Casa Tua Cucina in Brickell City Centre is Officially Open
Photo: Instagram/ItsMerriKat
Last year, Swire gave Miami a holiday gift by opening Brickell City Centre with a handful of retailers, but this year they are delivering double! Not only did the two story Zara store open last week, the enormous Casa Tua Cucina eatery that is adjacent to Saks opens today!
The Italian food hall features 12 different stations in an open-kitchen setting that features different dishes from Italy’s northern region.
Christmas Is Coming Early For Brickell Fashionistas – Zara Is Ready To Open
We have great news for Brickell’s fashionista crowd! The Zara store in Brickell City Centre is ready to open, just in time for Christmas!
Last week, photos were circulating of work crews rushing to complete the two-story store, and this is what it looked like as of the weekend. It seems the only to-do left is the final approval from the city and we’ll be free to shop!
We are hoping to learn the firm opening date today…
Midtown 5 Announces 4,000sf of Wellness Space In Ground-Level Retail
Tenants of the newly-completed Midtown 5 will soon be able to refresh their look without leaving the building. Magellan Development Group has announced that they have signed retail lease agreements with “The Biostation” and “Omni Nails and Lash Lounge.”
The Biostation is a medspa that specializes in preventative medicine and counteracting the signs of aging to help replenish vitality, health and youth, according to their press release. Offering a highly- personalized, scientific approach to total wellness, the medspa features a wide-ranging menu of treatments administered by one of several doctors or registered nurses. The 2,716-square-foot space will serve as the biostation’s second South Florida location.
Omni Nails and Lash Lounge will outfit 1,415 square feet with all the necessities needed for relaxing pedicure and manicure services, as well as facials, eyelash extensions, permanent make-up and waxing. This all-encompassing salon will have expert beauticians on hand to customize the variety of treatments offered to meet clients’ needs.
Midtown Five offers studios, one, two and three bedroom residences ranging from 540 square feet to 1,500 square feet.
Related Companies Buys Brickell Heights Retail Space For $12.2M
I know what this sounds like, Related built Brickell Heights, so how could they sell the retail portion to themselves? What many people don’t realize is that Related Group’s luxury condo development division is only one portion of what its parent company, Related Companies, focuses on. They also have divisions for luxury rental developments, commercial development, even affordable/workforce housing. It is only natural that they should want to pounce on an amazing retail space in a thriving neighborhood that is poised for another growth spurt.
Yesterday, Related Group sold the 30,000 square foot retail space that was recently leased by Equinox along with the 6,000 square foot space that will soon be home to SoulCycle to Related Companies for $12.2 million.
“The closing of Equinox and SoulCycle units Brickell Heights is another step forward in our efforts to transform South Miami Avenue into a vibrant, pedestrian friendly corridor in the same vein as Lincoln Road. Brickell is thriving, and these closings show a long-term commitment to further establish the area as a bustling neighborhood to live, work and play. Our buyers at both Brickell Heights and SLS LUX are excited about these changes and can’t wait to start living the lifestyle,” said Carlos Rosso, President of the Related Group’s condo division.
Aside from the A+ location, the fact that both spaces have newly-signed long term leases with A+ tenants makes them among the most attractive retail investments in the neighborhood. The exact terms of the leases have not been shared.
Despite the high sticker price, it appears that Related gave itself quite a bargain when you consider the size of the space. With a total of 36,000 square feet of leasable space, Related Companies paid just $339/square foot. Just next door, 8,015 square feet of raw space is being marketed for $10.5 million, or $1,310/square foot. Since it is raw space, there is currently no lease income and it is offered for almost $1,000/square foot more than Related Companies paid!!
Also this week, a Spanish investor paid $1,000/square foot for another A+ rated retail space with an A+ tenant. This transaction is the La Petite Maison space in BrickellHouse, which sold for $5.2 million. Related Companies got a very nice deal indeed!
Brickell Heights’ Retail Space Hits the Market for Rent or Sale
Now that Brickell Heights has opened its doors and Equinox has announced its opening date, let’s talk about the last remaining opportunity in the streetscape of Brickell’s newest project. There is one remaining commercial unit on the South side of the building under the West tower that is available for lease or purchase.
The space is bordered on one side by SoulCycle, which is slated to open toward the end of 2017 (once their interior build-out is complete). It encompasses a total of 8,015 square feet, but is divisible into two units as shown in the floor plan in the property brochure below. Just across the street is Mary Brickell Village, with restaurants, shopping and Publix as the grocery anchor.
Due to its size and location, I foresee a nice restaurant or lounge for the space. It could also be successful for a daycare or preschool concept. The seller is represented by Fabio Faerman from Fortune, who informed us that the asking price is $85/square foot for a 10 year lease, or $10.5 million for purchase.
What concepts do you think would be most successful for the space? To set up a tour for your concept, contact us here.
Brickell Heights Retail Space by Sarah Elles Boggs on Scribd
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?
Design District Getting Gucci Flagship & its First Cuban Restaurant, With a Gloria Estefan Cherry on Top
Approximately thirty new luxury stores and restaurants are coming to the Miami Design District this year, developers Design District Partners announced today, including a new restaurant concept by Gloria and Emilio Estefan, and a 7,000 square foot flagship Gucci boutique, an achievement which has been a personal goal of District CEO Craig Robins. “Gucci is a big step forward for us in the luxury category,” he told the Miami Herald “It’s a real tipping point and a statement about our progress.”
The mega grammy-winning power couple, Mr. and Mrs. Estefan meanwhile will bring the Design District it’s first Cuban Cafe, err… high end Cuban restaurant, called Estefan Kitchen: “Estefan Kitchen will feature traditional, family recipes presented in a new, healthy way that will appeal to both locals and our international guests.” Think an upscale facsimile of a down-home hangout, with the small but distinct possibility of a celebrity drop-in to see if your Aroz con Pollo is cooked alright.
Even though foot traffic along the District’s new shops, plazas, and shaded paseos is still pretty sleepy, some stores showing strong sales from occasional big spenders with budgets the size of Birkin Bags, while others are feeling the squeeze. It’s only growing pains, says Robins, because the District “doesn’t compare to what you’ll see next year when you’ve got 10 more restaurants, yoga, coffee shops, bakeries and these powerful fashion brands opening up.”
Other new retail tenants will include Alexander Wang, Eres, Warby Parker, Cos, The Smile, Ahana Yoga Studio, Dolce & Gabbana, Diane Von Furstenberg, Van Clefe & Arpels, etc. “The next phase of development will add roughly 250,000 square feet of retail space, bringing the total to nearly one million square feet, as well as a 120-room hotel and a 900-space parking garage, all set for completion in 2017.” says the Herald. Not to mention the ICA Miami and its sculpture garden, and the multiple surrounding projects being done by other developers.
