An Iconic Lincoln Road Book Store and Cafe Is Closing After 30 Years
Lincoln Road has been hit by yet another closure as Books & Books has shut its doors after more than 30 years. Located at 927 Lincoln Road in The Sterling Building, the asking rents were too high for the independent bookstore which also has several other locations including Coral Gables, Coconut Grove, Downtown and Bal Harbour.
Lincoln Road has been hit by yet another closure as Books & Books has shut its doors after more than 30 years. Located at 927 Lincoln Road in The Sterling Building, the asking rents were too high for the independent bookstore which also has several other locations including Coral Gables, Coconut Grove, Downtown and Bal Harbour. Owner Mitchell Kaplan reportedly said that in addition tot he rising rents, the impact of COVID-19 contributed to his decision to permanently close the store. Over the past 10 years Books & Books had already moved to a smaller space within The Sterling Building and stopped operating the outdoor cafe. Books & Books will reportedly look for a new Miami Beach location.
Other retailers to vacate their Lincoln Road locations include Steve Madden from Thor Equities’ 663 Lincoln Road, Kiehl’s at 540 Lincoln Road. This month Books & Books’s landlord Sam Herzberg sued to evict both Diesel USA and Perry Ellis/ Original Penguin from The Sterling Building for failing to pay April and May rent. Herzberg is also planning a 144-key hotel addition to the building after the City of Miami Beach recently changed zoning to allow hotels on parts of Lincoln Road.
A Major Retailer Just Vacated Thor Equities' 663 Lincoln Road
COVID-19’s impact on commercial real estate is beginning to show its ugly wake. In late April Steve Madden reportedly notified Thor Equities, led by founder and CEO Joseph Sitt, that they would not be renewing their 2,269 SF lease at 663 Lincoln Road, which represents roughly 45% of the building.
COVID-19’s impact on commercial real estate is beginning to show its ugly wake. In late April Steve Madden reportedly notified Thor Equities, led by founder and CEO Joseph Sitt, that they would not be renewing their 2,269 SF lease at 663 Lincoln Road, which represents roughly 45% of the building. The vacancy is being marketed for a replacement tenant and the building is also listed for sale asking $17.5 million with Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors.
Thor Equities is reportedly working towards relief after falling delinquent on payments for a $7.3 million CMBS loan which is backed by the building. In 2012 Thor Equities paid $15 million for the 5,000 SF Lincoln Road-fronting retail building which was built in 1935. Pizza Rustica leases 1,700 SF in the building at the 667 Lincoln Road address.
Thor Equities’ Miami portfolio also includes the ground-floor retail space at 605 Lincoln Road as well as several properties in Wynwood and Miami Design District.
Thor Equities Officially Begins Construction on Wynwood Walk After Locking Down Construction Financing
Thor Equities, a global leader in urban real estate development, leasing and management, have broken ground and officially commenced construction on Wynwood Walk (November 2017) after locking down construction financing from Bank of the Ozarks. Wynwood Walk will run the entire block from NW 29th Street to NW 28th Street near Wynwood’s northern entrance
Thor Equities, a global leader in urban real estate development, leasing and management, have broken ground and officially commenced construction on Wynwood Walk (November 2017) after locking down construction financing from Bank of the Ozarks. Wynwood Walk will run the entire block from NW 29th Street to NW 28th Street near Wynwood’s northern entrance, and will bring the fast-growing neighborhood approximately 63,000 SF of new retail and restaurant space. Wynwood Walk is being developed by Thor Equities and is designed by Oppenheim Architecture. Thor plans to build a new-two story building with 20,400 square feet of commercial space and renovate three existing warehouses with another 36,884 square feet of commercial space on the property it owns between Northwest 28th Street, Northwest Second Avenue and Northwest 29th Street. The project will include a green rooftop, a paseo, 300' of retail frontage on NW 2nd Avenue, and a landscaped terrace with outdoor seating.
“We are excited to begin construction on this premier development situated in the heart of the Wynwood Art District, which continues to draw hundreds of thousands of visitors each year to its numerous galleries, open-air street art installations, retail stores, bars and restaurants,” said Joseph Sitt, CEO of Thor Equities.
Wynwood Plant Final Plans Set for Review
The Thor Equities and Touzet Studio's Wynwood Plant is up for review by the Urban Design Review Board in their mid-September meeting. The mixed-use building will feature 306 residential apartment units and 88,000 SF of commercial space while preserving the area's industrial past as a former Coca Cola plant along with Wynwood's artistic inspiration.
Mast Capital and BH Group have announced Raffles Residences Coconut Grove, the brand’s first standalone residential development, with 35 homes from $4.5 million and architecture by Brandon Haw.