “They in Bal Harbour 10 years said his brand-new project, the region’s good weather, opened at 18,000 square ago, and owner Kaplan where a flagship Hermès despite the advantages of square-foot store here at able to hold onto now- come to an end,” he said.feet in Aventura.” struggledsaid he supports theas expan- consumersstore just opened, is buck- an enclosed space. Lazenby said the Bal sion at the shopping center, ing the trend. “There are some very Bal Harbour,” said Mat- departed tenants. While the Miami marketHarbour expansion, whichturnwhich to he praisedonline for rent- shopping.“Eleven out of 13 of our obvious benefits to being he called “hugely impor- ing to a local business. stores that were open in enclosed, air-conditioned tant,” would allow for “The more stores and eat- 2014 actually grew in 2015, and fully controlled,” said thew Whitman Lazenby, Current tenants agreed. is down overall, Designstores to move into biggerDevelopersing venues that surround in Southand several averaged Flor- gains Steve Patterson of the spaces and would also us in the Shops, the better of 25 to 30 percent,” Rob- Related Group, which is whose family developed Books & Books opened District CHdeveloperARLES TRAINOR JR.ctrainor@miamiher ald.Robinscom create more restaurantsida wewant do. More stores to bring piggy-ins said.back “And we’re on only developing a mixed-use CEO Matthew Whitman Lazenby of Bal Harbour Shops and cafés. “That’s how we us more business.” 30 percent open.” and owns the shops. “They in Bal Harbour 10 years stands nearsaid images hisof proposed brand-new enhancements. project,can differentiate our- the region’sAs for the Latin Amer- goodAbout weather, 50 stores are open SEE CENTERPIECE, 21G Page: Cover_5, Pub. date:Monday, February 29 Last user: [email protected] opened at 18,000 square ago, and owner Kaplan Edition: 1stSwhere a flagship Hermèsection, zone: Centerpiecdespitee, State the advantages of Last change at:18:44:3 February 26 feet in Aventura.” said he supports the expan- store just opened, is buck-The Miami Herald,an 2016-02-29 enclosedCropped space. page Page: 20G Lazenby said the Bal sion at the shopping center, ing the trend. “There are some very Harbour expansion, which which he praised for rent- “Eleven out of 13 of our obvious benefits to being he called “hugely impor- ing to a local business. stores that were open in enclosed, air-conditioned tant,” would allow for “The more stores and eat- 2014 actually grew in 2015, and fully controlled,” said stores to move into bigger ing venues that surround and several averaged gains Steve Patterson of the spaces and would also us in the Shops, the better of 25 to 30 percent,” Rob- Related Group, which is CHARLES TRAINOR [email protected] create more restaurants we do. More stores bring ins said. “And we’re only developing a mixed-use CEO Matthew Whitman Lazenby of Bal Harbour Shops and cafés. “That’s how we us more business.” Copyright 201430 percentOlive Software open.” 2016-02-29 07:01:14 stands near images of proposed enhancements. can differentiate our- As for the Latin Amer- About 50 stores are open SEE CENTERPIECE, 21G

Page: Cover_5, Pub. date:Monday, February 29 Last user: [email protected] Edition: 1stSection, zone: Centerpiece, State Last change at:18:44:3 February 26

MONDAY FEBRUARY 29 2016 21G MIAMIHERALD.COM BUSINESS MONDAY Centerpiece

FROM PAGE 20G City Centre, the massive Soffer said. “We’ve now restaurants would not have mixed-use development set 10 upgraded the selection from ahuge selection [in Mia- to open its retail component Number of screens planned ashopping perspective. But mi],” Soffer said. “Now they CENTERPIECE in the heart of Brickell this for luxury, dine-in movie with all the luxury sales we can come here and eat at a fall. Developer Swire Prop- theater Cinemex at Brickell have in the mall, and the different restaurant every erties is partnering with City Centre customers we have in the night for a month and not project called CityPlace ready to walk. “Because we Lazenby, of Bal Harbour, mall, we’re not catering to feel like they were sacri- Doral with 250,000 square had not yet started con- and retail giant Simon Prop- them as far as restaurants ficing.” feet of open-air retail. “You struction, we were able to erty Group. are concerned.” have a shopping experience realize that and design Brickell City Centre fea- of tourists that arrive every The changes at the mall Nicholas Nehamas: not impeded as much by something that is more tures an open-air, 500,000- year and stay for days and mirror the way developers 305-376-3745, weather. For the most part, long-lasting and pays atten- square-foot shopping center even weeks is incredible.” have remodeled Miami as a @NickNehamas it’s predictable. That’s great tion to the new norm for cooled by an innovative The company plans to destination for the global for retail. The downside to it retail,” he said. climate ribbon. Swire, a open a 10-screen, 620-seat elite. INTERACTIVE MONDAY FEBRUARY 29 2016 is it’s expensive. The rents The new plan calls for Hong Kong-based developer theater serving “sophisti- “Ten years ago, a person 21G MIAMIHERALD.COM for the tenants are much one- and two-story shops with a long history in down-BUcatedSINE finger food” such SSas from MONew York usedND to Go AYto MiamiHerald.com to view Centerpiece higher than they would be laid out over several blocks town Miami, said it learned paninis, burgers and cev- eating at New York-quality an interactive graphic for open-air.” in downtown Miami where how to make open-air pro- iche, Rionda said. Brickell The most recent example the mall would have gone. jects in hot climates work will be its first U.S. location. H1 of the shift toward high- Outdoor cafes and ped- from its experiences in street is Miami World- estrian-friendly sidewalks, sweltering East Asia. “You AFUTURE FOR center, a long-planned, as well as a feature to pro- can look around and see OLD-SCHOOL MALLS MIAMIHERALD.COM $1.7 billion, mixed-use de- vide shade, are all part of how successful the outdoor While some traditional velopment in downtown the plan, which hasn’t been experience is in South Flor- malls around the U.S. may Miami that was derailed by released yet, Motwani said. ida,” said Debora Overholt, be in trouble, Miami-Dade’s the financial crisis in 2008. The projected opening Swire’sCity vice presidentCentre, for thepowerhouses massive are doing well. 2016 BUSINESS PLAN Soffer said. “We’ve now restaurants would not have FROM PAGE 20G The latest twist-and-turn for date remains fall of 2018. retail. “The weather in Dadeland Mall in Kendall the back-on-track project Meanwhile, in Plantation, Miamimixed-use is one of the major developmentjust completed a major set 10 upgraded the selection from ahuge selection [in Mia- came last month when the Worldcenter partner Art attractions. People come redevelopment, adding a BOOTCAMP developers announced they Falcone is leading a redevel- hereto to enjoyopen that instead its retailof new 10 component2,000-square-foot Number of screens planned ashopping perspective. But mi],” Soffer said. “Now they were replacing a planned opment of the bankrupt being in an enclosed shop- shopping wing and reno- Have you recently launched a startup or are you enclosed mall with a Fashion Mall, built in the pingin mall. the” heart ofvating Brickell and modernizing this its thinkinforg aluxury,bout it? Join udine-ins for a lively d movieiscussion with all the luxury sales we can come here and eat at a CENTERPIEsmaller, open-airCE shopping 1980s. Falcone plans to tear So far, Brickell City Cen- food court. Dolphin Mall in and Q&A with our panel of experts sharing advice The Miami Herald, 2016-02-29 Cropped page Page: 21G center. That means Macy’s down the mall and instead tre fall.has attracted Developer high-profile Sweetwater Swire also Prop- opened an ontheater getting starte d,Cinemex formulating a winn atin Brickellg short have in the mall, and the different restaurant every and Bloomingdale’s, World- build a 250,000-square- tenants including Saks Fifth expansion last year with five business summary and pitching to investors. center’s original anchors, foot open-air shopping cen- Avenue, which also anchors new restaurants and a may drop out. They need ter with 700 rental units on Balerties Harbour; the is luxury partnering1,300-space with parking garage. AlsCityo hear fro Centrem a couple of previous Business customers we have in the night for a month and not bigger stores than the high- 35 acres. “We’re targeting dine-in movie theater Cine- And massive Aventura Plan Challenge winners, and get the lowdown project called CityPlace streetready retail model to canwalk. pro- boutique“Because tenants and we small- mex;Lazenby, and, according to of one BalMall, Harbour, already Florida’s larg- on entering this year’s Business Plan Challenge mall, we’re not catering to feel like they were sacri- Doral with 250,000 square vide.had (Not notto mention yet the starteder stores [forcon- the retail],” source,and Florida’s retail largest giantest, isSimon embarking on Prop- a rede- contest (MiamiHerald.com/challenge) them as far as restaurants ficing.” fact that Macy’s, which Falcone said. “This is going Apple store. “We really sign of its own with a three- from coordinator Nancy Dahlberg. owns Bloomingdale’s, has to be a more Miami-type wanted to be in a premium story, 315,000-square-foot feet of open-air retail. “You facedstruction, seriously slumping we wereproduct thanable what toyou market,erty” said Group. Jaime Rionda, expansion expected to open are concerned.” sales. Last month, the retail- typically see in West Bro- chief operating officer of in 2017. (That plan is being MONDAY, MARCH 7, 2016 @ 6:00PM have a shopping experience errealize announced it thatwould lay andward. design” Mexico BrickellCity-based Cine- Citychallenged Centrein court fea- by of tourists that arrive every The changes at the mall Nicholas Nehamas: OUR DISCUSSION WILL BE LED BY: off more than 4,000 work- Another open-air project mex. “The area of Brickell Sears, which wants to devel- Melissa Krinzman, the Managing Partner of Krillion Ventures, not impeded as much by erssomething and close 36 stores thatgaining is more steam is Brickell andtures the amount an and open-air,quality op its own 50 open-air0,000 shop- - yearan inandvestor in 17 stayearly stage comforpanies days. and mirror the way developers 305-376-3745, across both brands.) ping village.) weather. For the most part, long-lasting“Our original plan was and pays atten- square-foot shoppingIn addition to Vuitton,center evenAND weeks is incredible.” have remodeled Miami as a @NickNehamas actually for high-street new high-end stores have Mark Kingdon, a three-time tech CEO retail,” said Nitin Motwani, opened at the 2.7-million- (Organic, SecondLife and NiftyThrifty) and it’s predictable. That’s great tion to the new norm for cooled by an innovative Thean invest orcompany in two dozen early stage cplansompanies. to destination for the global aprincipal with the World- square-foot mall, including for retail. The downside to it centerretail, development” he team. said. climate ribbon.Pucci, Swire, Tiffany and a Lon- Spacopene is Limia 10ted-screen, – Registe r62 Now0- atseat elite. INTERACTIVE “But the retailers at the gines. Jackie Soffer, who businessplanbootcamp.bpt.me is it’s expensive. The rents time didn’tThe quite new under- plan calls for Hong Kong-basedco-owns Aventura developer Mall, said theater serving “sophisti- “Ten years ago, a person stand what was happening its dining options haven’t in our dynamic market. kept up with the tenant mix. Miami-Dade College Wolfson Campus for the tenants are much one- and two-story shops with a long history in down- cated finger300 NE 2 Ave food, Miami, FL ”331 32such as from New York used to Go to MiamiHerald.com to view They wanted a mall.” New restaurants will be a Auditorium, Room 1261, BLDG 1 higher than they would be laidBut Motwani out said over that as several blocks town Miami, saidmajor part it of learnedthe expansion, paninis,Co burgersst: FREE and cev- eating at New York-quality an interactive graphic once-deserted downtown as well as a VIP lounge, she Parking: for open-air.” Miamiin downtown filled up with new Miami where how to make open-airsaid. pro- iche, RiondaParking avail absaid.le at Brickell condo towers, restaurants NICHOLAS NEHAMASMiami Herald “We know where we have 190 NE 3rd Street and museums, the needs of Sawgrass Mills, America’s largest outlet mall, is building a voids in our property, and Miami, FL 33132 7 The most recent example the mall would have gone. jects in hot climates work will be its first U.S. location.EM6 locals changed. They were new wing with full-price shops and outlets. one of the voids is food,” AD

of the shift toward high- PaOutdoorge: Cover_6, cafes and ped- fromPub .its date:M ondaexperiencesy, February 29 in Last user: [email protected] street is Miami World- Edestrian-friition: 1stSendly sidewalks, swelteringection, zone: Centerpiec Easte, State Asia. “You AFUTURE FOLast Rchange at:18:54:18 February 26 center, a long-planned, as well as a feature to pro- can look around and see OLD-SCHOOL MALLS MIAMIHERALD.COM $1.7 billion, mixed-use de- vide shade, are all part of how successful the outdoor While some traditional velopment in downtown the plan, which hasn’t been experience is in South Flor- malls around the U.S. may Copyright 2014 Olive Software 2016-02-29 07:23:40 Miami that was derailed by released yet, Motwani said. ida,” said Debora Overholt, be in trouble, Miami-Dade’s the financial crisis in 2008. The projected opening Swire’s vice president for powerhouses are doing well. 2016 BUSINESS PLAN The latest twist-and-turn for date remains fall of 2018. retail. “The weather in Dadeland Mall in Kendall the back-on-track project Meanwhile, in Plantation, Miami is one of the major just completed a major came last month when the Worldcenter partner Art attractions. People come redevelopment, adding a BOOTCAMP developers announced they Falcone is leading a redevel- here to enjoy that instead of new 102,000-square-foot were replacing a planned Copyrightopment 2014 Oliveof the Software bankrupt being in an enclosed2/29/2016 shop- 7:01:36 AMshopping wing and reno- Have you recently launched a startup or are you enclosed mall with a Fashion Mall, built in the ping mall.” vating and modernizing its thinking about it? Join us for a lively discussion smaller, open-air shopping 1980s. Falcone plans to tear So far, Brickell City Cen- food court. Dolphin Mall in and Q&A with our panel of experts sharing advice center. That means Macy’s down the mall and instead tre has attracted high-profile Sweetwater also opened an on getting started, formulating a winning short and Bloomingdale’s, World- build a 250,000-square- tenants including Saks Fifth expansion last year with five business summary and pitching to investors. center’s original anchors, foot open-air shopping cen- Avenue, which also anchors new restaurants and a may drop out. They need ter with 700 rental units on Bal Harbour; the luxury 1,300-space parking garage. Also hear from a couple of previous Business bigger stores than the high- 35 acres. “We’re targeting dine-in movie theater Cine- And massive Aventura Plan Challenge winners, and get the lowdown street retail model can pro- boutique tenants and small- mex; and, according to one Mall, already Florida’s larg- on entering this year’s Business Plan Challenge vide. (Not to mention the er stores [for the retail],” source, Florida’s largest est, is embarking on a rede- contest (MiamiHerald.com/challenge) fact that Macy’s, which Falcone said. “This is going Apple store. “We really sign of its own with a three- from coordinator Nancy Dahlberg. owns Bloomingdale’s, has to be a more Miami-type wanted to be in a premium story, 315,000-square-foot faced seriously slumping product than what you market,” said Jaime Rionda, expansion expected to open sales. Last month, the retail- typically see in West Bro- chief operating officer of in 2017. (That plan is being MONDAY, MARCH 7, 2016 @ 6:00PM er announced it would lay ward.” Mexico City-based Cine- challenged in court by OUR DISCUSSION WILL BE LED BY: off more than 4,000 work- Another open-air project mex. “The area of Brickell Sears, which wants to devel- Melissa Krinzman, the Managing Partner of Krillion Ventures, ers and close 36 stores gaining steam is Brickell and the amount and quality op its own open-air shop- an investor in 17 early stage companies. across both brands.) ping village.) “Our original plan was In addition to Vuitton, AND actually for high-street new high-end stores have Mark Kingdon, a three-time tech CEO retail,” said Nitin Motwani, opened at the 2.7-million- (Organic, SecondLife and NiftyThrifty) and an investor in two dozen early stage companies. aprincipal with the World- square-foot mall, including center development team. Pucci, Tiffany and Lon- Space is Limited – Register Now at “But the retailers at the gines. Jackie Soffer, who time didn’t quite under- co-owns Aventura Mall, said businessplanbootcamp.bpt.me stand what was happening its dining options haven’t in our dynamic market. kept up with the tenant mix. Miami-Dade College Wolfson Campus 300 NE 2 Ave, Miami, FL 33132 They wanted a mall.” New restaurants will be a Auditorium, Room 1261, BLDG 1 But Motwani said that as major part of the expansion, Cost: FREE once-deserted downtown as well as a VIP lounge, she Parking: Miami filled up with new said. Parking available at condo towers, restaurants NICHOLAS NEHAMASMiami Herald “We know where we have 190 NE 3rd Street and museums, the needs of Sawgrass Mills, America’s largest outlet mall, is building a voids in our property, and Miami, FL 33132 7 EM6

locals changed. They were new wing with full-price shops and outlets. one of the voids is food,” AD

Page: Cover_6, Pub. date:Monday, February 29 Last user: [email protected] Edition: 1stSection, zone: Centerpiece, State Last change at:18:54:18 February 26