{"id":1004239679,"date":"2018-07-12T05:42:01","date_gmt":"2018-07-12T13:42:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004239679"},"modified":"2022-12-08T08:33:57","modified_gmt":"2022-12-08T16:33:57","slug":"the-modernization-of-coconut-grove-first-office-projects-in-30-years","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-modernization-of-coconut-grove-first-office-projects-in-30-years\/","title":{"rendered":"The Modernization of Coconut Grove: First Office Projects in 30 Years"},"content":{"rendered":"

By Timea Papp<\/p>\n

\"Michael<\/a>

Michael Comras, president & CEO, Comras Co. (Image courtesy of Comras Co.)<\/p><\/div>\n

Coconut Grove welcomed the first settlers in the late 1800s and became an independent city by 1919. The City of Miami annexed the lush and culturally rich enclave in 1925, triggering its continuous growth. Coconut Grove\u2014considered the oldest neighborhood in Miami\u2014has always been a sought-after tourist destination due to its deep-rooted history, trendy shopping and entertainment venues and the overall vibrant feel of the area.<\/p>\n

Investors and developers have been showing interest in Coconut Grove in recent years, recognizing its potential and spurring new office construction for the first time in decades. “For the past 30 years, there\u2019s been very little office development,”<\/em> Michael Comras, president & CEO of the Comras Co., told Commercial Property Executive<\/em>. <\/p>\n

Companies such as Sony Music, ARQ, General Electric, Virgin Hotels and Sapient Razorfish boast a presence here, which led to the development of modern structures that incorporate trending mixed uses and experiential retail features. The pent-up demand for Class A office space “has contributed to a vacancy rate of approximately 1 percent”<\/em>, Comras said. Local authorities are supporting the favorable business environment with investments in mobility and smart urban solutions.<\/p>\n

Following trends<\/h2>\n

The Optimum, slated to add 40,000 square feet of Class A office space to the neighborhood\u2019s inventory, is among the several projects underway. The Optimum Group broke ground on the development in August 2017 and plans to deliver it sometime this year. Terra Group also started work on Mary Street in 2017<\/a>. The company is transforming an old parking garage into a mixed-used asset offering 78,000 square feet of office space and an 18,000-square-foot retail component.<\/p>\n

Federal Realty Investment Trust partnered with Grass River Property and Comras Co. in the redevelopment of CocoWalk<\/a>, an open-air shopping plaza. The new 250,000-square-foot mixed-use property will include One CocoWalk\u2014an 85,000-square-foot office building. Comras revealed that 75 percent of the office component has already been preleased.<\/p>\n

\"\"<\/a>

Chris Weilminster, EVP & president, Federal Realty Investment Trust (Image courtesy of Federal Realty Investment Trust)<\/p><\/div>\n

“We are on track for delivery in late 2019,” <\/em>said Chris Weilminster, executive vice president & president of Federal Realty Investment Trust\u2019s mixed-use division. Getting to know the local market, learning about the community and making sure the company\u2019s plans are aligned with the locals\u2019 long-term vision for the neighborhood are some of the aspects Weilminster\u2019s firm considers when targeting a new area for investment. “The demand is there, not only on the side of the consumer but from national brands and local entrepreneurs looking for a foothold into a market that continues to defy national retail trends,”<\/em> he specified.<\/p>\n

The new projects are shaped to cater to consumers\u2019 many needs<\/a>, including demand for unique experinces. Developers are well-aware that “retail needs to give people a good reason to leave home and get off the Internet,”<\/em> Comras said. Costumers want quick and easy access to a wide array of amenities and companies know it. “They want boutiques, specialty caf\u00e9s and lifestyle concepts that are unique to the area. (…) It\u2019s all about striking the right balance,” <\/em>he concluded.<\/p>\n

The mobility factor<\/h2>\n
\"Nicole<\/a>

Nicole Singletary, executive director, Coconut Grove Business Improvement District (Image courtesy of BID)<\/p><\/div>\n

In regards to connecting CocoWalk to mass transit, the development is in a fortunate position. “The Grove has long been considered one of Miami\u2019s most pedestrian-friendly neighborhoods and CocoWalk is in the center of it all,”<\/em> Weilminster continued. Furthermore, the Coconut Grove Business Improvement District (BID)\u2014a board of the City of Miami\u2014is constantly striving toward improving and strengthening the commercial core of the neighborhood. In addition to a centralized valet pilot program created together with the Miami Parking Authority, the BID introduced Freebee, an app-based shuttle service that transports people to and from shops and restaurants, in an eco-friendly way, according to Nicole Singletary, executive director of the BID.<\/p>\n

And that is not all. Two trolleys purchased last year connect riders to transit corridors, free of charge, “including the nearby Metrorail and Metromover lines that don\u2019t reach the heart of the Grove”, <\/em>Singletary said. “We\u2019re also working to bring a ‘smart, sensor-based parking system’ to the Grove, which would enable drivers to find a parking spot on their phones before even arriving at the destination, saving time and making the parking process hassle-free.”<\/em><\/p>\n

The BID not only spends $600,000 on security, sanitation and beautification efforts annually, it also allocates around $2 million in service of the Coconut Grove community.<\/p>\n

Rendering courtesy of Felipe Zapata<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Pent-up demand for quality office product has set the scene for new construction in Miami\u2019s oldest neighborhood. With several projects underway, the historical enclave is quickly becoming a bustling hotspot.<\/p>\n","protected":false},"author":240,"featured_media":1004239940,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,1492,21752,21742,21747],"tags":[40934,36283,33957,33972,36284],"class_list":["post-1004239679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-miami","category-mixed-use","category-latest","category-office","tag-coconut-grove","tag-comras-company","tag-federal-realty-investment-trust","tag-grass-river-property","tag-michael-comras"],"acf":[],"yoast_head":"\nThe Modernization of Coconut Grove: First Office Projects in 30 Years - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/the-modernization-of-coconut-grove-first-office-projects-in-30-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Modernization of Coconut Grove: First Office Projects in 30 Years\" \/>\n<meta property=\"og:description\" content=\"Pent-up demand for quality office product has set the scene for new construction in Miami\u2019s oldest neighborhood. 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