Miami\’s CocoWalk Redevelopment Adds Tenant, More Office Space

The reinvention of Miami’s CocoWalk is chugging along with the signing of another tenant at the new One Cocowalk office building and the addition of more office space than originally planned.

Real estate developer American Land Ventures LLC will be relocating from its Brickell office to a 4,252-square-foot space at the five-story One Cocowalk rising on the east side of the project with floor-to-ceiling windows.

This brings the lease rate at the 85,745-square-foot office building to 85%. Other tenants include law firm Weinberg, Wheeler, Hudgins, Gunn & Dial, which will move from less than a mile away; coworking group Spaces, a brand of International Workplace Group; and private equity firm Boyne Capital LLC, which is moving from another Coconut Grove office. One Cocowalk is to set for completion in the fourth quarter.

American Land Ventures’ lease duration and rate weren’t provided. The development trio that embarked on redeveloping CocoWalk, once a major Miami retail and dining destination, is adding 9,615 square feet of office space to its initial plan.

The decision is in response to pent-up demand for office space in the neighborhood, which for years didn’t have any new office construction. The additional square footage will replace the second story of the shuttered Gap store facing Grand Avenue.

“As the new office building nears completion and people see the outstanding design and high level of finishes offered at One Cocowalk, demand has increased dramatically,” Tom Roth, principal of one of the development partners, said in prepared remarks. “In turn, we have released additional office space in the former Gap location, where we are targeting firms that can enjoy access to all of the amenities of Cocowalk but at a much lower price point.”

Miami-based Grass River Property, where Roth is principal, is partnering on the CocoWalk reinvention with the Miami Beach-based Comras Co. and Rockville, Maryland-based majority owner Federal Realty Investment Trust.

An affiliate of the trio bought 198,000-square-foot CocoWalk on 3 acres on the north side of Grand Avenue in 2015 for $87.5 million. They are working on a plan for 150,000 square feet of retail, dining and entertainment space favoring experiential over traditional tenants.

Former CocoWalk staples like The Gap and Cheesecake Factory have closed to make way to edgy and homegrown concepts. Some of the new tenants are Italian chef Renato Viola’s Mister 01 Extraordinary pizzeria, known for serving star-shaped pizzas; Miami-based eyewear designer, manufacturer and retailer Edward Beiner; and restaurant Planta, known for its plant-based menu.

American Land Ventures president Granvil Tracy boosted the location and its new office space.

“Coconut Grove’s centralized location — bounded by affluent suburbs to the south and Miami’s principal business hubs to the north  — has always made this destination very appealing to us,” Tracy said in a news release. “However, for many years the Grove lacked new Class A office space. Now, with the construction of One Cocowalk almost complete, we can soon enjoy the best of both worlds. This relocation will allow us to position American Land Ventures in the heart of Coconut Grove, while our company’s employees and clients reap the benefits of highly amenitized, Class A office space in the thriving neighborhood.”

One Cocowalk will have a gym, dedicated elevators connecting office users with private parking, 24/7 security and a rooftop terrace. Suites range from 1,929 square feet to 3,780 square feet with two 3,500-square-foot penthouse suites still available.

Blanca Commercial Real Estate led by founder and CEO Tere Blanca, vice chairwoman Danet Linares and vice chairman Juan Ruiz are handling office leasing on behalf of the development group and secured the American Land Ventures lease. American Land Ventues was represented by JLL managing directors Steven Hurwitz and Doug Okun.

 

Source: GlobeSt.