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Download Full Report As PRIME RETAIL DESTINATIONS WITH TERRANOVA TERRANOVA CORPORATION | 801 W. 41ST STREET, SUITE 600, MIAMI BEACH, FL 33140 | 305.695.8700 | [email protected] | WWW.TERRANOVACORP.COM | @TERRANOVACORP COCONUT GROVE, FL CORAL GABLES, FL MIAMI BEACH, FL MIAMI LAKES, FL POMPANO BEACH, FL CORAL GABLES, FL MIAMI, FL BOCA RATON, FL SOUTH BEACH, FL CORAL GABLES, FL MIAMI LAKES, FL TERRANOVA LEASING CONTACTS MINDY MCILROY 305.779.8970 INDIA TURKELL 305.779.8908 [email protected] [email protected] JUAN FRANCO 305.779.8938 KAREN MAEROVITZ 305.779.8907 [email protected] [email protected] ANDREI PINTILIE 305.779.8903 ELIZABETH HIGGINS 305.779.8906 [email protected] [email protected] AVENTURA, FL TENANT REPRESENTATION JACKSONVILLE, FL DOWNTOWN MIAMI, FL PINECREST, FL PRIME RETAIL DESTINATIONS WITH TERRANOVA TERRANOVA CORPORATION | 801 W. 41ST STREET, SUITE 600, MIAMI BEACH, FL 33140 | 305.695.8700 | [email protected] | WWW.TERRANOVACORP.COM | @TERRANOVACORP COCONUT GROVE, FL CORAL GABLES, FL MIAMI BEACH, FL MIAMI LAKES, FL POMPANO BEACH, FL CORAL GABLES, FL MIAMI, FL BOCA RATON, FL SOUTH BEACH, FL CORAL GABLES, FL MIAMI LAKES, FL TERRANOVA LEASING CONTACTS MINDY MCILROY 305.779.8970 INDIA TURKELL 305.779.8908 [email protected] [email protected] JUAN FRANCO 305.779.8938 KAREN MAEROVITZ 305.779.8907 [email protected] [email protected] ANDREI PINTILIE 305.779.8903 ELIZABETH HIGGINS 305.779.8906 [email protected] [email protected] AVENTURA, FL TENANT REPRESENTATION JACKSONVILLE, FL DOWNTOWN MIAMI, FL PINECREST, FL TRENDS 1 2 TERRANOVA CONTENTS 6 A NEW RETAIL ERA Downtown Miami’s retail boom will forever change the city 18 MIAMI-DADE COUNTY SUBURBAN SHOPPING CENTER REPORT 44 A STRONG FOUNDATION GBS the Beauty Store 46‘ROUND TOWN Car2go is the way to go TRENDS 3 4 TERRANOVA 801 41st STREET SUITE 600, MIAMI BEACH, FL 33140 | WWW.TERRANOVACORP.COM | [email protected] | 305.695.8700 follow us @terranovacorp CHAIRMAN Stephen H. Bittel EXECUTIVE VICE PRESIDENT / EDITOR-IN-CHIEF Mindy McIlroy MANAGING EDITOR Rebecca DeVille RESEARCH DIRECTOR Alina Matas GRAPHIC DESIGNER Michael Dorer RESEARCH ASSISTANT Kesley De Miranda CONTRIBUTING WRITERS Alina Matas Kristin Clark Rebecca DeVille Susan R. Miller PUBLISHER Terranova Corporation ADVERTISERS 100+ Women Care BurgerFi ChillN Palm Plaza Shoppes of Ives Dairy Suniland Vizcayne Terranova Corporation 801 W 41st Street, Suite 600 Miami Beach, Florida 33140 305.695.8700 [email protected] TRENDS 5 A NEW RETAIL ERA downtown miami’s retail boom WILL FOREVER CHANGE THE CITY By Susan R. Miller 6 TERRANOVA t wasn’t too long AGO THAT AS THE SUN SET ON DOWNTOWN MIAMI PEOPLE LEFT THEIR JOBS IN THE CITY AND THEY PRETTY MUCH ROLLED UP THE SIDEWALKS FOR THE NIGHT. IF YOU WANTED IA NICE MEAL, TO SEE A SHOW, DO A LITTLE SHOPPING, OR JUST GET A drink with friends, well, you didn’t stick around downtown. TRENDS 7 Now home to museums, a performing arts center, sports arena and thousands of condos, downtown “I have been in Miami for 35 years Miami is coming into its own. The 24-hour urban lifestyle that so many have envisioned for decades is and we have been talking about Miami finally becoming a reality. becoming a global city and now we are in “I have been in Miami for 35 years and we have the midst of it happening.” been talking about Miami becoming a global city and -Alyce Robertson, executive director of the Miami Downtown Development Authority now we are in the midst of it happening,” said Alyce Robertson, executive director of the Miami Downtown “The transformation of downtown Miami into a real Development Authority. 24-hour city is just the beginning,” said Terranova chairman Stephen Bittel. “The amount and quality Towering condo projects continue to change Miami’s of retail that is coming off the ground will speed up skyline as new residents – foreign and domestic critical mass, attracting even more residents to the – flood the market. But the population has been urban core.” underserved when it comes to where to shop and eat. Terranova has been watching the evolution from “I know of what I speak. I live near where I work and I up close. Two years ago, the company took on the have had to drive to go to a department store. With the assignment to lease the retail portion of Vizcayne, exception of Macy’s in the center of downtown, there a 48-story, two-tower high-rise condo overlooking is little to shop, so this will be a welcome change,” Biscayne Bay in the heart of downtown Miami. The Robertson said. project includes a 58,000-square-foot retail center. The “this” to which Robertson refers are plans for three “When we started leasing Vizcayne, we knew mega projects that will bring hundreds of thousands downtown Miami was on the verge of something of square feet of retail to downtown Miami, All Aboard big and we had to educate retailers to see it,” said Florida, Brickell City Centre and Miami Worldcenter Terranova executive vice president Mindy McIlroy. “So, are expected to change the fabric of downtown Miami. to see all these projects with such leading retailers 8 TERRANOVA A NEW RETAIL ERA coming to the neighborhood as Centre and Miami Worldcenter – MiamiCentral has we finish leasing this property the potential to be the most transformative in terms of makes the market as exciting as bringing economic growth to the city. we envisioned.” Other major transit facilities across the country such Each of the three megaprojects, as Denver Union Station in Colorado, DC Union in its own way, will change Station in Washington and Grand Central Station in downtown Miami’s retail scene New York helped developers here to better understand by providing residents and how transportation retail is different from high-street visitors with myriad shopping or mall retail, said John Guitar, senior vice president and dining opportunities that of business development for All Aboard Florida. It heretofore have not existed. became clear that the retail component should center The region soon will be home on food and beverage with a myriad of authentic and to everything from the high-end modern eateries and specialty retail. luxury component promised by Brickell City Centre and to “Customers will be people who are getting their the small neighborhood coffee morning coffee, newspapers, grab-and-go food before shops and newspaper stands getting on the train,” Guitar said. “Things you might find that will serve passengers at All at an airport concourse.” Aboard Florida’s MiamiCentral station. Guitar said it will be some time before specific retailers are named, but added: “We are looking for one to Smaller projects such as anchor around food and one to anchor entertainment. downtown Miami’s Met3, a Those are the concepts we are working on now.” luxury condo development that will be home to downtown LIVING IN THE LAP OF LUXURY Miami’s first Whole Foods The need to add a luxury component to the downtown Market, and Skyrise Miami, a hairpin-shaped tower Miami retail scene became clear to Matthew Whitman that comes with the promise of revitalizing the aging Lazenby a few years ago while working toward his Bayside Marketplace, will enhance Miami’s image as a master’s degree in real estate development at the global destination. University of Miami. ALL ABOARD FLORIDA CHUGGING RIGHT ALONG Serving as the nexus for all public transportation, All Aboard Florida’s MiamiCentral, is planned as a 3-million-square-foot mixed-use, transit-oriented project developed by Florida East Coast Industries. It will be the country’s first privately owned, operated and maintained intercity passenger rail service running between Miami and Orlando, with stations in Fort Lauderdale and West Palm Beach. The project spans nine acres just east of Miami- Dade County Hall and includes an adjacent two-acre site on the corner of Northwest Second Avenue and Northwest Sixth Street in Miami’s Overtown neighborhood. Construction is underway and estimated delivery is in the fourth quarter of 2016. The project will include nearly 200,000 square feet of retail, surrounded by an additional 3 million square feet of office and residential developments. Although it will be home to the least amount of retail, in terms of square footage – when compared with Brickell City TRENDS 9 A NEW RETAIL ERA The president and chief executive of Whitman Family of office, residential, hotel, retail and entertainment Development LLC, Lazenby’s retail roots run deep, space. About 565,000 square feet will be dedicated starting with his great grandfather who first brought solely to retail. retail to Lincoln Road in Miami Beach in the 1920s. A generation later, his grandfather brought the Bal “Brickell City Centre will generate a whole new level of Harbour Shops to South Florida in the 1960s. urban activity in Miami,” said Terranova’s Bittel. Added the DDA’s Robertson: “It brings a wow factor to the Today, Lazenby, in partnership with Swire Properties, area.” will do what his grandfather and father taught him – follow the tourists. The first phase of the project, which is under construction, includes the East Hotel, the 390-units “It became clear to me that outside of Bal Harbour and Reach and Rise condominiums and two office Miami Beach, the area where there is an established buildings, which are all slated to open in the fourth tourist base, which is only growing and broadening, was Brickell,” Lazenby said. “Once we knew that Brickell seemed to make the most sense, it was clear that the site that was most compelling was a nine-acre site that is Brickell City Centre.” Brickell City Centre’s planned $1.05 billion mixed-use development is located in the heart of Miami’s financial district along South Miami Avenue between Sixth and Eighth streets.
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