Four Ambassadors’ Waterfront Restaurant Space To Be Redeveloped As ‘Brickell Bay Boardwalk’

A long underutilized stretch of waterfront restaurant space is being offered for lease with a redevelopment plan, according to an offering summary we received this week. Many people would be surprised to learn that there is a nearly 15,000 square foot waterfront restaurant underneath the Four Ambassadors at 8th Street & Brickell Bay Drive. At long last, a redevelopment plan is in place.

The Brickell Bay Boardwalk will be a 14,354 square foot restaurant space with 160 feet of linear bayfront space and an option for tenant docks. Once completed, the restaurant will have beautiful views of the Biscayne Bay and Brickell Key. The Mandarin Oriental is just across the bridge and Brickell City Centre is just 2 blocks to the west.

After a 6 month rent abatement for build-out, the space is offered for $96/square foot NNN with $14/square foot CAM charge. The space is also divisible in to two restaurant spaces of 5,260 square feet and 9,094 square feet. It looks like an interesting addition to Brickell and a great use of the space! What do you think?

Panorama Tower Offers Their Retail Space For Lease

The tower is still rising into our skyline, but Tibor Hollo’s retail space in Panorama Tower is now available for lease. The spaces are located on Brickell Bay Drive, not quite a main thoroughfare through Brickell, but a popular workaround for people who are looking to avoid the traffic on Brickell Avenue and South Miami Avenue.

There are currently four spaces available, asking $65/square foot with a $17/square foot common charge. Here is the breakdown of each space:

Ground Floor – 9,520 square feet. This space will be made available in late 2017 and works out to $51,500/month at asking price. Since it is such a huge space, I see a restaurant as being the best fit.

Second Floor – 9,561 square feet. This one is currently available according to the marketing material. It includes a lobby-level entrance, so would likely be a good fit for some sort of exclusive club. Remember the Miami City Club from a few years back? This space won’t offer the same views that the Miami City Club once boasted from the top of the Wachovia Tower, but whoever the ultimate tenant is could do something interesting with the buildout to make it enticing. The asking price here is $51,750/month.

Second Floor – 1,048 square feet. For $5,675/month, I see this as being a good fit for a salon or boutique of sorts. We represented a client a few years back who took a similar amount of space for a boutique and has made a very nice name for themselves since. Perfect size for a boutique. It could also be a smaller cigar bar that is a nice place for businessmen who work in the nearby buildings to talk shop over a glass of scotch before heading home for the day.

Second Floor – 2,767 square feet. At $15,000/month, this will likely end up as a restaurant, real estate office or a new gym concept.

We have seen leases in similar locations over the recent months in the range of $45/square foot. It will be interesting to see how Brickell City Centre’s opening affects the retail prices over the coming months. While Brickell City Centre was under construction, we experienced very few available spaces for retail clients that were not restaurants or lounges. Now that the buildings are opening up, we’re seeing many new signs go up, which is refreshing. What do you think would be a good fit for this space? Do you think the prices are on point, or do they need to be negotiated a bit?

On Friday, Another New Britto Gallery Opened on Lincoln Road

Photos by Sean McCaughan

Artist Romero Britto has just plopped down another one of his eponymous art galleries near the east end of Lincoln Road, longitudinally opposite his ever-so-so-slightly older (but still brand new) gallery at Lincoln Road’s west end. The new Britto Store occupies the former Ricky’s Costumes space, and as of Saturday was still missing its ‘Britto’ signage. Not that anyone would confuse it for any other artist’s gallery. There are now more Britto Galleries on On Lincoln Road than any other retail brand except Swatch, 4D, or Starbucks.

On Friday, Mr. Britto officially opened the new Romero Britto Gallery, to sell all the commercially produced and consumer products that the slathers his signature graphic pop-art designs on, including everything from limited edition prints, to giant teddy bears, T-shirts, and table-lamps. Meanwhile, over by Lenox Avenue, the Romero Britto Fine Arts Gallery, which opened about  a week ago, may look like a cloned twin, but this one sells one-off sculptures, paintings, and other creative stuff.