Federal Realty Investment Trust, Grass River Property and Comras Co. have commenced the redevelopment phase of CocoWalk, a retail-driven lifestyle center in Miami’s Coconut Grove submarket. The partnership revealed its plans for CocoWalk in May 2017 and recently kicked off the transformation program of the eastern side of the complex, with an expected delivery date set for late 2019.
Located at 3015 Grand Ave., the reimagined complex will comprise a total of 250,000 square feet of mixed-use space upon completion. The eastern part of CocoWalk—currently undergoing demolition—is set to include a new 85,000-square-foot, five-story office building and 20,000 square feet of street-level retail space known as One CocoWalk.
The demolition work follows the start of a large-scale renovation of the property’s west side, also announced last year, which will include a new color scheme, modern design and updated storefronts along Grand Avenue. CocoWalk is home to notable tenants such as the Cinepolis movie theater, YouFit Health Club, Chase Bank and The Gap. The complex will remain open during construction.
“By adding offices, we will drive more foot traffic to area businesses and meet rising demand amongst companies that want to be located in one of Miami’s most walkable and vibrant neighborhoods,” Chris Weilminster, president of the mixed-use division for Federal Realty, said in prepared remarks.
Tight vacancy, growing demand
Comras Co. is spearheading the center’s retail leasing and Blanca Commercial Real Estate is heading office leasing efforts. The addition of new office space at CocoWalk will meet pent-up demand in Coconut Grove and will contribute to a Class A vacancy rate of 1.0 percent, according to Blanca Commercial Real Estate research.
“One CocoWalk tenants will have access to on-site dining, shopping and entertainment an elevator ride away, high-end residences and hotels within walking distance, and proximity to the city’s top public and private schools,” added Tere Blanca of Blanca Commercial Real Estate. “The building’s central, easy-to-access location will make it especially appealing to business decision-makers residing in and around Coconut Grove who currently commute outside the area.”
Images courtesy of Felipe Zapata