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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

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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

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Terranova Corporation 801 W 41st Street, Suite 600 Miami Beach, 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,” 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, 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 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 , will enhance Miami’s image as a master’s degree in real estate development at the global destination. .

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 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 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 between Sixth and Eighth streets. It will comprise of 5.4 million square feet

10 TERRANOVA a new retail era

quarter of 2015. The “Brickell City Centre will The remainder of the retail retail portion is slated to generate a whole new level of urban will be “a finely curated mix of follow in the fall of 2016. shopping that’s appropriate activity in Miami.” for the marketplace,” said Anchoring that retail will Lazenby. While it will, in -Stephen H. Bittel, chairman Terranova Corporation be Saks Fifth Avenue, some ways, mirror some of which announced in the tenancy at Bal Harbour August it would open a Shops, he is not concerned 107,000 square foot store at Brickell City Centre. That about diluting market share. What’s more, the announcement was important in terms of furthering developers recently announced a unique addition to the dialogue with other mall store tenants, noted City Centre. Mexico City-based Cinemex will open a Lazenby. 35,677-square foot, 622-seat dine-in movie theater in City Centre, its first U.S. location. Saks views it as an opportunity to cater to Miami’s international shoppers. “While I think it would be safe to say there will be some level of healthy competition that will go on between “Brickell City Centre will provide access to the North the two projects, if we thought the success of one and South American sophisticated and selective would only be achieved by the failure of another, then consumer in the internationally flavored Brickell we would not be involved in both,” said Lazenby. “Our neighborhood,” Marigay McKee, president of Saks Fifth involvement in Brickell City Centre is not because we Avenue said in a statement. are trying to shift business from to Brickell, but because we think the market has grown and evolved and the tenant community is voting with their construction budgets in the sense that they are ready to see Miami become more than a one store marketplace.”

In fact, Bal Harbour Shops is moving forward with its own expansion plans designed to keep up with demands from existing tenants who want to expand and new players who want to make Bal Harbour Shops their home.

Another distinction that sets apart the Brickell City Centre project is the way parking will be integrated, said Chris Gandolfo, senior vice president of development for Swire Properties. The commercial parking will be located primarily below grade so shoppers can enter from any street – Seventh or Eighth streets or South Miami Avenue – into a below grade parking lot that feeds directly up to grade level putting shoppers right into the retail portion.

“You are in an outdoor environment, but you feel comfortable because it’s covered with a climate ribbon – a glass trellis that was designed to allow the winds to come off Biscayne Bay and blow through the center,” said Gandolfo. “That’s different and unique from the suburbs where you have surface parking lots and you are walking two miles to get to your car or there are big attached garage podiums on the outside of the shopping center that takes away from the pedestrian experience.”

TRENDS 11 12 TERRANOVA a new retail era

City of the future With the Design District to the north luring luxury A city within a city is how developers of Miami retailers, “We will have to pick up where they left off Worldcenter describe this ten-block, 25-acre site and expand the market,” said Nate Forbes, managing just north of the Central Business District, extending partner of the Forbes Co. Like Lazenby, Forbes is not between Second and Miami avenues to 11th Street. concerned about diluting the retail luxury market. The project is a joint venture between the Falcone Group and Centurion Partners and will include retail, “Miami is a big metropolitan market and a lot of commercial, residential and hotels. retailers can have multiple units that can draw in customers and do a lot of business without At press time developers had cleared several hurdles cannibalizing business from each other,” Forbes said. with the city and appeared ready to move forward with plans for 1,083 condos, an 1,800-room hotel with a The retail portion will feature the 7th Street 600,000 square-foot convention center and a 765,000 Promenade, a pedestrian-only thoroughfare that square-foot retail component. runs east-west through the southern quadrant of Miami Worldcenter. In addition to the large anchor Robertson views this project as one that brings tenants, look for European-style outdoor cafés, bars, “youthful energy” to the area and will appeal to a more restaurants, and boutique shops. “edgy, younger crowd,” due to its location near the technology center NAP of the Americas. “Miami Worldcenter is a destination in itself. When you add in All Aboard Florida, the [planned] convention “The architecture I have seen proposed has center and the residential and retail draw, I think it sustainability and walkability incorporated into it. It will will continue to make Miami a more important city,” take a dead area and invigorate it,” said Robertson. said Forbes. “It all builds on itself, it’s not one against The Forbes Co. and Taubman Centers, Inc. are the other. It’s everyone trying to build something developing the retail component. A 120,000 square that creates an urban environment. That’s what foot Bloomingdale’s and a 195,000 square foot Macy’s Miami hasn’t had in the past, and it will make a big will serve as anchors. As the first phase of the project, difference.” the goal is to break ground in late 2014.

TRENDS 13 14 TERRANOVA TRENDS 15 REAL

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www.chillnicecream.com TRENDS 17 miami-dade county suburban shopping center report

2014 edition

18 TERRANOVA Retail Report

verage shopping center rents in Miami-Dade County went up 9.5% A since early 2013, showing the largest increase in recent years along with a noticeable pick-up in big-box leasing and new development. New shopping centers are speckling the suburban LANDSCAPE, a surge of new retail construction is sweeping through downtown Miami, and two long-proposed mixed-use projects in Doral have been revived, foretelling new retail destinations in that area.

Against this backdrop, existing shopping centers throughout the county have lowered their overall vacancy rate in 2014 to 5.8%, down from 6.3% a year before. Accompanying the improved occupancy is a higher average asking rent of $29.02 in mid-2014, compared to $26.50 in early 2013.

Improvements in rent and occupancy are observable Hialeah and Northwest Miami-Dade, two abutting throughout the county, with all but one of the 10 submarkets, have solidly passed the $25 mark, a submarkets showing noticeable increases in asking noticeable increase from 2013. Hialeah, which has rent from the year before. The one submarket to show the lowest average household income, benefits from a slight decrease – a 2.2% drop in Homestead/Naranja population density and a very strong central commercial – was due to lack of availability in its two highest-priced corridor along West 49th Street. Northwest Miami-Dade, centers, rather than a weakening of the submarket. a small, mostly residential pocket just north of Hialeah, encompasses various small bedroom communities with Other Submarket Highlights a relatively high average household income and much North Miami/The Beaches submarket, which has the less density and commercial intensity than Hialeah. The smallest inventory, showed the highest increase in Northwest Miami-Dade submarket’s high vacancy rate average asking rent, 23.7%. This steep increase reflects is due to a vacant Sears store. availability in its highest-priced center (on Alton & Fifth, in Miami Beach), an outlier that didn’t have available New-to-Market Tenants space in 2013 and thus wasn’t included in that year’s One new-to-market retailer, big-box user Hobby Lobby, average. However, the increase also reflects improved opened its first Miami-Dade store in Kendall, absorbing demand for the submarket’s other lower-priced centers, a former Syms space, while Swedish furniture and which are mostly located along Biscayne Boulevard, home goods retailer Ikea built and opened its second north of 103rd Street. South Florida store on a formerly vacant site in West Miami-Dade. Also new-to-market is Discovery Clothing, Aventura and South Miami, consistently the strongest a Chicago-based fashion chain that has opened two submarkets in terms of rent and occupancy, had rent locations in Hialeah, and is slated to open a third in increases of 22.6% and 14.1% respectively, with South West Miami-Dade. Miami becoming the first submarket whose average crosses the $40 mark, while Aventura continues a New Construction similar upward trend. Both submarkets benefit from New shopping center construction has picked up the exposure to U.S. 1 (South Miami) and Biscayne pace over the past 18 months. Palmetto Gardens Boulevard (Aventura), both service neighborhoods Walmart Plaza, a 55,000 square foot center anchored with strong demographics, and both have small, tightly by a Walmart Neighborhood Center, was completed in occupied inventories. the Northwest Miami-Dade submarket. Royal Gardens

TRENDS 19 Retail Report

Plaza, an 84,000 square foot center anchored by Aldi, Ross Dress for Less and Dollar General, was completed In addition to the downtown renaissance, the Design in Hialeah Gardens. Three other new centers are under District, an inner-city area north of downtown Miami, construction or proposed in the West Miami-Dade/Doral is also undergoing a wave of redevelopment. A submarket: Fountainebleau Park Plaza, a 235,000 multi-property owner who is transforming the square foot center anchored by Walmart Supercenter, neighborhood into an upscale retail destination, with is nearing completion; Fountain Square, a mixed-use more than 500,000 square feet of retail covering project with 340,000 square feet of retail to be anchored the area from North Miami Avenue to NE Second by Target, Publix Sabor, TJ Maxx and Ross Dress for Avenue, between Northwest 38th and 42nd streets. Less, is under construction; and Doral Commons, a The developer plans to create a pedestrian retail street 133,208 square foot center to be anchored by Publix bisecting this district and anchored at each end by a and TJ Maxx, is proposed in Doral. department store, whose brands are yet unannounced. Retailers already staking locations in the district include The City of Doral is experiencing a surge in residential Louis Vuitton, Hermes and Prada. By 2015, about 100 construction accompanied by additional retail space new stores are scheduled to open. within two multi-acre mixed-use projects. One is CityPlace Doral, a mixed use project that will include demographics 300,000 square feet of open-air retail. The second is Miami-Dade County’s total population in 2014 is Downtown Doral, a mixed use project that will include up estimated at 2,641,834, higher than 2,605,371 in 2013, to 180,000 square feet of retail in a Main Street setting. and projected to grow 6.8% in the next five years. The county’s average household income increased to an In the East Central submarket, River Landing, a mixed- estimated $60,780, compared to $58,947 in 2013, but use project with 475,000 square feet of value retail in a still lower than Broward County’s $67,514 and Palm six-story building, is under construction in Miami’s Health Beach County’s $69,573. District, west of downtown Miami, with BJs Wholesale Club as one of the anchors. Coral Reef Commons, to Total shopping center inventory in Miami-Dade County be anchored by LA Fitness and Walmart, is proposed in totals 31,930,294 square feet in 242 centers, excluding the Cutler Ridge submarket. Three other new centers enclosed malls, lifestyle/entertainment centers and are proposed, but no anchors or groundbreaking dates centers smaller than 50,000 square feet. Miami-Dade have been announced: Palm Springs Square, a 245,648 County’s 2014 ratio of shopping center square feet per square foot center, is proposed in Northwest Miami- person is 12 to 1, based on a population of 2,641,834 Dade; Silver Palm Square, a 91,591 square foot center and total inventory of 31,930,294 square feet. This with three additional outparcels, is proposed in the compares to a Broward County ratio of 20.4 to 1 and Cutler Ridge submarket; and Shoppes of Homestead, a a Palm Beach County ratio of 22 to 1. Miami-Dade’s 157,500 square foot center, is proposed in Homestead. population is 64% Hispanic and 19% African American, and median age is 39. Beyond traditional suburban shopping centers, a wave of new retail construction is sweeping through downtown Miami, where an urban renaissance is taking place. Brickell CitiCentre, a mixed-used project that will include more than 500,000 square feet of retail space including Saks Fifth Avenue and Cinemax, is under construction in the West Brickell area, just south of downtown Miami. Mall at Miami Worldcenter, a 740,000 square foot retail project anchored by Macy’s and Bloomingdale’s, is proposed as part of a mixed-use project to be built on a 27-acre site from NE Seventh Street to NE 10th Street between First and Second avenues. Metropolitan Miami, a high-rise, mixed-use project with office, hotel, retail and entertainment, is under construction on a three-block site at NE Third Avenue, in downtown Miami’s central business district. This project will include a Whole Foods store of 40,000 square feet, projected to open in late 2014. In a separate building in the same complex, Silverspot Cinema has announced it will open a 12-screen movie theater. (See story about downtown Miami’s retail surge on page 6.)

20 TERRANOVA TRENDS 21 Retail Report Coming Soon New luxury movie theater finds space in the very tight Aventura submarket

The Aventura submarket, which includes Sunny Isles Beach, benefits from exposure of its centers to highly trafficked Biscayne Boulevard and to affluent residential areas east of Biscayne. Accordingly, average asking rent in this submarket in 2014 increased 22.6% to $38.55, which ranks as the second highest submarket rent in the county. Vacancy of 2.3% is an all-time low and a decrease from 3.8% a year before. Department store Stein Mart chose this submarket for its first Miami-Dade County store, taking a former Loehmann’s space.

Anchor Moves John’s opened in an outparcel at Aventura Commons, iPic Movie Theater is under construction to replace the at 21300 Biscayne Blvd. Town Center Aventura, the shuttered Sunrise Cinemas at the Intracoastal Mall, on redevelopment of the former Loehmann’s Fashion the NEC of Sunny Isles Blvd. and NE 35th Ave. Island on the NEC of Biscayne Blvd. and 199th Street, added a cadre of new tenants: Novecento (Argentinian Stein Mart replaced Loehmann’s in Biscayne Retail restaurant), The Counter Burger, Café Cita, Buffalo Wild Plaza, on the NEC of Biscayne Blvd. and 199th Street. Wings, My Two Kids, Tupelo Honey (fashion), Peace Love World (fashion) and European Wax Center. Crepes Tenant Moves & More will replace Prime Sushi in R.K. Village Plaza, ChillN’ Nitrogen Ice Cream replaced a yogurt shop and at 18180 Collins Ave. Julio’s Natural Foods Restaurant Avila Bistro replaced Aventura Diner in Aventura Plaza, and Bellante’s Pizza closed in Shops at Skylake, on the on the SEC of Biscayne Blvd. and SE 80th Street. Jimmy SEC of Miami Gardens Drive and NE 16th Ave. Mattress One replaced Jungle Gym in Aventura Shopping Center, at 2968 Aventura Blvd. BioTech Wellness Center and Eyebrow Design opened, while Tupelo Honey, Sher Gallery, Roni’s on the Water, Water Café, Mish Mash Bagel, and Sophie Rose Children’s Boutique closed in Waterway Shoppes, at 3575 NE 207th Street. SoBlo Salon opened in a former restaurant space in Promenade Shops at Turnberry, on the NEC of Biscayne Blvd. and Ives Dairy Road. Acai Bowl Organic Juice Bar replaced Café Bambini and Dr. Phone Fix replaced Smart Eddy Toys in Sunny Isles Square, at 3025 NE 163rd Street.

Demographics This submarket has the highest median age of all submarkets, at 47. Its 2014 population is estimated at 117,169. The population is 36% Hispanic and 15% African American. Average household income is $69,685. Population in this submarket grew 8% between 2010 and 2014, and is projected to grow another 8% in the next five years. Daytime population in this submarket is 45,535.

22 TERRANOVA TRENDS 23 SHOPPERS’ BOULEVARD Centers on busy Biscayne Boulevard prop up the North Miami / The Beaches submarket

This is a small submarket that includes Miami Beach, where the highest-priced property in the submarket is located. Available space in this center (Fifth & Alton) in 2014 led to a noticeable increase in average asking rent, up 23.7% to $25.88. Without including this center, average rent in the rest of the inventory is $20.84, virtually unchanged from a year before. The vacancy rate of 7.5% is an increase from 5.3% in 2013, and reflects the addition of Mall at 163rd Street to the inventory, as this property has ample availability. In addition to Fifth & Alton, the strongest centers in this submarket are the ones fronting Biscayne Boulevard, while centers off this main highway have substantially lower asking rents.

24 TERRANOVA Retail Report

Proposed Projects Biscayne Landing, a long-dormant project proposed on an 81-acre site on the NEC of Biscayne Blvd. and NE 151st Street, has been revived, with plans for a mixed-use project that will include more than 4,000 residences and more than 800,000 square feet of retail space. At press time, no groundbreaking date or tenants have been announced.

Redevelopments/Additions/Renovations Bal Harbour Shops, a luxury mall on the NWC of Collins Ave. and 96th Street, is seeking city approval for an expansion of 350,000 square feet of retail space, which would include department store space, at least 20 retail boutiques and a high-end movie theater.

Anchor Moves TJ Maxx will open in the RK Town Centre of North Miami, on the SEC of Biscayne Blvd. and NE 123rd Street, taking the former Anna’s Linens space.

Whole Foods Market opened in a former Office Depot site at 12100 Biscayne Blvd. other Tenant Moves Epicure Gourmet Market will open in Arena Shops, at 14770 Biscayne Boulevard. Orange Theory Fitness will replace Red Mango in Fifth & Alton, on the NWC of Alton Road and Fifth Street in Miami Beach. La Crème de la Crepe replaced Cold Stone Creamery in Biscayne Commons at 14600 Biscayne Blvd. Firehouse Subs will open in Keystone Plaza at 13509 Biscayne Blvd. This center also added 3 Crowns Liquors, Sherwin Williams, Clean Smoke Electronic Cigarettes and Florida Blue Cross & Blue Shield. Vapor Lounge replaced a health foods store, CPR Cell Phone Repair replaced Weight Watchers and Yogurt Land replaced La Baguette Bakery in Shops at Arch Creek, on the NWC of Biscayne Blvd. and NE 130th Street.

Demographics This submarket has an estimated 2014 population of 231,606. The population is 35% Hispanic and 30% African American. Median age is 41 and average household income is $63,601. Population growth in this submarket was 4% between 2010 and 2014, and is projected to gain 5% in the next five years. Daytime population in this submarket is estimated at 90,304.

TRENDS 25 Retail Report Redevelopment Central New retail destinations are redefining the East Central urban submarket

Average asking rent in this submarket went up 9.3% to $23.32, as its second largest property improved occupancy significantly and raised asking rent accordingly, while its newest, largest and priciest property, , continues going strong. Vacancy rate of 10.4% is virtually unchanged from 10.6% in 2013, as several properties still have large amounts of available space. Two new Walmarts are proposed in this submarket, and a major mixed-used development is under construction just north of the Dolphin Expressway. This submarket also contains the Design District, a multi-block neighborhood undergoing a transformation into an urban open-air luxury .

26 TERRANOVA Proposed Projects Design District, between NE 38th Street and NE 42nd Other Tenant Moves Street, from N. Federal Highway on the east to N. Miami The Shops at Midtown Miami, at 3401 N. Miami Ave., Avenue on the west, is undergoing a transformation into added a cadre of tenants: Novecento, Oyster Place, Baru an urban hub of luxury retail, planned to have 120 high- Urbano, Bobby Berk Home, Compose Décor, Pinkberry, end designer brand stores, along with restaurants and art Five Diamond Auto Spa, Spris Artisan Pizza, Ricky galleries. Opened retailers include Louis Vuitton, Hermes, Bakery, Restaurant Rivera Focacceria Italiana, Bleach Cartier, Celine and Prada, while construction is ongoing Salon II and European Wax Center. Planet Fitness will for upcoming stores that will include Tom Ford, Givenchy, open and Simply Fashion relocated from Shoprite Center Valentino, Loro Piana and Fendi. (NWC of NW 119th Street and NW 7th Ave.), to a former Rainbow Shops in Dolphin Plaza, at 17175 NW 27th Triptych, a 20-story mixed-use project that will include Ave. Liberty Tax replaced Number One Beauty Supply 50,000 square feet of luxury retail, along with a 300-room and Purple Carpet replaced Simply Fashion (relocated hotel and 50,000 square feet of office, is proposed at NE to Dolphin Plaza) in Shoprite Center, on the NWC of NW 36th Street and N. Miami Avenue. 119th Street and NW 7th Avenue. Cricket Wireless opened in Stadium Corners, on the NWC of NW 199th Street and East Hialeah Marketplace, a 300,000 square foot center to 27th Avenue. Check Cashing USA and DK Nails opened be anchored by Walmart Supercenter, is under construction in Miami Gardens Plaza, on the NEC of Miami Gardens on the SWC of NW 79th Street and 32nd Ave. Drive and NW 27th Ave. Rainbow, Estrella Insurance, H&R Block, Boost Mobile, Lucky Me, Advance America River Landing, a mixed-use project that will include Cash Advance, Wig Boutique and various health care 537,000 square feet of value retail in a six-story building, facilities opened in Northside Shopping Center, at 7900 is under construction on the south side of NW 12th Street NW 27th Ave. (NW N. River Drive), at its junction with NW 14th Ave., in Miami’s . LA Fitness and BJ’s Wholesale Demographics Club have been announced as tenants. With a 2014 population of 418,313, this is the most populous of all submarkets. This submarket had a 4% District 36, a mixed-use project that will include 64,000 population increase between 2010 and 2014, and is square feet of retail and restaurant space, is proposed on projected to increase another 6% in the next five years. the NWC of NE 36th Street and NE First Avenue. The population is 58% African American and 35% Hispanic. Average household income of $43,576 is Redevelopments, Additions, Renovations the second lowest of all submarkets (behind Hialeah), Miami Merchants Mart, on NW 79th Street between 30th and median age of 35 is among the youngest. Daytime and 32nd avenues, is proposed for redevelopment into population in this submarket is estimated at 155,853. a 202,000 square foot center. Announced tenants are Planet Fitness and Save-A-Lot.

California Club Mall is redeveloping its interior space of 70,000 square feet into a big-box tenant space. No tenant has been announced. The center added Fallas Paredes, Dollar Tree, Family Fun Zone and Planet Fitness.

Anchor Moves Walmart obtained city approval for a 203,000 square foot store next to Shops at Midtown Miami, at 3401 N. Miami Ave., but a neighborhood group has challenged the approval in court.

Nordstrom Rack will replace Loehmann’s in Midtown Miami, at 3401 N. Miami Ave.

Goodwill Superstore replaced Big Lots in Midpoint, fka Biscayne Plaza, on the NWC of Biscayne Blvd. and NE 79th Street.

Aldi opened in Stadium Corners, on the SWC of NW 199th Street and NW 27th Ave.

TRENDS 27 Rare Sightings A vacant Sears in the Northwest Miami-Dade submarket is one of the county’s few empty boxes

28 TERRANOVA Retail Report

Average rent in this submarket increased 11% to $27.86, led by a few shopping centers that have crossed the $30 mark. Vacancy remains high, largely due to a Sears Essentials box that remains empty. An old center was redeveloped with a Walmart Neighborhood Market, and a new center is proposed in this submarket, which is a small pocket of Miami-Dade County, just south of the Broward County line, and close to two of the region’s interconnecting expressways: I-75 and Palmetto Expressway. The submarket also contains many bedroom communities, such as Country Club of Miami and Royal Oaks.

Completed Projects La Brasa will replace Miami Subs in Vista Shopping Palmetto Gardens Walmart Plaza, a 55,000 square foot Center, on the SEC of NW 186th Street and 67th Avenue. center anchored by a Walmart Neighborhood Center, Weight Watchers closed and Dr. Phone Fix opened in is nearing completion on the NWC of the Palmetto Country Club Plaza, on the SWC of NW 186th Street and Expressway and NW 37th Ave., on the site of the former 67th Avenue. Palmetto Design Center. Other announced tenants are T-Mobile, CPR Cell Phone Repair and Lee Nails. Vacant Boxes Sears Essentials in Miami Gardens Shopping Center, on Proposed Projects the SWC of Miami Gardens Drive and NW 57th Ave. Palm Springs Square, second quarter 2016, a 245,648 square foot center, is proposed on the SWC of NW 87th Demographics Ave. and 186th Street (Miami Gardens Drive). No tenants This submarket has an estimated 2014 population have been announced. of 134,229. The population is 79% Hispanic and 12% African American. It is one of the youngest submarkets, Tenant Moves with a median age of 35, and has an average household Denny’s will open in a former Blockbuster Video space income of $62,701. Population in this submarket grew in Country Club North, on the NWC of NW 186th Street 8% between 2010 and 2014, and is projected to grow (Miami Gardens Drive) and 67th Avenue (). another 9% in the next five years. Daytime population in Check Cashing USA and Cricket Wireless opened, and this submarket is estimated at 36,895.

TRENDS 29 Adding Value Discount retailers add new big boxes in busy Hialeah submarket

30 TERRANOVA The dense Hialeah submarket has the second lowest vacancy rate in the county, 3.7%, which in turn propped up average rent to $27.73 in 2014, up 12% from 2013. Two new Aldi stores opened in this submarket, one of them anchoring a new shopping center recently completed. Another big box store, Michael’s, opened shop in a former Walgreens space. Two centers surpass the $30 mark in this largely blue-collar Hispanic market.

Completed Projects Cafeteria will close at the end of the year in Palm Springs Royal Gardens Plaza, an 84,000 square foot center Mile shopping center, on W. 49th Street between W. Fifth anchored by Aldi, Ross Dress for Less and Dollar and W. Eighth streets. Rainbow and Shoetime opened General, was completed on the SEC of Hialeah Gardens in Flamingo Plaza, at 1025 E. Ninth Street. Yogurt 4 U Blvd. and W. 80th Street. Other tenants include Discovery and La Granja opened in Vicenza Plaza, on the NEC of Clothing and Pollo Tropical. Okeechobee Road and Hialeah Gardens Blvd.

Anchor Moves Demographics Aldi opened in Village Center, at 1400 W. 49th Street. This submarket has an estimated 2014 population of 295,410. Population growth was 4% between 2010 and Michaels Arts & Crafts replaced Walgreens in Palm 2014, and is projected to grow another 5% in the next five Springs Mile, at 500 W. 49th Street. years. The population is 3% African American and 92% Hispanic, the most Hispanic of all submarkets. Median Other Tenant Moves age is 41 and average household income of $43,177 Krispy Kreme will replace Starbucks in Hialeah Mercado, is the lowest in the county. Daytime population in this on the NEC of W. 49th Street and 16th Ave. Picadilly submarket is 123,678.

TRENDS 31 Retail Report Westward Bound From Palmetto to the Turnpike new projects are rising in West Miami-Dade / Doral

This is the largest submarket in terms of inventory and number of centers, but with one of the lowest vacancy rates, at 4.4% in 2014. Developers have seized opportunity for three new traditional shopping centers, adding nearly 700,000 square feet of retail space, most of it spoken for already. The new projects are all west of the Palmetto Expressway. In addition, two large mixed-use projects within city of Doral propose to add another 480,000 square feet of retail, along with thousands of new residential units. The submarket covers a large swath of central Miami-Dade that includes some of the county’s oldest centers on the submarket’s eastern fringes, and some of the newest construction in the west, including Doral. Average asking rent in 2014 is $27.75, up 9.2% from $25.41 in 2013.

proposed projects Other tenants include Bank of America, Dressbarn, Hair Fountainebleau Park Plaza, a 235,000 square foot center Cuttery, Panera Bread and PDQ. to be anchored by Walmart Supercenter, is nearing completion on the NWC of and NW 92nd Doral Commons, a 133,208 square foot center anchored Ave. Tenants include LA Fitness, Discovery Clothing, TD by Publix and TJ Maxx, is proposed at NW 74th Street Bank, Chick-fil-A and Carrabba’s Italian Grill. and 107th Avenue.

Fountain Square, a 320,339 square foot center anchored Midtown Doral, a mixed-use project that will include 72,000 by Target, Publix Sabor, TJ Maxx and Ross Dress for square feet of ground level retail in its first phase, is under Less, is under construction on the NEC of W. Flagler construction on the east side of NW 107th Ave., between Street and NW 102nd Ave., on the site of a former trailer NW 79th Street and NW 82nd Street, (just north of Doral home park. Target is projected to open October 2014. Commons project). No tenants have been announced.

Downtown Doral, a mixed-use project projected to include as much as 180,000 square feet of retail anchored by a grocery store, is proposed on a 120-acre site from NW 79th to NW 87th Avenues, north and south of NW 53rd Street. First phase of retail is projected for mid-2015 delivery, with announced tenants including Bulla, My Ceviche, Dragon Fly, Freddo Gelato and Oxxo.

CityPlace Doral, a mixed-use project that will include 300,000 square feet of retail, has begun construction of the residential phase on a multi-acre site at NW 36th Street and 83rd Avenue. No retail delivery date or tenants have been announced.

Anchor Moves Ikea entered Miami-Dade County with a 417,000 square foot store north of , on the NEC of NW 18th Street and 117th Avenue.

A Super Target is proposed on the NWC of SW 137th Ave. and 8th Street, a site that was once owned by Lowe’s Home Improvement.

32 TERRANOVA A Walmart Neighborhood Center of 54,000 square feet is nearing completion on a leased site at 6991 SW Eighth Street, a site that was formerly Everglades Lumber.

BJ’s Wholesale Club opened a store on a vacant site on the SE quadrant of SW 24th Street () and 72nd Ave.

Sports Authority will replace Anna’s Linens in Westchester Shopping Center, on the NEC of Coral Way (SW 24th Beauty Schools of America replaced Foot Locker in Trail Street) and 87th Ave. Plaza (SWC of SW Eighth Street and 67th Ave.), which also added Subway in an outparcel. The Check Cashing Harbor Freight Tools replaced Staples in Trail Plaza, on Store, Carvel Ice Cream, Casa Potin Bakery and The the SWC of SW Eighth Street and 67th Ave. Ticket Clinic opened in Interplaza Shopping Center, on the SWC of SW Eighth Street and 122nd Ave. Quest other Tenant Moves Diagnostics replaced Dry Clean USA in Menchies Frozen Yogurt opened in University Center Shops, on the SWC of SW Eighth Street and 137th Ave. North at 1551 SW 107th Ave. Dollar Tree opened in a La Suiza Bakery & Café will open in San Miguel Shopping former Planet Fitness space in University Center South, Plaza, at 13914 SW Eighth Street. El Rey de las Fritas will on the SEC of SW 107th Ave. and 16th Street. Orange open in Plaza del Rey, on the SWC of Flagler Street and Cleaners Express replaced Curves and Little Louie’s SW 100th Ave. Advance America replaced Fresh Berry Italian Kitchen replaced Mike & Sons’ Pizza in Meadows Frozen Yogurt in Parkhill Plaza, on the NEC of Flagler Shopping Center, on the SWC of SW 40th Street (Bird Street and 97th Ave. Amscot replaced Blockbuster Video Road) and 152nd Ave. Valsan replaced US Tops, UPS in Bird Ludlam Shopping Center, on the SWC of Bird Store replaced BoxyLetter, and Jimmy John’s Gourmet Road and SW 67th Ave. Habitue Italian Bistro will replace Sandwiches will open in Flagler Park Plaza, at 8221 W. Pizza Rustica and Churro Mania replaced Mrs. Mendoza Flagler Street. Jimmy John’s will also replace Quizno’s in Taco Restaurant in Doral Plaza, on the NWC of NW 41st Bed Bath & Beyond Plaza, on the NEC of NW 107th Ave. Street and 97th Ave. Vapor and Cricket Wireless will and 19th Street. replace D’or Junior Fashion in Beacon Centre Plaza, on the NEC of NW 87th Ave. and 13th Terrace. R B Cycles Pizza Bistro replaced Quizno’s and Finka Table & Tap opened in the former Harvest Delights space in Boykin replaced KFC & Long John Silvers in Plaza Alegre, on Center, on the SWC of NW 36th Street and 79th Ave. the NWC of Coral Way (SW 24th Street) and SW 147th Florida Pro Cycle opened in Delias Plaza, on the SWC of Ave. Boost Mobile replaced Sprint in Bird 87 Village, on NW 107th Ave. and 58th Street. the NEC of and SW 87th Ave. Sweet Dough Bakery will open in Bird Bowl Shops, at 9355 Bird Road. Demographics Muscle Factory Gym and Gauchos Gourmet Market This submarket has an estimated 2014 population of opened in Bird Road Plaza, on the NWC of Bird Road and 407,433. The population is 86% Hispanic and 3% African 142nd Ave. Madi’s Tea Garden replaced Crepe Maker American. Median age is 41 and average household and True Value of Kendall replaced an independent dollar income is $63,835. Population in this submarket grew store at Sabina Plaza, on the NEC of Bird Road and SW 5% between 2010 and 2014, and is projected to grow 152nd Ave. This center also added Jumping Gymboree another 6% in the next five years. Daytime population in and Lumber Liquidators. this submarket is 170,380.

TRENDS 33 Suburban Draw A new big-box chain opens first store in the kendall submarket

Occupancy and rent continue going strong in the Kendall submarket, a robust suburban area filled with family households and traffic, with activity now stretching to its western fringes due to the opening of the county’s newest hospital. Shopping centers abound in this submarket, where average rent in 2014 surpassed the $30 mark and is now $32.28, up 9% from 2013. Vacancy rate decreased from 6.6% to 5.3%, largely due to the entry of Hobby Lobby, which absorbed an empty Syms box. Discount grocer Aldi also entered this submarket, and a new project of 55,000 square feet is nearing completion in West Kendall.

Proposed Projects Dollar Tree opened in West Sunset Square, on the NWC West Kendall Village, a 55,000 square foot unanchored of SW 157th Ave. and (SW 72nd Street), center, is nearing completion on the SWC of Kendall taking a former banquet hall space and dance studio Drive and SW 154th Ave. Tenants include Fuddruckers, space. The Learning Experience, Hurricane Wings & Grill and CAC Medical Center. Loehmann’s went out of business in early 2014, thus closing its store in Palms at Kendall Town & Country, on Redevelopments/Additions/Renovations the NWC of and SW 117th Ave. Miller Square, on the SWC of Miller Drive (SW 56th Street) and 137th Ave., is undergoing a partial reconfiguration to Target opened a store on the site of the former Kmart make room for a new Ross Dress for Less store. 10400 S. .

Walgreens moved to an outparcel and Publix was razed, hhgregg opened in Shops of Kendall, on the SEC of rebuilt and enlarged at Miller Road Plaza, at 9420 Miller Kendall Drive and SW 127th Ave. Drive (SW 56th Street). The center also added Chase Bank, Great Clips and Boost Mobile. Other Tenant Moves Anna’s Linens and Fresh Berry Frozen Yogurt closed, Anchor Moves while SubZero Ice Cream and Yogurt replaced Dairy Hobby Lobby replaced Syms in Kendale Lakes Plaza, Queen and My Eyelab replaced Blockbuster Video on the NWC of Kendall Drive (SW 88th Street) and in Kendall Mall, on the SEC of Kendall Drive and SW 137th Ave. 107th Ave. All 4 Cycling replaced Fashion Bug in Kendale Lakes Plaza, on the NWC of Kendall Drive and Aldi will replace Office Max in Forest Lakes Plaza (fka SW 137th Ave. Sir Pizza and Party Supplies closed in Kendall Point Plaza), at 16508 SW 88th Street. Kendall Value Center, on the NEC of Sunset Drive (SW

34 TERRANOVA Retail Report

72nd Street) and SW 117th Ave. Dots closed in TJ Maxx Plaza, on the SWC of Sunset Drive and SW 117th Ave. uBreakiFix replaced fashion boutique XPose in Kendall Village Center, at 8555 SW 124th Ave. XPose relocated to Shops of Kendall (SEC of Kendall Drive and SW 127th Ave.), which also added LA Sweets.

TCBY closed in Plaza del Paraiso, on the SWC of SW 127th Avenue and 120th Street. Baptist Health Primary Care opened in Kendall Breeze, at 12300 SW 127th Ave. Frame Art and Peter of London closed in The Prado, at 8765 SW 136th Street. Visionworks replaced Ace Hardware in London Square (SEC of SW 137th Ave. and 120th Street), which also is adding Dress Barn, 100 Montaditos and Sally Beauty Supply. Dunkin Donuts replaced Starbucks in Miller Square, on the SWC of Miller Drive (SW 56th Street) and 137th Ave. El Corral Hamburgers opened in a former Blockbuster Video space in Miller West Plaza at 147th (Miller Drive and SW 147th Ave.), which also is adding Carvel Ice Cream.

Cricket Wireless replaced Fabian Records in Westlake opened in a portion of the former Office Depot next to Plaza, on the SEC of Sunset Drive and SW 152nd Ave. this center, at 8950 SW 137th Ave. iLoveKickboxing replaced Gymboree and Baptist Health Primary Care replaced Portofino Restaurant in Kendall vacant boxes Marketplace, on the NEC of Kendall Drive and SW 117th Former Bally’s (31,460 square feet on second floor) at Ave. Einstein Bagels replaced Cork & Bottle Liquors in Kendall Mall on SEC of Kendall Drive and 107th Ave. Kendall Gate Shopping Center, at 12014 Kendall Drive. Karbon Peruvian Restaurant opened in the former BGR Demographics Burger in Carter Square, on the SEC of Kendall Drive This submarket has an estimated 2014 population of (SW 88th Street) and 137th Ave. MindFit, a yoga studio 286,534. The population is 75% Hispanic and 4% African and tea room, and Sneaker Boutique opened in Market American. Median age is 39 and average household Square Shopping Center, on the SWC of 117th Ave. and income is $72,642, the highest of all submarkets. 104th Street. Best Buy Mobile closed in Greenery Mall, Population in this submarket grew 5% between 2010 and on the SWC of Kendall Drive and SW 77th Ave. Crossfit 2014, and is projected to grow another 6% in the next five closed and Taco Bell opened in Kendall Square, on the years. Daytime population in this submarket is 90,282. SWC of Kendall Drive and SW 137th Ave. AutoZone

TRENDS 35 Speckled with opportunity An empty box now is filled and trendy tenants are showing up in the CUTLER RIDGE/PERRINE submarket

36 TERRANOVA Retail Report

A drop in vacancy to 4.8% helped boost average asking rent in this submarket to $25.31 in 2014, up 12.1% from 2013. The improvement in occupancy was largely due to absorption of a long- vacant box space by a local supermarket chain. A new Walmart opened October 2013, while various national tenants and a fast-expanding fitness facility also staked new locations. This submarket encompasses a transition area between the thriving Kendall area to the north and the slower Homestead/Naranja submarket to the south. As such, centers in the northern half are stronger than centers in the southern half.

Proposed Projects Drive and SW 127th Ave. True Value of Kendall replaced Silver Palm Square, a 91,591 square foot center with Ace Hardware and UPS Store will open in Town & Country three additional outparcels, is proposed on the NEC of Plaza, on the SWC of SW 152nd Street and 137th Ave. SW 232 Street and 112th Avenue in Perrine. No tenants have been announced. Demographics This submarket has an estimated 2014 population of Coral Reef Commons is proposed by Ram Realty on the 250,822. The population is 58% Hispanic and 21% African SWC of 152nd Street and 124th Ave., but the project is American. Median age is 35 and average household pending resolution of environmental issues. Walmart and income is $71,470. Population in this submarket grew LA Fitness had been announced as anchors. 7% between 2010 and 2014, and is projected to grow another 8% in the next five years. Daytime population in Anchor Moves this submarket is 46,248. Bravo Supermarket replaced Badcock Furniture in Promenade Plaza, on the NWC of SW 152nd Street and 112th Ave.

A Walmart store of 100,000 square feet opened October 2013 at 21151 S. Dixie Highway, on the site of a former car dealership.

OTHE Tenant Moves Chipotle Mexican Grill opened in an outparcel space in Point Royale Shopping Center, on the NEC of U.S. 1 and Marlin Drive. Boost Mobile and All Stars Frozen Yogurt opened in Old Cutler Towne Center, at 20425 . Boost Mobile replaced State Farm, Rainbow replaced Dots, and Estrella Insurance and Chase Bank opened in South Dade Shopping Center, on the SEC of U.S. 1 and SW 184th Street. Youfit Health Club opened in The Shoppes at Quail Roost, on the SEC of Quail Roost

TRENDS 37 New Big Boxes in Town Target and Aldi enter the HOMESTEAD / NARANJA submarket

38 TERRANOVA Retail Report

Average rent decreased slightly (2.2%) to $19.93 in this submarket, but the drop is mostly due to lack of availability at two of its highest priced centers, which have filled up since last year. New construction is observable, with Target planning a new store on the site of a former Home Depot that closed after a fire at the store, discount grocer Aldi opening a new location in this submarket, and Walmart opening two new stores. By contrast, Staples closed and a Big Lots box remains empty, contributing to a vacancy rate of 6.4%, higher than 5.5% in 2013.

Proposed Projects U.S. 1 and Campbell Drive (SW 312th Street). Boost Shoppes of Homestead, a 157,500 square foot center, Mobile and Metro PCS opened in Homestead Plaza, at remains proposed at 600 U.S. 1, also called Homestead 280 Campbell Drive. Mexican Grill and Seafood replaced Blvd. in that area. No tenants have yet been announced. My Gym in Dixie Center, at 30318 Old Dixie Highway. T-Mobile and Jersey Boardwalk Pizza opened in the Anchor Moves Walmart outparcel at the intersection of U.S. 1 and the Target will replace the razed Home Depot in Biscayne Florida Turnpike. Jimmy John’s Gourmet Sandwiches Shoppes, on the NWC of SW 288th Street and 137th Ave. and Lumber Liquidators opened in Florida City Centre, at 33590 S. Dixie Highway. Aldi built a store in Florida City Centre, at 33290 S. Dixie Highway. Vacant Boxes Big Lots (30,000 square feet) in Homestead Plaza, at A Walmart Supercenter opened July 2014 on the SEC 120 NE Eighth Street (aka Campbell Drive and SW 312th of SW 288th Street and 137th Avenue, and a Walmart Street). Neighborbood Market opened in early 2014 at 1499 N. Homestead Blvd., on the site of a former Chevrolet Demographics Dealership. This submarket has an estimated 2014 population of 162,767. The population is 59% Hispanic and 24% Publix is proposing a free-standing store on the SEC African American. With a median age of 32, this is of East Palm Drive (SW 344th Street) and Tennessee the youngest of all submarkets. Average household Road (167th Ave.) in Florida City. income of $49,844 is the third lowest, behind Hialeah and East Central. Population in this submarket grew Staples closed in Homestead Pavilion, on the 12% between 2010 and 2014, and is projected to SWC of Campbell Drive (SW 312th Street) and the grow another 11% in the next five years. Daytime Florida Turnpike. population in this submarket is 26,975, the lowest of all submarkets. OTHER Tenant Moves Fresh Zone Farmers Market replaced Okey Dokey, Mattress One replaced Blockbuster Video and Subway will open in Homestead Towne Square, on the NEC of

TRENDS 39 New Retail Surge This sturdy south miami-dade submarket is getting two new downtown malls

SURVEY PARAMETERS This is the 19th annual Miami-Dade County report on shopping centers, based on a survey of centers of 50,000 square feet or more, excluding regional enclosed malls and lifestyle centers. The survey was conducted throughout July and August 2014. Average rental rates are weighed asking net rates on existing available inline space only. Total inventory includes the gross leasable area on the ground floor only, plus upper level space in vertical centers.

40 TERRANOVA This submarket contains some of the most affluent neighborhoods of Miami-Dade County and is traversed by the highly trafficked U.S. 1. These two features and its relatively small inventory make it the county’s strongest submarket in terms of rent. In 2014, average asking rent surpassed the $40 mark for the first time, while vacancy remains low, at 4%. This submarket also contains downtown Miami, where a surge of mixed-use development is bringing more than one million square feet of new retail and restaurants in various projects (See story on page 6). South of downtown Miami, in Coral Gables, a long-proposed project remains on stand-by mode. Other retail construction along the U.S. corridor is of an infill nature.

Proposed Projects and GNC closed in Colonial Palms Plaza, on the SEC of Metropolitan Miami, a high-rise, mixed-use project U.S. 1 and SW 136th Street. Elements Massage replaced with office, hotel, retail and entertainment, is under Jenny Craig in Plaza, at 5969 S. Dixie Highway. construction on a three-block site at NE Third Avenue, Salad Creations closed, Sprint replaced Brickell Perfume in downtown Miami’s central business district. A Whole and Spanish restaurant Tapas Benidorm opened in Mary Foods store of 40,000 square feet is under construction, Brickell Village, at 901 S. Miami Ave. Subway and Metro projected to open in late 2014. In a separate building in PCS opened in Granada Plaza, at 4801 SW Eighth Street. the same complex, Silverspot Cinema has announced it will open a 12-screen movie theater. Demographics This submarket has an estimated 2014 population of Brickell CitiCentre, a mixed-use project that will include 337,551. The population is 67% Hispanic and 6% African more than 500,000 square feet of retail and entertainment, American. Median age is 44, the second highest behind is under construction on a multi-block parcel on South Aventura, and average household income is $70,892, the Miami Avenue between SW Seventh and Eighth streets. third highest behind Kendall and Cutler Ridge/Perrine. Saks Fifth Avenue and Cinemax have been announced Population in this submarket grew 6% between 2010 and as tenants. 2014, and is projected to grow another 7% in the next five years. Daytime population in this submarket is 203,360. Mall at Miami Worldcenter, a 740,000 square foot retail project anchored by Macy’s and Bloomingdale’s, is proposed as part of a mixed-use project to be built on a 27-acre site from NE Seventh Street to NE 10th Street between First and Second avenues.

Gables Station, a mixed-use project with 330,000 square feet of vertical retail, is proposed on the NE corner of Le Jeune Road and U.S. 1. No groundbreaking date or tenants have been announced.

Tenant Moves Dade Medical College opened in Central Plaza, on the NWC of NW Seventh Street and 37th Avenue, taking a former Blockbuster Video space. European Wax Center, Blow N Dry and Metro PCS opened at Suniland Shopping Center, on the SEC of U.S. 1 and SW 112th Ave. The Gallery Lighting and Design opened and Get Smart Educational Store closed at Pinecrest Plaza, at 11701 S. Dixie Highway. Get Smart relocated to Southpark Centre, at 12651 S. Dixie Highway. This shopping center also added Manhattan Chicago Pizza, Mitch’s Westside Bagels Too, Wheelchair Fitness Solutions, EWM Realtors, Mariposa Boutique and Chase Bank. Domino’s Pizza replaced Yogurbella

TRENDS 41 42 TERRANOVA TRENDS 43 44 TERRANOVA TRENDS 45 ‘round‘round‘round towntowntown

f you only drive when you need a car, your savings add up quickly. That is the basic methodology of the carsharing industry, and something that car2go hasI been educating Miamians about since July 2012. Carsharing is a growing billion-dollar concept in the U.S. Car ownership, and the maintenance that goes along with it, can be time consuming and expensive. Between gas, oil changes, and the constant upkeep, vehicles are a common necessity with depreciating value. Carsharing allows individuals to gain the use of (sometimes) private cars, which are fitting to specific transportation needs, without the financial drain.

46 TERRANOVA ‘round‘round‘round towntowntown car2go is the way to go By Kristin Clark

TRENDS 47 ‘round town

What makes this any different, or better, than a rental car? Valid question, and one I’ve asked myself. Although, it’s pretty simply when you think about it. The biggest advantage of carsharing services is accessibility. Reservations can be made directly on your phone or computer via an app, without time limits, restrictions, or penalties. And unlike rental car hubs that have set hours of operations and pick-up windows, carsharing is a 24/7 revolving process. Someone drops off a car in a parking spot, which instantly becomes available for use to a second individual. And although car2go solely offers eco-friendly smart cars, you’ll find that many carsharing options allow you to select a specific model that fits your immediate need. Heading out on a family getaway, opt for a SUV. Not to mention, carsharing is the perfect solution for urban lifestyle communities where you may need a lift for a quick 30-minute errand. What rental car company will allow you to ‘borrow’ a car for that amount of time?

The community of carsharing has grown tremendously STEP 1: Download the app over the past five years with the introduction of Access to car2go’s services can only be eco-friendly transportation solutions such as Uber, gained through the app. Once the app is Lyft, Zipcar and car2go. With flexible payment downloaded, you’ll need to register all your schedules by the minute, hour, or daily flat rate, the information, including driver’s license, and service is an easy solution for quick errands and short form of payment. Be sure to do this prior trips. What sets car2go apart from the rest is their to your intended use of car2go, as the all-inclusive model. All those common fees associated verification and mail-out timeframe is about with driving a car around in Miami are covered, 5-7 days. Once you receive your ‘Member including: gas, parking fees, insurance, and Card’ in the mail, you’re good to go! charging fee.

48 TERRANOVA ‘round town

Side note: if you are in the area, you can also register STEP 3: Navigate the app and pick up your ‘Member Card’ on-site at the Miami The car2go app functions are extremely user friendly, car2go, located in Midtown at 2935 Biscayne Blvd. and will allow you to view all of the available vehicles in your area. You have the option to make a reservation STEP 2: Cost up to 30 minutes in advance at no charge, but this is Car2go offers a great, user friendly carshare option certainly not a requirement. The app also gives you in the Miami area for a moderate price, although access to view open designated parking spots, trip there are other carshare companies that may be history, as well as the occasional promo rate special. less expensive, the fact that all fees are included is something to consider. The base membership fee is STEP 4: Drive $35, with rates starting at $0.41 per minute, $14.99 Once you locate your vehicle of choice, simply wave per hour, and $84.99 maximum per day. A credit card your ‘Member Card’ in front of the card reader (located is kept on file for all charges, making the process on the driver’s side dashboard). The doors will convenient and seamless for members. automatically unlock once your card is read. You will then be prompted to answer a series of questions via

TRENDS 49 50 TERRANOVA ‘round town the navigation system to verify the condition of the car. STEP 6: End Trip Once that’s squared away, grab the keys off the dash, This is the most important step in the car2go process, and you’re set to cruise! so listen up. To ensure you don’t end up accidently being held liable for someone else’s trip or car STEP 5: Making Stops & Parking damage, at the conclusion of your trip you’ll press ‘end One of the coolest aspects of the car2go app, is your trip’ on the navigation system and return the key to its’ ability to notify the app if you need to make a quick slot. You’ll then need to re-swipe your ‘Member Card’ pit-stop during your trip. This allows you to seamlessly on the dashboard card reader to logout and cease lock and walk away from your car, while ensuring it will time. be exactly where you left it upon your return. Parking your vehicle is even easier – your car2go membership Not only is car2go a beneficial resource for our covers ALL parking costs. Translation: all you need community, it’s also lowering emissions through the to do is find an open, public, legal parking spot to use of its smart car fleet and the carsharing concept. place your car2go. This includes street and metered As of July 2014, car2go operates over 11,000 vehicles parking, garages, etc. eliminating the hassle of finding in eight countries and 27 major cities worldwide, ‘designated’ parking spots like many other carsharing including Rome, London, Vancouver, Washington D.C. services require. and our very own Miami. So next time you’re looking for a ride down the street to pick up lunch, try car2go and experience the benefits of driving hassle free!

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