Construction is underway on a three-story retail building just off Lincoln Road.
Marshalls signed a ten year lease earlier this month to occupy three floors of the building, totaling 28,547 square feet of space. The off-price retailer also has options that could extend the lease for up to 30 years.
The property is located at 723 Lincoln Lane N., next door to Macy’s.
Morgan Stanley Real Estate Investing owns the property, after buying it as part of one of the largest transaction in Miami history. Terranova Corporation of Miami Beach is managing the project. Allan Shulman of Miami is the architect.
A competitor of Marshalls, Ross Dress For Less, signed a similar lease to occupy the former Carib Theater at 230 Lincoln Road. Construction there is about to begin (a NCO has already been filed), after Miami Beach’s Historic Preservation Board recently denied the developer’s request to water down the restoration plans.