Coral Gables, Miami Beach Add Prime Retail and Restaurant Space
By Georgiana Mihaila, Associate Editor
Agave Holdings, LLC—the developer of 396 Alhambra—is looking to tap into the growing commercial, residential and tourism activity in the Coral Gables area, having added 17,800 square feet of prime street-level retail and restaurant space to its mixed-use development.
396 Alhambra’s retail space directly fronts Coral Gables’ Restaurant Row district and is situated just one block from Miracle Mile. It is the largest contiguous block of retail and restaurant product now available in the Coral Gables Business District.
Located right next to 396 Alhambra’s two Class A office towers, the retail development will serve a daily population of more than 900 employees once the two towers are fully occupied. The office component of the development is currently 78 percent leased to tenants like HBO Latin America, Diageo, Mondelēz International (Kraft), Millicom International Services, law firm Richman Greer, P.A., Banco Pichincha, CitiBank, N.A., and architecture firm RTKL Associates.
Danet Linares and Andres del Corral of Blanca Commercial Real Estate are spearheading the retail leasing efforts.
Extra retail space is also about to be added to the Collins Avenue Shopping District in Miami Beach; Aria Development—the group behind 321 Ocean in Miami Beach’s South of Fifth neighborhood—recently purchased a 7,310-square-foot, two-story, multifamily property located at 825 Collins Avenue, with plans of redeveloping the property into a Class-A, 10,000+ square-foot flagship retail development.
The property recently obtained the Historic Preservation Board’s approval to raze the building, and its flexible, mixed-use zoning makes 825 Collins Avenue the ideal location for Aria Development’s first retail project in Miami. Built in 1966, the aging two-story building sits on 0.16 acres of prime South Beach land between 5th and 10th Streets on Collins Avenue, the historic street lined with Art Deco mixed-use buildings. The prime location places it right next to an array of famous designer stores such as A/X Armani Exchange, Barneys New York, Nicole Miller, Puma, Adidas, Guess, Benetton, Kenneth Cole, Victoria Secret, Sephora, Zara and Banana Republic.
Image courtesy of Schwartz Media Strategy