It's no secret that the major department stores are in for a major shake-up. The Real Deal is reporting that Macy's is quietly marketing the remainder of leasehold for their Lincoln Road location. The 98,610 SF at 1675 Meridian Avenue has 34 years left on the lease and could go for about $80 million. It is one of the largest retail spaces available in the area and it is reported that both Nordstrom Rack, HomeGoods, Saks Fifth Avenue OFF 5th and Old Navy have inquired about the space. HFF has the listing on the space. Macy's had reported earlier this year that they would be closing 100 stores, but would not comment on what would happen to the Miami locations.
288 S Coconut Ln. On Palm Island Currently Listed for $21,800,000
288 S Coconut Ln. on Palm Island is a 9 bedroom, 11 bathroom 17,737 SF behemoth currently on the market for $21,800,000. The estate is designed by Ramon Pacheco was built in 2011. It includes 100 ft of waterfront on Biscayne Bay with a private dock and amazing views of the Miami skyline. The house also includes smart house technology, beautifully designed foyer, chef's kitchen and 4 car garage. Photos and listing by Douglas Elliman.
Mixed-Use Project Proposed at 929 Alton Road
Victor Uzan's Evergreen Overseas Holdings, Inc. has proposed a mixed use development at 929 Alton Road. The 4-story, 30,000 SF mixed-use use project will be designed by IDEA Architecture from Aventura. The proposal includes retail space, office space and 82 parking spaces. The office space would occupy the top floor, with ground floor retail and parking in the middle. The Miami Beach Planning Board will review the proposal during their September meeting. Evergreen Overseas Holdings, Inc. had previously proposed a 20 unit condo development at the same site in 2014.
The BLVD at Lenox Retail Center Coming to 5th St. in Miami Beach
Fifth Street on Miami Beach is about to get another retail center named The BLVD at Lenox. Comras Company, the owners of the Ivy Nightclub which currently sits on the property, are planning to redevelop the lot into a 5-story retail structure designed by Zyscovich. The lot is located at 1045 5th St., directly across the street from the current Publix-anchored retail center at Fifth and Alton. The proposal includes 64,930 SF of retail space and 218 parking spaces and is set for review by Miami Beach's Planning Board in September.
The Fasano Residences + Hotel
HFZ Capital Group will begin work on the renovation of the historical Shore Club on Miami Beach, transforming it into the Fasano Residences + Hotel Miami Beach. The redesign will result in a hotel residence under the Brazilian, Fasano brand, with 67 luxury condo units and 85 hotel rooms. The renovations and redesign are being headed by Brazilian architect Isay Weinfeld and will preserve the Shore Club's original art deco facade and 22 story central tower, original hotel lobby and most of the south tower. Units will range from 800 SF to over 4,000 SF. Morgans Hotel Group will close the existing 300 hotel room Shore Club this fall and completion of the Fasano Residences + Hotel is slated for 2018. HFZ Capital Group purchased the Shore Club in December 2013 for $175.3 million.
Setai TH-A Relists for $14.9 Million
Photo via Zilbert
TH-A in the Setai Hotel has listed for $14.9 million, back on the market after dropping from $22 million 2013 and burning through several price breaks and listing agents. The oceanfront townhouse is 3,627 SF with 4 bedrooms, 4 bathrooms, 18 foot ceilings, and LED lighting system, a cantilevered glass staircase, 3 balconies and a private pool. The unique floor plan is the only oceanfront unit with double height ceilings, allowing for breathtaking beach and ocean views from the glass living room and two 800 SF oceanfront master suites. The unit is owned and redesigned by Doug Rogers and is listed with Jeff Miller of Brown Harris Stevens. Photos via Zilbert.
Abae Hotel Nears Completion on West Ave.
West Ave. in South Beach has a new boutique apartment-hotel opening its doors just as the summer comes to a close. Abae Hotel South Beach will be a boutique hotel-residence targeted at young, modern, technology seeking guests. The hotel is full of modern features including state-of-the-art computer systems, automized reservation system, security door, etc. Abae Hotel claims “We’ve Cracked the Code to Comfort & Glamour." The contemporary building is nearing completion and plans to open by the end of August and is across the street from the Mondrian South Beach, which recently became part of Menin Hospitality's portfolio.
Menin Hospitality to Open Al's Diner in Iconic Former Firestone Service Station
Menin Hospitality continues to grow its footprint on Miami Beach as it has added yet another project to its rapidly growing portfolio. Al's Diner, a 24 our eatery with gourmet treats will replace the iconic Firestone service station at 1500 Alton Road that opened in 1939. The shop opperated as a car service station until early 2016. The announcement brings Menin to 15 projects under operation. Late July, the Miami Beach City Design Review Board approved a variance to convert the properties' zoning to mixed-use retail/ restaurant with outdoor café seating as well as take-out window. ARRP, an affiliate of Crescent Heights will fully restore the iconic cantilevered porte-cochère and the Firestone roof sign.
Spring Chicken coming to 1439 Alton Road
The popular new eatery Spring Chicken in Coral Gables is coming to Miami Beach. John Kunkel will open his new location in 1439 Alton Road, as will Lulu's Nitrogen Ice Cream Shop. Kunkell was able to get a 15 year master-lease on the 3 units in which he previously operation his BTW and Lime concepts. Kunkell calls Spring Chicken "Shake Shack meets Chick-fil-A." He will develop the property into a fast-casual haven complete with shared courtyards to eat. The restaurants should open in late August and early September. Spring Chicken has also recently opened in Fort Lauderdale as well.
One Ocean
From Related Group, the developers that brought you the Murano, W South Beach, and Apogee, comes the new One Ocean South Beach: a peaceful oasis in the heart of South of Fifth that rivals its sister properties with its modern glass facade. The building will have 46 residences and four oceanside villas with unique living spaces that incorporate nature and art created by architect Enrique Norten.
Typical units will include oversized balconies, private elevators, and an exclusive beach club membership. Residents can enjoy looking out at the zen garden from the state-of-the-art fitness facility or relax in private cabanas at the Infinity Edge pool. One Ocean South Beach is being designed so that every unit will have a unique, flow-through floor plan, so each will be a one-of-a-kind. The building offers three to five bedroom options which will typically be around 3,000 SF starting at $1000/SF.