Office Building Planned for Miami’s CocoWalk
- May 19, 2017
Federal Realty Investment Trust, Grass River Property and the Comras Co. have big plans for CocoWalk, a retail-driven lifestyle center in Miami’s Coconut Grove neighborhood. The joint venture recently announced plans to launch a 85,000-square-foot, Class A office building that will rise on the eastern portion of the development site. The revitalization project also calls for a complex renovation of CocoWalk’s existing retail component.
The planned five-story One CocoWalk will include retail space on the first floor and office space on the remaining four stories. The building will feature a rooftop entertainment terrace, as well as an underground parking garage for around 250 vehicles. Construction at the site is scheduled to begin in 2018, with delivery set for mid-2019.
Located at 3015 Grand Ave., the center will feature restaurants, well-known brands, local operators providing lifestyle, wellness, beauty and other daily services. The centerpiece of CocoWalk’s reimagined retail space will be an open-air plaza. Renovations will begin this summer in anticipation of a completion date set for mid-2018. The center will remain open to the public throughout the phased renovation process. Once completed, it will offer nearly 150,000 square feet of leasable space. CocoWalk’s new look is designed by Beame Architectural Partnership and Foreseer.
The partnership acquired the property in 2015 with the goal of revamping the center, aligning CocoWalk’s uses with the neighborhood’s changing demographics. Completed in 1990, CocoWalk gained popularity as a weekend destination. Nearby demand drivers include the University of Miami, private day schools within walking distance, marinas and public parks along the Biscayne Bay waterfront.
“Our team acquired CocoWalk because we saw an opportunity to contribute to Coconut Grove’s emergence as a neighborhood that’s thriving day and night. Revamping our retail and adding new office space is essential to that vision,” said Michael Comras of the Comras Co., in prepared remarks. Comras is a principal of the development team spearheading retail leasing at CocoWalk.
Rendering and image courtesy of Beame Architectural Partnership and the Comras Co.