CVS/pharmacy to Open at Everglades on the Bay

October 3, 2008 by Lucas Lechuga

CVS/pharmacy at Evergaldes on the Bay

A few weeks ago, when I drove by Everglades on the Bay (now known as Vizcayne North) I noticed the “CVS/pharmacy Coming Soon!” sign hanging in the window of their large ground floor commercial space.  This may not be jawdropping news but I do think that it is a good sign for Downtown Miami.  It shows that the much needed infrastructure for this neighborhood is finally on its way.  Large chains are starting to see that Downtown Miami is a viable neighborhood with enough residents to sustain a business despite the current economic downturn.

Everglades on the Bay

As far as I’ve heard, Everglades on the Bay has not yet begun closings but closings will begin shortly.  It’s great to see that Everglades on the Bay was able to acquire such a strong commercial tenant so soon.  There are condo buildings in Miami that began closings over a year ago that still have commercial space that is unoccupied.

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134 Comments on "CVS/pharmacy to Open at Everglades on the Bay"


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Anonymous
Miami2009
7 years 11 months ago

As we drove around the city late August, I remember saying that Everglades did a nice job with the street level commercial space. It just seemed more pedestrian friendly and accessible than some of the others. Don’t recall if the CVS sign was there, but it’s is a good thing for Miami! Keep ’em coming.

Anonymous
7 years 11 months ago

Yes, I think it’s huge for these condos with retail space to actually have retail. Besides Everglades, what other buildings have a significant retail component.. Met1, 900 Biscayne? Or is 900 targetting office space?

Anonymous
7 years 11 months ago

re: Everglades, a realtor that seems to have close ties with them and advertise on Craigs is targetting closing in 60 days although contractually, it’s been mentioned that they are supposed to have started delivering in September.

Anonymous
Mark
7 years 11 months ago

hahaha! Yup CVS opening = Miami condo market will rebound by next month! My sister is a pharmacist for CVS. They will open ANYWHERE. ANYWHERE. Let me reiterate, they make money no matter what. Demand for medicine and opiods is inelastic.

Anonymous
Renter Tom
7 years 11 months ago

Good thing they got a CVS, the big pharmacy chains aren’t in a growth mode now to open new stores….market is getting saturated on every corner. So glad they got one while they could! Some of the pharmacies were paying absurd prices for corner lots……but that has stopped in the last 12 months. Just renting the space is more doable which is probably the case here. Pharmacy real estate holdings are going to take a hit on the ol’ balance sheet.

Anonymous
Mark
7 years 11 months ago

By the way, isn’t the CVS in Miami Beach the scene of a double murder a few months ago? I wonder how many murders will be committed in this CVS…

Anonymous
Miami2009
7 years 11 months ago

Mark, I was thinking more like next week…lol 😉

Anonymous
Al
7 years 11 months ago

Is it me or does a 24 hour CVS pharmacy right beneath high end condos sound like not such a good idea?

Anonymous
Probably too Cynical
7 years 11 months ago

what did the sales brochure show as a retail tennent? a high-end fashionable restaurant? an exotic spa? perhaps a whole foods? how thrilled residents/buyers must be to instead have a discount pharmacy. did they at least leave enough square footage for a “payday loan / check cashing store” or a “Chico’s Bail Bonds”??

Anonymous
Richard
7 years 11 months ago

We are still in wait mode for Whole Foods and Gardiners–hope they come too.

Anonymous
7 years 11 months ago

I think Everglades is targetting middle of the market so cheap to expensive shops can work. Across the street is BaySide. Also, I think a building won’t be considered high-end nowadays unless it’s all glass. One detail that concerns me on Everglades is their floor to ceiling glass windows. Do they use 1 piece of glass or do they have like 2/3 then a metal bar then 1/3. If it’s the latter, then that really puts a ceiling on how high end it can be marketed.

Anonymous
carbonblackcab
7 years 11 months ago
Mark: LOL Al: I agree with you. Having a CVS on the first floor of your building is not necessarily a good thing. I guess you can go in to buy bandaids or aspirin after you are mugged. On a serious note, this mix of commercial/residential building may work in places like sobe that have a heavy pedestrian/tourist population, but is not a good idea in downtown. Only time will tell how big of a disaster this will be. On an unrelated note, I was in Pittsburgh last week for business. I saw and heard of many houses selling for… Read more »
Anonymous
Renter Tom
7 years 11 months ago

Hey carbonblackcab – $100/s.f. in the midwest is common even on brand new construction with lot. Old homes in less desirable areas easily go for $50/s.f.

Anonymous
7 years 11 months ago

carbonblackcab, want to blow your mind. Take a look at this palace asking at around $100/ft 30-45 min from Raleigh. Typical NC honesty, they don’t include a 500 sq foot attic and a 2,00 sq ft garage in the sq. footage. ie. a normal Miami listing would put that at 13,000 sq ft. and not 10,500.

I knew quite a few families looking at NC during the boom, never particularly understood that, but this listing explains things clearly.

home.nc.rr.com/aperfecthome/

Anonymous
Hugo P
7 years 11 months ago
Al, carbonblackcab, I disagree with your comment that a 24 hour CVS pharmacy right beneath high end condos is a bad idea. A few reasons why: 1) I hate to say it, but these are not high end condos. Forget about the asking prices, these will be mainstream condos for the people that work in the downtown area. 2) CVS is a great operator and that store will be a great assest when these condos get filled up eventually. 3) If Miami is to become a true “urban” city, we should be welcoming retail. All of it. Even the pharmacies,… Read more »
Anonymous
7 years 11 months ago

Personally, I think a 24hour CVS would be great near or in any of these places downtown. The ideal in city living is to be able to ditch the car and be within walking distance of everything you need.

Anonymous
7 years 11 months ago

Get all these togehter in 1 spot, and you got the makings of a winning retail anchor

1) 24 Hour CVS
2) 24 Hour Fed Ex-Kinkos
3) Farmer’s market (normal items like bread and pepsi would be carried by the 24hour CVS)
4) Dry Cleaners
5) Quick and Sit-Down Restaurant Options

Anonymous
Renter Tom
7 years 11 months ago

It was my understanding there are already pharmacies on each corner in that area. Or at least those people hanging around the street corner call themselves pharmacists but I am told they make deliveries but only accept cash….

Anonymous
7 years 11 months ago

I believe Bank of America is opening at ground floor of Everglades as well. It was in the recent retail space brochure.

Richard-
Whole foods is expected to open in the Met3 area by 2011. The plan of the building is being redeveloped but Whole foods structure will move forward. http://www.bizjournals.com/southflorida/stories/2008/09/15/story11.html?b=1221451200%5E1698274&brthrs=1

Anonymous
Renter Tom
7 years 11 months ago

Wow – how exciting, a Whole Foods in 32 months…..I can hardly wait and wait and wait and wait…..ummmm, seems like plans can change in 32 months so hold onto your organically grown hats and don’t plan on it just yet!

Anonymous
Shelley
7 years 11 months ago
I asked this in the last post, but since a new one just came out it will probably get lost in the shuffle. Can anyone give any input as to the bailout and market prices? ——————- I’m hearing rumors that due to the bailout, government will refinance owners at 80% of the current market value of homes. Could this be true? If so, that is nauseating. What a great break for all of the prudent people to stood on the side, saving up 20% for something they could actually afford. Now all of those who lived way beyond their means… Read more »
Anonymous
7 years 11 months ago

Shelley, no, that sounds like a proposal from a journalist or Hillary Clinton, but a refi plan is not mentioned in the bailout. The government is going to be buying up upside down loans/loan instruments from banks and funds. Once they get them, I guess they could try to refi them but that’s probably way too complicated.

Bascially, this bill does nothing to help the homeowner who is under water right now. The next bailout package might LOL.

Anonymous
Muir
7 years 11 months ago

Shelley // Oct 4, 2008 at 2:10 am
I asked this in the last post, but since a new one just came out it will probably get lost in the shuffle. Can anyone give any input as to the bailout and market prices?
Bailout and market prices are unrelated.

Anonymous
Bill P
7 years 11 months ago

JL, with all due respect, that house in North Carolina is hideous. Most people would have to spend at least $500,000 to upgrade it. From the outside, it looks like the town library.

Anonymous
shwin
7 years 11 months ago
JL: “Get all these togehter in 1 spot, and you got the makings of a winning retail anchor 1) 24 Hour CVS 2) 24 Hour Fed Ex-Kinkos 3) Farmer’s market (normal items like bread and pepsi would be carried by the 24hour CVS) 4) Dry Cleaners 5) Quick and Sit-Down Restaurant Options” You think we could add a supercuts, starbucks, and papa john’s to that list? You think all of these can fit into the retail space of 900 Biscayne? Remember, we’re going to have a Walmart near the museums – but we’ll make sure that it looks like an… Read more »
Anonymous
george
7 years 11 months ago

Was hoping to see higher end retail than CVS in this location given that there is already another CVS store only about 2 streets away..

With the CVS precedent suspect we will see a Sweet Tomatoes cafeteria restaurant welcoming you to the Everglades rather than a Ruth Chris steakhouse -not that is anything wrong with a cafeteria lol ,,,

Anonymous
Hugo P
7 years 11 months ago

george…

Yes, excellent idea. We need “higher end retail” for the millionares who will live there and pay north of $400psf. Also, maybe we should ask the City to not accept occupational licenses for these crappy stores and just prohibit renting the condos to people making less than $100k.

Anonymous
7 years 11 months ago

Bill P, Seriously what else have you seen that would compare to that 13,000 sq. ft on 3 acres fairly close to a major city?

Anonymous
7 years 11 months ago

” Did you know that Miami ranks lowest in percentage of adults who volunteer?”

This possibly can not surprise anybody that lives in Miami

We’re also #1 in another great stat. At least we beat NY in something.

http://www.careresource.org/stats.html
The Miami metropolitan area has the highest AIDS rates in the nation (52.8), followed by Ft. Lauderdale metropolitan area (45.8), and New York (45.4).

Anonymous
Richard
7 years 11 months ago

The mortgage bailout included $100 million in tax relief for Nascar race tracks—so much for end of earmarks–thanks taxpayers

Anonymous
Raffi
7 years 11 months ago

are people here really complaining about a cvs?? are you guys kidding? whats better than being able to walk downstairs and pick up some shampoo, toothpaste, etc. I think its an excellent idea. some affordable eats would be nice too. I cant be spending $30 per person everytime i want to eat something.

Anonymous
Miami2009
7 years 11 months ago

I am not sure what the complaints are about. In NYC you can go to CVS on one corner and dine at Per Se on the other side of the block. What’s the big deal? That’s the nice thing about living in the city…choices and availability.

Anonymous
Bill P
7 years 11 months ago

There is a CVS on the ground floor of my building and it is not unusual to see owners of $5,000,000+ condos shopping there. It is open till midnight and it is a great convenience to have it in the neighborhood. They also have a great security presence.

Anonymous
DJ
7 years 11 months ago
Anonymous
bailout
7 years 11 months ago

Yeah, they better have security so that the shoppers aren’t victims of a double homicide.

Anonymous
bailout
7 years 11 months ago

Hey, this CVS will be great for all the high end condo owners with AIDS. They can pick up their meds easily. Now that’s convenience!

Anonymous
bailout
7 years 11 months ago

Hey DJ,

None of those neighborhoods had a CVS. Thats why they were screwed!

Anonymous
bailout
7 years 11 months ago

If socal had a whole foods coming in 32 months they would not be facing this crisis.

Anonymous
Renter Tom
7 years 11 months ago
I just read where 45% of sales in California are REO….wow. There is so much REO inventory there that why would anyone buy a non-REO unless the price was comparable? That is, sellers will have to mark to REO sale prices. California is a bigger disaster than Florida. It is my understanding that for every REO there is 4-5 in the pipeline. Now that the bailout bill is law, we are going to see DUMPING of these homes on the market. Don’t be a knife catcher! I may have to revise my price decline forecast based on the probable effect… Read more »
Anonymous
Renter Tom
7 years 11 months ago

I see the Epicure looks to be open nearby now….no improvement in home prices yet though. If ONLY we were getting a Whole Foods in 32 months prices would really take off. Maybe we can get an article in the paper that the area is planned for one in 10 years and that hope will help???

Anonymous
RCR
7 years 11 months ago

I think everyone should chillout. How’s the parking going at One?

Anonymous
Shelley
7 years 11 months ago

Wow we lost AJ and now he’s been replaced with Zilbert. Oh well, it was nice while it lasted.

Anonymous
gables
7 years 11 months ago
I’ve noticed some recent additions to the listings are from banks with a going rate of around $200/sf. My guess is this is the new price point for banks looking to unload their properties. Assuming the properties were under mortgage for somewhere around $400/sf, looks like the banks are willing to take a 50% haircut. My guess is Comrade Paulson is also going to buy up the securities for about a 50% haircut as well (just speculation at this point) but if this were the case banks and analysts can at least put a number to asset values and losses.… Read more »
Anonymous
Miami2009
7 years 11 months ago

Gables, I am interested in Emerald as well. Visited last February and building looked good. I wonder how well the association is doing?

Anonymous
carbonblackcab
7 years 11 months ago
I had a very interesting conversation about the housing market (and the stock market) with someone who has seen booms/busts in both markets for the last 40 years. Following is his answer to my question. The answer is not an exact quote….i am paraphrasing his answer. When will the housing market bottom out? When people stop caring about real estate market. When they lose all hope that it will ever go up is when the market will hit bottom. There is way too much interest in the market right now. Bargain hunters are salivating like pavlov’s dogs … waiting for… Read more »
Anonymous
Renter Tom
7 years 11 months ago

Mark Zilbert (AJ the name caller?) – You must not like me, oh well. Keep on posting the gross posts and I guess the powers that be will continue to delete them. Shoot the messenger if you want…hard to do over the Internet. I don’t care. You’d be better served by getting out of your real estate positions then to post attacks against me. Oh well, I really don’t care about your silly posts…they’d be more humorous if you’d get off your obsession with women’s menstrual cycles though since that is just weird.

Anonymous
BFG
7 years 11 months ago
Carbon – I’d have to disagree with his idea about when the “bottom” will happen. I mean – I don’t know that people were exactly “hopeless” during the pre-boom real estate era. People just saw owning a house as a “decent” investment (not a get-rich-quick scheme), and a place to live. The problem we have right now is simple: there are too many houses/condos and not enough buyers. Supply of housing is at an all-time high, and demand is at an all-time low. When supply exceeds demand, prices go down. I think we’ve already bottomed as far as sales volume.… Read more »
Anonymous
Renter Tom
7 years 11 months ago
What is interesting in the whole psychology thing regarding housing is that almost no one has an incentive to talk housing prices down, hence nearly everyone talks them up resulting in unreal expectations. In this housing cycle, it would appear that the cost of ownership will have to match rents to get people to buy. We have a very long way to go for that. The rest of the world is retreating so there are no foreign “white knights” to prop up this market. Foreclosures have not peaked. It is estimated, and I pretty much agree, that most of the… Read more »
Anonymous
CaboSanLucas
7 years 11 months ago

Cabo!

Anonymous
CaboSanLucas
7 years 11 months ago

Oops! Lets not forget that rent is a moving (downward) target. This is knife catching on top of knife catching. Very troublesome. CABO SAN LUCAS! LETS ALL GO TO CABOO!

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