The ownership of the CocoWalk development in Coconut Grove has commenced construction and demolition work on the next phase of the property’s redevelopment into a mixed-use complex.
The redevelopment effort is led by Rockville, MD-based Federal Realty Investment Trust and local partners Grass River Property and the Comras Co., who joined forces to purchase CocoWalk in 2015 for approximately $87.5 million.
Demolition began this week on the eastern side of the CocoWalk, which will make way for a new 85,000-square-foot five-story office building (One CocoWalk) and 20,000-square-feet of street level retail space. The demolition of CocoWalk’s east building follows the start of a large-scale remodel of the property’s west side, now underway, that when completed will offer approximately 150,000 square feet of leasable retail space.
The completed project, totaling 250,000 square feet of commercial space, is expected to be delivered in the fourth quarter of 2019. CocoWalk will remain open for business during construction, with tenants such as Cinepolis movie theater, YouFit Health Club, Chase Bank and The Gap continuing operations during construction.
“The community has been waiting for a new and improved CocoWalk for years and now our completion is within reach. By the end of next year, our center will come back to life with chef-driven restaurants, neighborhood amenities, and unique retail offerings,” says Chris Weilminster, president of the mixed-use division for Federal Realty. “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.”
Federal Realty officials note that the new retail mix will feature well-known brands and local operators providing lifestyle, wellness, beauty and other daily services. Food and beverage options will include fast, casual and sit-down restaurants. The centerpiece of the new CocoWalk will be an open-air courtyard complete with café seating and water features.
The Comras Co. is spearheading the center’s retail leasing, while Blanca Commercial Real Estate is heading office leasing efforts at the property.
Comras Co.’s Michael Comras says, “The redeveloped CocoWalk will add a new option for retailers, restaurants and lifestyle-driven services, all set around a central courtyard that will quickly become one of Miami’s great public spaces.”
The redevelopment comes amidst a surge of new residential and commercial activity in Coconut Grove. The area has also seen the recent opening of trendy restaurants and boutiques alongside longstanding coffee houses, art galleries and public parks that keep the area a top lifestyle destination in South Florida.
Tere Blanca of Blanca Commercial Real Estate notes, “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. More than anything, companies at One CocoWalk will be joining a vibrant and growing community that is ideal for attracting and retaining talent in a connected urban environment.”