Broker Hired To Lease 300K Square Feet Of Retail At Miami Worldcenter

The first retail space at Miami Worldcenter is set to be delivered in a year from now, and the developers have hired a local broker to help lease it.

Miami’s The Comras Company will join The Forbes Company and Taubman Centers, Inc. in the leasing effort, Worldcenter’s developer said today in a press release. Forbes and Taubman are said to have a global retail focus, while Comras has local expertise.

“The biggest brands from across the U.S. and around the world are coming to the same conclusion: Miami Worldcenter’s location, access, transit connectivity, and diverse set of uses are unmatched in the South Florida market,” said Nathan Forbes, managing partner, The Forbes Company.

In total, 300,000 square feet of retail, restaurant and entertainment space is being offered.

“In the coming year, a series of milestones will unfold, including the delivery of a substantial amount of retail space,”  said Miami Worldcenter Managing Principal Nitin Motwani. “Our retail program will cater to tourists, residents within driving distance, as well as Downtown’s growing residential population that is reachable by foot, rail, trolley or bike.”

Upcoming milestones for Worldcenter include:

  • Paramount Miami – now 85 percent sold, the 500-unit condo building on track for completion May 2019
  • Caoba – leasing is underway for a 444-unit apartment tower after it opened earlier this year. A second tower has now essentially completed permitting and is shovel ready
  • CitizenM hotel – 348-room hotel breaking ground soon
  • Luma – a 434-unit apartment tower breaking ground soon
  • Hines – “is preparing to build a new tower that will comprise up to 500,000 square feet of Class A office space”
  • Marriott Marquis – MDM group is “planning” a 1,700-room hotel and adjacent expo center

 

 

43
Leave a Reply

  Comment Notifications  
newest oldest most voted
Notify of
Anonymous

Forbes is 100% right. This will be best area in the Southeast United States. Virgin Train station, signature bridge, new 50 acre park, waterfront, Convention Center, museums, Heat, nightlife, great architecture. The most vibrant, most valuable, best best best. And now Overtown is getting good. The best, period.

Anonymous

And many future projects including Miami Innovation District

Connor

I hope so. I havent heard anything about Miami Innovation district lately. Wait your talking about the downtown one not the little Haiti one correct?

Anonymous

I hope they’re right, considering it’s the same publication which just called Kylie Jenner a self-made billionaire, who is about as self-made as her father is a woman.

William

That was funny.

Anonymous

I agree with the “self-made” comment, but could do without the blatant transphobia

Anonymous

I think you can laugh at “father is a woman” without having an irrational fear of trannys. That was a clever joke. No one got hurt.

Anonymous

What’samatter.. truth hurts?

SRS

The Forbes Company is Commercial Real Estate focused on retail; Forbes Magazine is a different animal

Anonymous

Also the Arts district and a renewed bayside.

Anonymous

This looks fantastic.

Anonymous

Yes
We can dream…

Anonymous

Why dream when it’s becoming a reality in front of your eyes?

Miami1

Because CitizenM is not building the hotel shown in the renderings but a piece of crap that looks like it belongs in Doral!!!

Anonymous

Wow. Just wow! Downtown Miami will be waaaay nicer than Brickell ?

Anonymous

Both will be nice.

Anonymous

Um, no!

Anonymous

Ojala! Doubt it!

Anonymous

ABSOLUTELY!!! ❤️

Anonymous

>Miami Worldcenter’s location, access, transit connectivity, and diverse set of uses are unmatched in the South Florida market

and plentiful parking garages

Anonymous

Make Miami Great Again!

Anonymous

Wouldn’t use that slogan per se, brings up negative thoughts. Let’s say Miami amazing again! Or something along that line?

Magazine

I am surprised at how long the ground floor retail space in some of the new Brickell developments has taken to fill. Ground floor retail vacancies at Brickell Heights…next to Cap 1 where a Rosetta Bakery was supposed to go but apparently pulled out and the large space next to Soul Cycle. Across from Brickell Heights on ground floor of SLS Lux is open and empty. 1010 Brickell Hillal guys took forever to open and retail spot next to it is open. Spaghettini on Brickell Ave closed, as did Fado’s. Panarama ground floor retail took long to fill, and only that grocer has been announced. Ground floor on the new rental building across from City Center (name escapes me) took a long time to fill, with the bar recently being announced.

I am not sure of the average time for a new development launching and ground floor retail opening, but we are going on two+ years on some of these projects.

Anonymous

All these new restaurants and other places where people eat at needs thousands of residents in the surrounding area to survive. From Brickell all way up to the Design District should increase by at least seventy five thousand in population the next ten years in order to prevent so many early closures by these establishments.

Anonymous

True, it always seems to take long time. In the new construction condos, developers usually sell their commercial condos. In the case Brickell Heights, Related owns at least their Soul Cycle and Equnox Real Estate (Related owns the companies). I in SLS Lux, Allen Morris owns the real estate at SBar and Katsuya.
The individuals who purchased the retail condos cannot do a thing until the building gets the certificate of occupancy and they close to take title. Explains this explains units to go get built out 1st.
Permitting can take several months, sometimes over a year in new buildings.
1st generation build outs in these new commercial condos are very very exppensive.

Anonymous

Good information

Anonymous

Landlords need to recognize the retail restaurants below are amenities and keep rents a bit more reasonable so they can survive.

Anonymous

Another major reason is because they are asking $100-$120 sq.ft triple Net lease. Zero small businesses can afford that and few anchor stores are wiling to pay that. They are insane in their “market valuation” this isn’t Manhatten with 8 million residents. Half the buildings are empty still.

Anonymous

“breaking ground soon” “planning” not very assuring 🙁

Anonymous

Hope a lot of this is completed by the time the Superbowl crowd starts arriving the second and third week of January 2020.

Anonymous

Doubt this is ready by next January, but SuperBowl festivities will be hosted at Bayfront Park and Bayside, Biscayne Boulevard.

Anonymous

Who said it will be ready?.. but a lot of it should and will be completed.

Anonymous

Surprised Forbes and Taubman didn’t have the foresight to start pre leasing but then again this project has been constntly changing from the start. Best of luck to filling it up as Brickell City Center has had a revolving door leasing team as has Miami Central. Difficult to get retailers to test an unproven market.

Anon

as a developer, i also can’t believe they haven’t pre-leased the majority of retail.

Anonymous

“Miami’s The Comras Company will join The Forbes Company and Taubman Centers, Inc. in the leasing effort, Worldcenter’s developer said today in a press release. Forbes and Taubman are said to have a global retail focus, while Comras has local expertise”

Anonymous

I bet H&M and Apple set up large storefronts.

Anonymous

We need a Uniqlo. Best Linen shirts…

Anonymous

I’d hope for a little more high class stores

Anonymous

So…who are the current tenants?

Anonymous

Is all of their retail vacant?

Anonymous

Trader Joe’s!!!

peej

Let’s get moving on the Hines Office Building, great looking design!

How many years have they been “planning” the Marriott Marquis? May as well announce it’s shelved for awhile before it gets VE’d once again…

Anonymous

Have a better suggestion?