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tc_trendsmag_miadade-14-web
PRIME RETAIL DESTINA
terranova corporation | 801 W. 41st street, suite 600, miami beach, fl 33140 |
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MIAMI, FL
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TERRANOVA LEA
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ATIONS WITH TERRANOVA
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RESENTATION
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contentS
6 A New Retail Era
Downtown Miami’s retail boom
will forever change the city
18 miami-dade county
suburban SHOPPING
CENTER report
44 a strong
foundation
GBS the Beauty Store
46 ‘round town
Car2go is the way to go
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TERRANOVA
801 41st STREET SUITE 600, MIAMI BEACH, FL 33140 | WWW.TERRANOVACORP.COM | LEASING@TERRANOVACORP.COM | 305.695.8700
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Chairman
Stephen H. Bittel
executive Vice President / Editor-in-Chief
Mindy McIlroy
managing Editor
Rebecca DeVille
Research Director
Alina Matas
Graphic Designer
Michael Dorer
Research Assistant
Kesley De Miranda
Contributing writers
Alina Matas
Kristin Clark
Rebecca DeVille
Susan R. Miller
publisher
Terranova Corporation
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Palm Plaza
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Terranova Corporation
801 W 41st Street, Suite 600
Miami Beach, Florida 33140
305.695.8700
leasing@terranovacorp.com
TRENDS
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A New
Retail Era
downtown miami’s retail boom
will forever change the city
By Susan R. Miller
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I
t wasn’t too long ago that as the sun set on downtown
Miami people left their jobs in the city and they pretty
much rolled up the sidewalks for the night. If you wanted
a nice meal, to see a show, do a little shopping, or just get a
drink with friends, well, you didn’t stick around downtown.
TRENDS
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Now home to museums, a performing arts center,
sports arena and thousands of condos, downtown
Miami is coming into its own. The 24-hour urban
lifestyle that so many have envisioned for decades is
finally becoming a reality.
“I have been in Miami for 35 years and we have
been talking about Miami becoming a global city and
now we are in the midst of it happening,” said Alyce
Robertson, executive director of the Miami Downtown
Development Authority.
Towering condo projects continue to change Miami’s
skyline as new residents – foreign and domestic
– flood the market. But the population has been
underserved when it comes to where to shop and eat.
“I know of what I speak. I live near where I work and I
have had to drive to go to a department store. With the
exception of Macy’s in the center of downtown, there
is little to shop, so this will be a welcome change,”
Robertson said.
The “this” to which Robertson refers are plans for three
mega projects that will bring hundreds of thousands
of square feet of retail to downtown Miami, All Aboard
Florida, Brickell City Centre and Miami Worldcenter
are expected to change the fabric of downtown Miami.
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“I have been in Miami for 35 years
and we have been talking about Miami
becoming a global city and now we are in
the midst of it happening.”
-Alyce Robertson, executive director of the Miami Downtown Development Authority
“The transformation of downtown Miami into a real
24-hour city is just the beginning,” said Terranova
chairman Stephen Bittel. “The amount and quality
of retail that is coming off the ground will speed up
critical mass, attracting even more residents to the
urban core.”
Terranova has been watching the evolution from
up close. Two years ago, the company took on the
assignment to lease the retail portion of Vizcayne,
a 48-story, two-tower high-rise condo overlooking
Biscayne Bay in the heart of downtown Miami. The
project includes a 58,000-square-foot retail center.
“When we started leasing Vizcayne, we knew
downtown Miami was on the verge of something
big and we had to educate retailers to see it,” said
Terranova executive vice president Mindy McIlroy. “So,
to see all these projects with such leading retailers
a new
retail era
coming to the neighborhood as
we finish leasing this property
makes the market as exciting as
we envisioned.”
Each of the three megaprojects,
in its own way, will change
downtown Miami’s retail scene
by providing residents and
visitors with myriad shopping
and dining opportunities that
heretofore have not existed.
The region soon will be home
to everything from the high-end
luxury component promised
by Brickell City Centre and to
the small neighborhood coffee
shops and newspaper stands
that will serve passengers at All
Aboard Florida’s MiamiCentral
station.
Smaller projects such as
downtown Miami’s Met3, a
luxury condo development
that will be home to downtown
Miami’s first Whole Foods
Market, and Skyrise Miami, a hairpin-shaped tower
that comes with the promise of revitalizing the aging
Bayside Marketplace, will enhance Miami’s image as a
global destination.
Centre and Miami Worldcenter – MiamiCentral has
the potential to be the most transformative in terms of
bringing economic growth to the city.
Other major transit facilities across the country such
as Denver Union Station in Colorado, DC Union
Station in Washington and Grand Central Station in
New York helped developers here to better understand
how transportation retail is different from high-street
or mall retail, said John Guitar, senior vice president
of business development for All Aboard Florida. It
became clear that the retail component should center
on food and beverage with a myriad of authentic and
modern eateries and specialty retail.
“Customers will be people who are getting their
morning coffee, newspapers, grab-and-go food before
getting on the train,” Guitar said. “Things you might find
at an airport concourse.”
Guitar said it will be some time before specific retailers
are named, but added: “We are looking for one to
anchor around food and one to anchor entertainment.
Those are the concepts we are working on now.”
Living in the lap of luxury
The need to add a luxury component to the downtown
Miami retail scene became clear to Matthew Whitman
Lazenby a few years ago while working toward his
master’s degree in real estate development at the
University of Miami.
All Aboard Florida chugging right along
Serving as the nexus for all public transportation,
All Aboard Florida’s MiamiCentral, is planned as
a 3-million-square-foot mixed-use, transit-oriented
project developed by Florida East Coast Industries.
It will be the country’s first privately owned, operated
and maintained intercity passenger rail service running
between Miami and Orlando, with stations in Fort
Lauderdale and West Palm Beach.
The project spans nine acres just east of MiamiDade County Hall and includes an adjacent two-acre
site on the corner of Northwest Second Avenue
and Northwest Sixth Street in Miami’s Overtown
neighborhood. Construction is underway and
estimated delivery is in the fourth quarter of 2016.
The project will include nearly 200,000 square feet of
retail, surrounded by an additional 3 million square
feet of office and residential developments. Although
it will be home to the least amount of retail, in terms
of square footage – when compared with Brickell City
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a new
retail era
The president and chief executive of Whitman Family
Development LLC, Lazenby’s retail roots run deep,
starting with his great grandfather who first brought
retail to Lincoln Road in Miami Beach in the 1920s.
A generation later, his grandfather brought the Bal
Harbour Shops to South Florida in the 1960s.
Today, Lazenby, in partnership with Swire Properties,
will do what his grandfather and father taught him –
follow the tourists.
“It became clear to me that outside of Bal Harbour and
Miami Beach, the area where there is an established
tourist base, which is only growing and broadening,
was Brickell,” Lazenby said. “Once we knew that
Brickell seemed to make the most sense, it was clear
that the site that was most compelling was a nine-acre
site that is Brickell City Centre.”
Brickell City Centre’s planned $1.05 billion mixed-use
development is located in the heart of Miami’s financial
district along South Miami Avenue between Sixth and
Eighth streets. It will comprise of 5.4 million square feet
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of office, residential, hotel, retail and entertainment
space. About 565,000 square feet will be dedicated
solely to retail.
“Brickell City Centre will generate a whole new level of
urban activity in Miami,” said Terranova’s Bittel. Added
the DDA’s Robertson: “It brings a wow factor to the
area.”
The first phase of the project, which is under
construction, includes the East Hotel, the 390-units
Reach and Rise condominiums and two office
buildings, which are all slated to open in the fourth
a new
retail era
“Brickell City Centre will
generate a whole new level of urban
activity in Miami.”
The remainder of the retail
will be “a finely curated mix of
shopping that’s appropriate
for the marketplace,” said
Lazenby. While it will, in
Anchoring that retail will
-Stephen H. Bittel, chairman Terranova Corporation
some ways, mirror some of
be Saks Fifth Avenue,
the tenancy at Bal Harbour
which announced in
Shops, he is not concerned
August it would open a
about diluting market share. What’s more, the
107,000 square foot store at Brickell City Centre. That
developers recently announced a unique addition to
announcement was important in terms of furthering
City Centre. Mexico City-based Cinemex will open a
the dialogue with other mall store tenants, noted
35,677-square foot, 622-seat dine-in movie theater in
Lazenby.
City Centre, its first U.S. location.
Saks views it as an opportunity to cater to Miami’s
“While I think it would be safe to say there will be some
international shoppers.
level of healthy competition that will go on between
the two projects, if we thought the success of one
“Brickell City Centre will provide access to the North
would only be achieved by the failure of another, then
and South American sophisticated and selective
we would not be involved in both,” said Lazenby. “Our
consumer in the internationally flavored Brickell
involvement in Brickell City Centre is not because we
neighborhood,” Marigay McKee, president of Saks Fifth
are trying to shift business from Bal Harbour Shops to
Avenue said in a statement.
Brickell, but because we think the market has grown
and evolved and the tenant community is voting with
their construction budgets in the sense that they are
ready to see Miami become more than a one store
marketplace.”
quarter of 2015. The
retail portion is slated to
follow in the fall of 2016.
In fact, Bal Harbour Shops is moving forward with
its own expansion plans designed to keep up with
demands from existing tenants who want to expand
and new players who want to make Bal Harbour Shops
their home.
Another distinction that sets apart the Brickell City
Centre project is the way parking will be integrated,
said Chris Gandolfo, senior vice president of
development for Swire Properties. The commercial
parking will be located primarily below grade so
shoppers can enter from any street – Seventh or
Eighth streets or South Miami Avenue – into a below
grade parking lot that feeds directly up to grade level
putting shoppers right into the retail portion.
“You are in an outdoor environment, but you feel
comfortable because it’s covered with a climate ribbon
– a glass trellis that was designed to allow the winds to
come off Biscayne Bay and blow through the center,”
said Gandolfo. “That’s different and unique from the
suburbs where you have surface parking lots and you
are walking two miles to get to your car or there are
big attached garage podiums on the outside of the
shopping center that takes away from the pedestrian
experience.”
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TERRANOVA
a new
retail era
City of the future
A city within a city is how developers of Miami
Worldcenter describe this ten-block, 25-acre site
just north of the Central Business District, extending
between Second and Miami avenues to 11th Street.
The project is a joint venture between the Falcone
Group and Centurion Partners and will include retail,
commercial, residential and hotels.
At press time developers had cleared several hurdles
with the city and appeared ready to move forward with
plans for 1,083 condos, an 1,800-room hotel with a
600,000 square-foot convention center and a 765,000
square-foot retail component.
Robertson views this project as one that brings
“youthful energy” to the area and will appeal to a more
“edgy, younger crowd,” due to its location near the
technology center NAP of the Americas.
“The architecture I have seen proposed has
sustainability and walkability incorporated into it. It will
take a dead area and invigorate it,” said Robertson.
The Forbes Co. and Taubman Centers, Inc. are
developing the retail component. A 120,000 square
foot Bloomingdale’s and a 195,000 square foot Macy’s
will serve as anchors. As the first phase of the project,
the goal is to break ground in late 2014.
With the Design District to the north luring luxury
retailers, “We will have to pick up where they left off
and expand the market,” said Nate Forbes, managing
partner of the Forbes Co. Like Lazenby, Forbes is not
concerned about diluting the retail luxury market.
“Miami is a big metropolitan market and a lot of
retailers can have multiple units that can draw
in customers and do a lot of business without
cannibalizing business from each other,” Forbes said.
The retail portion will feature the 7th Street
Promenade, a pedestrian-only thoroughfare that
runs east-west through the southern quadrant of
Miami Worldcenter. In addition to the large anchor
tenants, look for European-style outdoor cafés, bars,
restaurants, and boutique shops.
“Miami Worldcenter is a destination in itself. When you
add in All Aboard Florida, the [planned] convention
center and the residential and retail draw, I think it
will continue to make Miami a more important city,”
said Forbes. “It all builds on itself, it’s not one against
the other. It’s everyone trying to build something
that creates an urban environment. That’s what
Miami hasn’t had in the past, and it will make a big
difference.”
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TERRANOVA
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REAL
FOOD
IS THE NEW TREND
THEN WHY ARE
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IN STYLE?
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TERRANOVA
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786.913.3313
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TRENDS
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miami-dade
county
suburban
shopping
center
report
2014 edition
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TERRANOVA
Retail Report
A
verage shopping center rents in Miami-Dade County went up 9.5%
since early 2013, showing the largest increase in recent years
along with a noticeable pick-up in big-box leasing and new development.
New shopping centers are speckling the suburban LANDSCAPE, a surge of
new retail construction is sweeping through downtown Miami, and two
long-proposed mixed-use projects in Doral have been revived, foretelling
new retail destinations in that area.
Against this backdrop, existing shopping centers throughout the
county have lowered their overall vacancy rate in 2014 to 5.8%, down
from 6.3% a year before. Accompanying the improved occupancy is a
higher average asking rent of $29.02 in mid-2014, compared to $26.50 in
early 2013.
Improvements in rent and occupancy are observable
throughout the county, with all but one of the 10
submarkets showing noticeable increases in asking
rent from the year before. The one submarket to show
a slight decrease – a 2.2% drop in Homestead/Naranja
– was due to lack of availability in its two highest-priced
centers, rather than a weakening of the submarket.
Other Submarket Highlights
North Miami/The Beaches submarket, which has the
smallest inventory, showed the highest increase in
average asking rent, 23.7%. This steep increase reflects
availability in its highest-priced center (on Alton & Fifth,
in Miami Beach), an outlier that didn’t have available
space in 2013 and thus wasn’t included in that year’s
average. However, the increase also reflects improved
demand for the submarket’s other lower-priced centers,
which are mostly located along Biscayne Boulevard,
north of 103rd Street.
Aventura and South Miami, consistently the strongest
submarkets in terms of rent and occupancy, had rent
increases of 22.6% and 14.1% respectively, with South
Miami becoming the first submarket whose average
crosses the $40 mark, while Aventura continues a
similar upward trend. Both submarkets benefit from
exposure to U.S. 1 (South Miami) and Biscayne
Boulevard (Aventura), both service neighborhoods
with strong demographics, and both have small, tightly
occupied inventories.
Hialeah and Northwest Miami-Dade, two abutting
submarkets, have solidly passed the $25 mark, a
noticeable increase from 2013. Hialeah, which has
the lowest average household income, benefits from
population density and a very strong central commercial
corridor along West 49th Street. Northwest Miami-Dade,
a small, mostly residential pocket just north of Hialeah,
encompasses various small bedroom communities with
a relatively high average household income and much
less density and commercial intensity than Hialeah. The
Northwest Miami-Dade submarket’s high vacancy rate
is due to a vacant Sears store.
New-to-Market Tenants
One new-to-market retailer, big-box user Hobby Lobby,
opened its first Miami-Dade store in Kendall, absorbing
a former Syms space, while Swedish furniture and
home goods retailer Ikea built and opened its second
South Florida store on a formerly vacant site in West
Miami-Dade. Also new-to-market is Discovery Clothing,
a Chicago-based fashion chain that has opened two
locations in Hialeah, and is slated to open a third in
West Miami-Dade.
New Construction
New shopping center construction has picked up the
pace over the past 18 months. Palmetto Gardens
Walmart Plaza, a 55,000 square foot center anchored
by a Walmart Neighborhood Center, was completed in
the Northwest Miami-Dade submarket. Royal Gardens
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Retail Report
Plaza, an 84,000 square foot center anchored by Aldi,
Ross Dress for Less and Dollar General, was completed
in Hialeah Gardens. Three other new centers are under
construction or proposed in the West Miami-Dade/Doral
submarket: Fountainebleau Park Plaza, a 235,000
square foot center anchored by Walmart Supercenter,
is nearing completion; Fountain Square, a mixed-use
project with 340,000 square feet of retail to be anchored
by Target, Publix Sabor, TJ Maxx and Ross Dress for
Less, is under construction; and Doral Commons, a
133,208 square foot center to be anchored by Publix
and TJ Maxx, is proposed in Doral.
The City of Doral is experiencing a surge in residential
construction accompanied by additional retail space
within two multi-acre mixed-use projects. One is
CityPlace Doral, a mixed use project that will include
300,000 square feet of open-air retail. The second is
Downtown Doral, a mixed use project that will include up
to 180,000 square feet of retail in a Main Street setting.
In the East Central submarket, River Landing, a mixeduse project with 475,000 square feet of value retail in a
six-story building, is under construction in Miami’s Health
District, west of downtown Miami, with BJs Wholesale
Club as one of the anchors. Coral Reef Commons, to
be anchored by LA Fitness and Walmart, is proposed in
the Cutler Ridge submarket. Three other new centers
are proposed, but no anchors or groundbreaking dates
have been announced: Palm Springs Square, a 245,648
square foot center, is proposed in Northwest MiamiDade; Silver Palm Square, a 91,591 square foot center
with three additional outparcels, is proposed in the
Cutler Ridge submarket; and Shoppes of Homestead, a
157,500 square foot center, is proposed in Homestead.
Beyond traditional suburban shopping centers, a wave
of new retail construction is sweeping through downtown
Miami, where an urban renaissance is taking place.
Brickell CitiCentre, a mixed-used project that will include
more than 500,000 square feet of retail space including
Saks Fifth Avenue and Cinemax, is under construction
in the West Brickell area, just south of downtown Miami.
Mall at Miami Worldcenter, a 740,000 square foot
retail project anchored by Macy’s and Bloomingdale’s,
is proposed as part of a mixed-use project to be built
on a 27-acre site from NE Seventh Street to NE 10th
Street between First and Second avenues. Metropolitan
Miami, a high-rise, mixed-use project with office, hotel,
retail and entertainment, is under construction on
a three-block site at NE Third Avenue, in downtown
Miami’s central business district. This project will include
a Whole Foods store of 40,000 square feet, projected to
open in late 2014. In a separate building in the same
complex, Silverspot Cinema has announced it will open
a 12-screen movie theater. (See story about downtown
Miami’s retail surge on page 6.)
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TERRANOVA
In addition to the downtown renaissance, the Design
District, an inner-city area north of downtown Miami,
is also undergoing a wave of redevelopment. A
multi-property owner who is transforming the
neighborhood into an upscale retail destination, with
more than 500,000 square feet of retail covering
the area from North Miami Avenue to NE Second
Avenue, between Northwest 38th and 42nd streets.
The developer plans to create a pedestrian retail street
bisecting this district and anchored at each end by a
department store, whose brands are yet unannounced.
Retailers already staking locations in the district include
Louis Vuitton, Hermes and Prada. By 2015, about 100
new stores are scheduled to open.
demographics
Miami-Dade County’s total population in 2014 is
estimated at 2,641,834, higher than 2,605,371 in 2013,
and projected to grow 6.8% in the next five years. The
county’s average household income increased to an
estimated $60,780, compared to $58,947 in 2013, but
still lower than Broward County’s $67,514 and Palm
Beach County’s $69,573.
Total shopping center inventory in Miami-Dade County
totals 31,930,294 square feet in 242 centers, excluding
enclosed malls, lifestyle/entertainment centers and
centers smaller than 50,000 square feet. Miami-Dade
County’s 2014 ratio of shopping center square feet per
person is 12 to 1, based on a population of 2,641,834
and total inventory of 31,930,294 square feet. This
compares to a Broward County ratio of 20.4 to 1 and
a Palm Beach County ratio of 22 to 1. Miami-Dade’s
population is 64% Hispanic and 19% African American,
and median age is 39.
TRENDS
21
Retail Report
Coming Soon
New luxury movie theater finds space in
the very tight Aventura submarket
The Aventura submarket, which includes Sunny Isles Beach, benefits from exposure of its centers
to highly trafficked Biscayne Boulevard and to affluent residential areas east of Biscayne.
Accordingly, average asking rent in this submarket in 2014 increased 22.6% to $38.55, which
ranks as the second highest submarket rent in the county. Vacancy of 2.3% is an all-time low
and a decrease from 3.8% a year before. Department store Stein Mart chose this submarket for
its first Miami-Dade County store, taking a former Loehmann’s space.
Anchor Moves
iPic Movie Theater is under construction to replace the
shuttered Sunrise Cinemas at the Intracoastal Mall, on
the NEC of Sunny Isles Blvd. and NE 35th Ave.
Stein Mart replaced Loehmann’s in Biscayne Retail
Plaza, on the NEC of Biscayne Blvd. and 199th Street.
Tenant Moves
ChillN’ Nitrogen Ice Cream replaced a yogurt shop and
Avila Bistro replaced Aventura Diner in Aventura Plaza,
on the SEC of Biscayne Blvd. and SE 80th Street. Jimmy
John’s opened in an outparcel at Aventura Commons,
at 21300 Biscayne Blvd. Town Center Aventura, the
redevelopment of the former Loehmann’s Fashion
Island on the NEC of Biscayne Blvd. and 199th Street,
added a cadre of new tenants: Novecento (Argentinian
restaurant), The Counter Burger, Café Cita, Buffalo Wild
Wings, My Two Kids, Tupelo Honey (fashion), Peace
Love World (fashion) and European Wax Center. Crepes
& More will replace Prime Sushi in R.K. Village Plaza,
at 18180 Collins Ave. Julio’s Natural Foods Restaurant
and Bellante’s Pizza closed in Shops at Skylake, on the
SEC of Miami Gardens Drive and NE 16th Ave. Mattress
One replaced Jungle Gym in Aventura Shopping Center,
at 2968 Aventura Blvd. BioTech Wellness Center and
Eyebrow Design opened, while Tupelo Honey, Sher
Gallery, Roni’s on the Water, Water Café, Mish Mash
Bagel, and Sophie Rose Children’s Boutique closed in
Waterway Shoppes, at 3575 NE 207th Street. SoBlo
Salon opened in a former restaurant space in Promenade
Shops at Turnberry, on the NEC of Biscayne Blvd. and
Ives Dairy Road. Acai Bowl Organic Juice Bar replaced
Café Bambini and Dr. Phone Fix replaced Smart Eddy
Toys in Sunny Isles Square, at 3025 NE 163rd Street.
Demographics
This submarket has the highest median age of all
submarkets, at 47. Its 2014 population is estimated
at 117,169. The population is 36% Hispanic and
15% African American. Average household income
is $69,685. Population in this submarket grew
8% between 2010 and 2014, and is projected to
grow another 8% in the next five years. Daytime
population in this submarket is 45,535.
22
TERRANOVA
TRENDS
23
SHOPPERS’ BOULEVARD
Centers on busy Biscayne Boulevard prop up the
North Miami / The Beaches submarket
This is a small submarket that includes Miami Beach, where the highest-priced property in the
submarket is located. Available space in this center (Fifth & Alton) in 2014 led to a noticeable
increase in average asking rent, up 23.7% to $25.88. Without including this center, average
rent in the rest of the inventory is $20.84, virtually unchanged from a year before. The
vacancy rate of 7.5% is an increase from 5.3% in 2013, and reflects the addition of Mall at
163rd Street to the inventory, as this property has ample availability. In addition to Fifth &
Alton, the strongest centers in this submarket are the ones fronting Biscayne Boulevard,
while centers off this main highway have substantially lower asking rents.
24
TERRANOVA
Retail Report
Proposed Projects
Biscayne Landing, a long-dormant project proposed
on an 81-acre site on the NEC of Biscayne Blvd. and
NE 151st Street, has been revived, with plans for a
mixed-use project that will include more than 4,000
residences and more than 800,000 square feet of retail
space. At press time, no groundbreaking date or tenants
have been announced.
Redevelopments/Additions/Renovations
Bal Harbour Shops, a luxury mall on the NWC of Collins
Ave. and 96th Street, is seeking city approval for an
expansion of 350,000 square feet of retail space, which
would include department store space, at least 20 retail
boutiques and a high-end movie theater.
Anchor Moves
TJ Maxx will open in the RK Town Centre of North Miami,
on the SEC of Biscayne Blvd. and NE 123rd Street,
taking the former Anna’s Linens space.
Whole Foods Market opened in a former Office Depot
site at 12100 Biscayne Blvd.
other Tenant Moves
Epicure Gourmet Market will open in Arena Shops, at
14770 Biscayne Boulevard. Orange Theory Fitness will
replace Red Mango in Fifth & Alton, on the NWC of
Alton Road and Fifth Street in Miami Beach. La Crème
de la Crepe replaced Cold Stone Creamery in Biscayne
Commons at 14600 Biscayne Blvd. Firehouse Subs will
open in Keystone Plaza at 13509 Biscayne Blvd. This
center also added 3 Crowns Liquors, Sherwin Williams,
Clean Smoke Electronic Cigarettes and Florida Blue
Cross & Blue Shield. Vapor Lounge replaced a health
foods store, CPR Cell Phone Repair replaced Weight
Watchers and Yogurt Land replaced La Baguette Bakery
in Shops at Arch Creek, on the NWC of Biscayne Blvd.
and NE 130th Street.
Demographics
This submarket has an estimated 2014 population of
231,606. The population is 35% Hispanic and 30% African
American. Median age is 41 and average household
income is $63,601. Population growth in this submarket
was 4% between 2010 and 2014, and is projected to
gain 5% in the next five years. Daytime population in this
submarket is estimated at 90,304.
TRENDS
25
Retail Report
Redevelopment Central
New retail destinations are redefining
the East Central urban submarket
Average asking rent in this submarket went up 9.3% to $23.32, as its second largest property
improved occupancy significantly and raised asking rent accordingly, while its newest,
largest and priciest property, Midtown Miami, continues going strong. Vacancy rate of 10.4%
is virtually unchanged from 10.6% in 2013, as several properties still have large amounts of
available space. Two new Walmarts are proposed in this submarket, and a major mixed-used
development is under construction just north of the Dolphin Expressway. This submarket
also contains the Design District, a multi-block neighborhood undergoing a transformation
into an urban open-air luxury shopping mall.
26
TERRANOVA
Proposed Projects
Design District, between NE 38th Street and NE 42nd
Street, from N. Federal Highway on the east to N. Miami
Avenue on the west, is undergoing a transformation into
an urban hub of luxury retail, planned to have 120 highend designer brand stores, along with restaurants and art
galleries. Opened retailers include Louis Vuitton, Hermes,
Cartier, Celine and Prada, while construction is ongoing
for upcoming stores that will include Tom Ford, Givenchy,
Valentino, Loro Piana and Fendi.
Triptych, a 20-story mixed-use project that will include
50,000 square feet of luxury retail, along with a 300-room
hotel and 50,000 square feet of office, is proposed at NE
36th Street and N. Miami Avenue.
East Hialeah Marketplace, a 300,000 square foot center to
be anchored by Walmart Supercenter, is under construction
on the SWC of NW 79th Street and 32nd Ave.
River Landing, a mixed-use project that will include
537,000 square feet of value retail in a six-story building,
is under construction on the south side of NW 12th Street
(NW N. River Drive), at its junction with NW 14th Ave., in
Miami’s Health District. LA Fitness and BJ’s Wholesale
Club have been announced as tenants.
District 36, a mixed-use project that will include 64,000
square feet of retail and restaurant space, is proposed on
the NWC of NE 36th Street and NE First Avenue.
Redevelopments, Additions, Renovations
Miami Merchants Mart, on NW 79th Street between 30th
and 32nd avenues, is proposed for redevelopment into
a 202,000 square foot center. Announced tenants are
Planet Fitness and Save-A-Lot.
Other Tenant Moves
The Shops at Midtown Miami, at 3401 N. Miami Ave.,
added a cadre of tenants: Novecento, Oyster Place, Baru
Urbano, Bobby Berk Home, Compose Décor, Pinkberry,
Five Diamond Auto Spa, Spris Artisan Pizza, Ricky
Bakery, Restaurant Rivera Focacceria Italiana, Bleach
Salon II and European Wax Center. Planet Fitness will
open and Simply Fashion relocated from Shoprite Center
(NWC of NW 119th Street and NW 7th Ave.), to a former
Rainbow Shops in Dolphin Plaza, at 17175 NW 27th
Ave. Liberty Tax replaced Number One Beauty Supply
and Purple Carpet replaced Simply Fashion (relocated
to Dolphin Plaza) in Shoprite Center, on the NWC of NW
119th Street and NW 7th Avenue. Cricket Wireless opened
in Stadium Corners, on the NWC of NW 199th Street and
27th Avenue. Check Cashing USA and DK Nails opened
in Miami Gardens Plaza, on the NEC of Miami Gardens
Drive and NW 27th Ave. Rainbow, Estrella Insurance,
H&R Block, Boost Mobile, Lucky Me, Advance America
Cash Advance, Wig Boutique and various health care
facilities opened in Northside Shopping Center, at 7900
NW 27th Ave.
Demographics
With a 2014 population of 418,313, this is the most
populous of all submarkets. This submarket had a 4%
population increase between 2010 and 2014, and is
projected to increase another 6% in the next five years.
The population is 58% African American and 35%
Hispanic. Average household income of $43,576 is
the second lowest of all submarkets (behind Hialeah),
and median age of 35 is among the youngest. Daytime
population in this submarket is estimated at 155,853.
California Club Mall is redeveloping its interior space of
70,000 square feet into a big-box tenant space. No tenant
has been announced. The center added Fallas Paredes,
Dollar Tree, Family Fun Zone and Planet Fitness.
Anchor Moves
Walmart obtained city approval for a 203,000 square
foot store next to Shops at Midtown Miami, at 3401 N.
Miami Ave., but a neighborhood group has challenged the
approval in court.
Nordstrom Rack will replace Loehmann’s in Midtown
Miami, at 3401 N. Miami Ave.
Goodwill Superstore replaced Big Lots in Midpoint, fka
Biscayne Plaza, on the NWC of Biscayne Blvd. and NE
79th Street.
Aldi opened in Stadium Corners, on the SWC of NW
199th Street and NW 27th Ave.
TRENDS
27
Rare Sightings
A vacant Sears in the Northwest Miami-Dade
submarket is one of the county’s few empty boxes
28
TERRANOVA
Retail Report
Average rent in this submarket increased 11% to $27.86, led by a few shopping centers that have
crossed the $30 mark. Vacancy remains high, largely due to a Sears Essentials box that remains
empty. An old center was redeveloped with a Walmart Neighborhood Market, and a new center
is proposed in this submarket, which is a small pocket of Miami-Dade County, just south of
the Broward County line, and close to two of the region’s interconnecting expressways: I-75
and Palmetto Expressway. The submarket also contains many bedroom communities, such as
Country Club of Miami and Royal Oaks.
Completed Projects
Palmetto Gardens Walmart Plaza, a 55,000 square foot
center anchored by a Walmart Neighborhood Center,
is nearing completion on the NWC of the Palmetto
Expressway and NW 37th Ave., on the site of the former
Palmetto Design Center. Other announced tenants are
T-Mobile, CPR Cell Phone Repair and Lee Nails.
Proposed Projects
Palm Springs Square, second quarter 2016, a 245,648
square foot center, is proposed on the SWC of NW 87th
Ave. and 186th Street (Miami Gardens Drive). No tenants
have been announced.
Tenant Moves
Denny’s will open in a former Blockbuster Video space
in Country Club North, on the NWC of NW 186th Street
(Miami Gardens Drive) and 67th Avenue (Ludlam Road).
Check Cashing USA and Cricket Wireless opened, and
La Brasa will replace Miami Subs in Vista Shopping
Center, on the SEC of NW 186th Street and 67th Avenue.
Weight Watchers closed and Dr. Phone Fix opened in
Country Club Plaza, on the SWC of NW 186th Street and
67th Avenue.
Vacant Boxes
Sears Essentials in Miami Gardens Shopping Center, on
the SWC of Miami Gardens Drive and NW 57th Ave.
Demographics
This submarket has an estimated 2014 population
of 134,229. The population is 79% Hispanic and 12%
African American. It is one of the youngest submarkets,
with a median age of 35, and has an average household
income of $62,701. Population in this submarket grew
8% between 2010 and 2014, and is projected to grow
another 9% in the next five years. Daytime population in
this submarket is estimated at 36,895.
TRENDS
29
Adding Value
Discount retailers add new big boxes
in busy Hialeah submarket
30
TERRANOVA
The dense Hialeah submarket has the second lowest vacancy rate in the county, 3.7%, which in
turn propped up average rent to $27.73 in 2014, up 12% from 2013. Two new Aldi stores opened
in this submarket, one of them anchoring a new shopping center recently completed. Another
big box store, Michael’s, opened shop in a former Walgreens space. Two centers surpass the $30
mark in this largely blue-collar Hispanic market.
Completed Projects
Royal Gardens Plaza, an 84,000 square foot center
anchored by Aldi, Ross Dress for Less and Dollar
General, was completed on the SEC of Hialeah Gardens
Blvd. and W. 80th Street. Other tenants include Discovery
Clothing and Pollo Tropical.
Cafeteria will close at the end of the year in Palm Springs
Mile shopping center, on W. 49th Street between W. Fifth
and W. Eighth streets. Rainbow and Shoetime opened
in Flamingo Plaza, at 1025 E. Ninth Street. Yogurt 4 U
and La Granja opened in Vicenza Plaza, on the NEC of
Okeechobee Road and Hialeah Gardens Blvd.
Anchor Moves
Demographics
Aldi opened in Village Center, at 1400 W. 49th Street.
Michaels Arts & Crafts replaced Walgreens in Palm
Springs Mile, at 500 W. 49th Street.
Other Tenant Moves
Krispy Kreme will replace Starbucks in Hialeah Mercado,
on the NEC of W. 49th Street and 16th Ave. Picadilly
This submarket has an estimated 2014 population of
295,410. Population growth was 4% between 2010 and
2014, and is projected to grow another 5% in the next five
years. The population is 3% African American and 92%
Hispanic, the most Hispanic of all submarkets. Median
age is 41 and average household income of $43,177
is the lowest in the county. Daytime population in this
submarket is 123,678.
TRENDS
31
Retail Report
Westward Bound
From Palmetto to the Turnpike new projects are
rising in West Miami-Dade / Doral
This is the largest submarket in terms of inventory and number of centers, but with one of
the lowest vacancy rates, at 4.4% in 2014. Developers have seized opportunity for three new
traditional shopping centers, adding nearly 700,000 square feet of retail space, most of it
spoken for already. The new projects are all west of the Palmetto Expressway. In addition,
two large mixed-use projects within city of Doral propose to add another 480,000 square feet
of retail, along with thousands of new residential units. The submarket covers a large swath
of central Miami-Dade that includes some of the county’s oldest centers on the submarket’s
eastern fringes, and some of the newest construction in the west, including Doral. Average
asking rent in 2014 is $27.75, up 9.2% from $25.41 in 2013.
proposed projects
Fountainebleau Park Plaza, a 235,000 square foot center
to be anchored by Walmart Supercenter, is nearing
completion on the NWC of Flagler Street and NW 92nd
Ave. Tenants include LA Fitness, Discovery Clothing, TD
Bank, Chick-fil-A and Carrabba’s Italian Grill.
Fountain Square, a 320,339 square foot center anchored
by Target, Publix Sabor, TJ Maxx and Ross Dress for
Less, is under construction on the NEC of W. Flagler
Street and NW 102nd Ave., on the site of a former trailer
home park. Target is projected to open October 2014.
Other tenants include Bank of America, Dressbarn, Hair
Cuttery, Panera Bread and PDQ.
Doral Commons, a 133,208 square foot center anchored
by Publix and TJ Maxx, is proposed at NW 74th Street
and 107th Avenue.
Midtown Doral, a mixed-use project that will include 72,000
square feet of ground level retail in its first phase, is under
construction on the east side of NW 107th Ave., between
NW 79th Street and NW 82nd Street, (just north of Doral
Commons project). No tenants have been announced.
Downtown Doral, a mixed-use project projected to include
as much as 180,000 square feet of retail anchored by a
grocery store, is proposed on a 120-acre site from NW
79th to NW 87th Avenues, north and south of NW 53rd
Street. First phase of retail is projected for mid-2015
delivery, with announced tenants including Bulla, My
Ceviche, Dragon Fly, Freddo Gelato and Oxxo.
CityPlace Doral, a mixed-use project that will include
300,000 square feet of retail, has begun construction
of the residential phase on a multi-acre site at NW 36th
Street and 83rd Avenue. No retail delivery date or tenants
have been announced.
Anchor Moves
Ikea entered Miami-Dade County with a 417,000 square
foot store north of Dolphin Mall, on the NEC of NW 18th
Street and 117th Avenue.
A Super Target is proposed on the NWC of SW 137th
Ave. and 8th Street, a site that was once owned by
Lowe’s Home Improvement.
32
TERRANOVA
A Walmart Neighborhood Center of 54,000 square feet is
nearing completion on a leased site at 6991 SW Eighth
Street, a site that was formerly Everglades Lumber.
BJ’s Wholesale Club opened a store on a vacant site
on the SE quadrant of SW 24th Street (Coral Way) and
72nd Ave.
Sports Authority will replace Anna’s Linens in Westchester
Shopping Center, on the NEC of Coral Way (SW 24th
Street) and 87th Ave.
Harbor Freight Tools replaced Staples in Trail Plaza, on
the SWC of SW Eighth Street and 67th Ave.
other Tenant Moves
Menchies Frozen Yogurt opened in University Center
North at 1551 SW 107th Ave. Dollar Tree opened in a
former Planet Fitness space in University Center South,
on the SEC of SW 107th Ave. and 16th Street. Orange
Cleaners Express replaced Curves and Little Louie’s
Italian Kitchen replaced Mike & Sons’ Pizza in Meadows
Shopping Center, on the SWC of SW 40th Street (Bird
Road) and 152nd Ave. Valsan replaced US Tops, UPS
Store replaced BoxyLetter, and Jimmy John’s Gourmet
Sandwiches will open in Flagler Park Plaza, at 8221 W.
Flagler Street. Jimmy John’s will also replace Quizno’s in
Bed Bath & Beyond Plaza, on the NEC of NW 107th Ave.
and 19th Street.
Pizza Bistro replaced Quizno’s and Finka Table & Tap
replaced KFC & Long John Silvers in Plaza Alegre, on
the NWC of Coral Way (SW 24th Street) and SW 147th
Ave. Boost Mobile replaced Sprint in Bird 87 Village, on
the NEC of Bird Road and SW 87th Ave. Sweet Dough
Bakery will open in Bird Bowl Shops, at 9355 Bird Road.
Muscle Factory Gym and Gauchos Gourmet Market
opened in Bird Road Plaza, on the NWC of Bird Road and
142nd Ave. Madi’s Tea Garden replaced Crepe Maker
and True Value of Kendall replaced an independent dollar
store at Sabina Plaza, on the NEC of Bird Road and SW
152nd Ave. This center also added Jumping Gymboree
and Lumber Liquidators.
Beauty Schools of America replaced Foot Locker in Trail
Plaza (SWC of SW Eighth Street and 67th Ave.), which
also added Subway in an outparcel. The Check Cashing
Store, Carvel Ice Cream, Casa Potin Bakery and The
Ticket Clinic opened in Interplaza Shopping Center, on
the SWC of SW Eighth Street and 122nd Ave. Quest
Diagnostics replaced Dry Clean USA in Tamiami Trail
Shops, on the SWC of SW Eighth Street and 137th Ave.
La Suiza Bakery & Café will open in San Miguel Shopping
Plaza, at 13914 SW Eighth Street. El Rey de las Fritas will
open in Plaza del Rey, on the SWC of Flagler Street and
SW 100th Ave. Advance America replaced Fresh Berry
Frozen Yogurt in Parkhill Plaza, on the NEC of Flagler
Street and 97th Ave. Amscot replaced Blockbuster Video
in Bird Ludlam Shopping Center, on the SWC of Bird
Road and SW 67th Ave. Habitue Italian Bistro will replace
Pizza Rustica and Churro Mania replaced Mrs. Mendoza
Taco Restaurant in Doral Plaza, on the NWC of NW 41st
Street and 97th Ave. Vapor and Cricket Wireless will
replace D’or Junior Fashion in Beacon Centre Plaza, on
the NEC of NW 87th Ave. and 13th Terrace. R B Cycles
opened in the former Harvest Delights space in Boykin
Center, on the SWC of NW 36th Street and 79th Ave.
Florida Pro Cycle opened in Delias Plaza, on the SWC of
NW 107th Ave. and 58th Street.
Demographics
This submarket has an estimated 2014 population of
407,433. The population is 86% Hispanic and 3% African
American. Median age is 41 and average household
income is $63,835. Population in this submarket grew
5% between 2010 and 2014, and is projected to grow
another 6% in the next five years. Daytime population in
this submarket is 170,380.
TRENDS
33
Suburban Draw
A new big-box chain opens first store
in the kendall submarket
Occupancy and rent continue going strong in the Kendall submarket, a robust suburban
area filled with family households and traffic, with activity now stretching to its western
fringes due to the opening of the county’s newest hospital. Shopping centers abound in this
submarket, where average rent in 2014 surpassed the $30 mark and is now $32.28, up 9% from
2013. Vacancy rate decreased from 6.6% to 5.3%, largely due to the entry of Hobby Lobby,
which absorbed an empty Syms box. Discount grocer Aldi also entered this submarket, and a
new project of 55,000 square feet is nearing completion in West Kendall.
Proposed Projects
West Kendall Village, a 55,000 square foot unanchored
center, is nearing completion on the SWC of Kendall
Drive and SW 154th Ave. Tenants include Fuddruckers,
The Learning Experience, Hurricane Wings & Grill and
CAC Medical Center.
Redevelopments/Additions/Renovations
Loehmann’s went out of business in early 2014, thus
closing its store in Palms at Kendall Town & Country, on
the NWC of Kendall Drive and SW 117th Ave.
Miller Square, on the SWC of Miller Drive (SW 56th Street)
and 137th Ave., is undergoing a partial reconfiguration to
make room for a new Ross Dress for Less store.
Target opened a store on the site of the former Kmart
10400 S. Dixie Highway.
Walgreens moved to an outparcel and Publix was razed,
rebuilt and enlarged at Miller Road Plaza, at 9420 Miller
Drive (SW 56th Street). The center also added Chase
Bank, Great Clips and Boost Mobile.
Anchor Moves
Hobby Lobby replaced Syms in Kendale Lakes Plaza,
on the NWC of Kendall Drive (SW 88th Street) and
137th Ave.
Aldi will replace Office Max in Forest Lakes Plaza (fka
Kendall Point Plaza), at 16508 SW 88th Street.
34
Dollar Tree opened in West Sunset Square, on the NWC
of SW 157th Ave. and Sunset Drive (SW 72nd Street),
taking a former banquet hall space and dance studio
space.
TERRANOVA
hhgregg opened in Shops of Kendall, on the SEC of
Kendall Drive and SW 127th Ave.
Other Tenant Moves
Anna’s Linens and Fresh Berry Frozen Yogurt closed,
while SubZero Ice Cream and Yogurt replaced Dairy
Queen and My Eyelab replaced Blockbuster Video
in Kendall Mall, on the SEC of Kendall Drive and SW
107th Ave. All 4 Cycling replaced Fashion Bug in
Kendale Lakes Plaza, on the NWC of Kendall Drive and
SW 137th Ave. Sir Pizza and Party Supplies closed in
Kendall Value Center, on the NEC of Sunset Drive (SW
Retail Report
72nd Street) and SW 117th Ave. Dots closed in TJ Maxx
Plaza, on the SWC of Sunset Drive and SW 117th Ave.
uBreakiFix replaced fashion boutique XPose in Kendall
Village Center, at 8555 SW 124th Ave. XPose relocated
to Shops of Kendall (SEC of Kendall Drive and SW 127th
Ave.), which also added LA Sweets.
TCBY closed in Plaza del Paraiso, on the SWC of SW
127th Avenue and 120th Street. Baptist Health Primary
Care opened in Kendall Breeze, at 12300 SW 127th Ave.
Frame Art and Peter of London closed in The Prado,
at 8765 SW 136th Street. Visionworks replaced Ace
Hardware in London Square (SEC of SW 137th Ave.
and 120th Street), which also is adding Dress Barn, 100
Montaditos and Sally Beauty Supply. Dunkin Donuts
replaced Starbucks in Miller Square, on the SWC of
Miller Drive (SW 56th Street) and 137th Ave. El Corral
Hamburgers opened in a former Blockbuster Video space
in Miller West Plaza at 147th (Miller Drive and SW 147th
Ave.), which also is adding Carvel Ice Cream.
Cricket Wireless replaced Fabian Records in Westlake
Plaza, on the SEC of Sunset Drive and SW 152nd Ave.
iLoveKickboxing replaced Gymboree and Baptist Health
Primary Care replaced Portofino Restaurant in Kendall
Marketplace, on the NEC of Kendall Drive and SW 117th
Ave. Einstein Bagels replaced Cork & Bottle Liquors in
Kendall Gate Shopping Center, at 12014 Kendall Drive.
Karbon Peruvian Restaurant opened in the former BGR
Burger in Carter Square, on the SEC of Kendall Drive
(SW 88th Street) and 137th Ave. MindFit, a yoga studio
and tea room, and Sneaker Boutique opened in Market
Square Shopping Center, on the SWC of 117th Ave. and
104th Street. Best Buy Mobile closed in Greenery Mall,
on the SWC of Kendall Drive and SW 77th Ave. Crossfit
closed and Taco Bell opened in Kendall Square, on the
SWC of Kendall Drive and SW 137th Ave. AutoZone
opened in a portion of the former Office Depot next to
this center, at 8950 SW 137th Ave.
vacant boxes
Former Bally’s (31,460 square feet on second floor) at
Kendall Mall on SEC of Kendall Drive and 107th Ave.
Demographics
This submarket has an estimated 2014 population of
286,534. The population is 75% Hispanic and 4% African
American. Median age is 39 and average household
income is $72,642, the highest of all submarkets.
Population in this submarket grew 5% between 2010 and
2014, and is projected to grow another 6% in the next five
years. Daytime population in this submarket is 90,282.
TRENDS
35
Speckled
with opportunity
An empty box now is filled and trendy tenants are
showing up in the CUTLER RIDGE/PERRINE submarket
36
TERRANOVA
Retail Report
A drop in vacancy to 4.8% helped boost average asking rent in this submarket to $25.31 in 2014,
up 12.1% from 2013. The improvement in occupancy was largely due to absorption of a longvacant box space by a local supermarket chain. A new Walmart opened October 2013, while
various national tenants and a fast-expanding fitness facility also staked new locations. This
submarket encompasses a transition area between the thriving Kendall area to the north and
the slower Homestead/Naranja submarket to the south. As such, centers in the northern half
are stronger than centers in the southern half.
Proposed Projects
Silver Palm Square, a 91,591 square foot center with
three additional outparcels, is proposed on the NEC of
SW 232 Street and 112th Avenue in Perrine. No tenants
have been announced.
Coral Reef Commons is proposed by Ram Realty on the
SWC of 152nd Street and 124th Ave., but the project is
pending resolution of environmental issues. Walmart and
LA Fitness had been announced as anchors.
Anchor Moves
Drive and SW 127th Ave. True Value of Kendall replaced
Ace Hardware and UPS Store will open in Town & Country
Plaza, on the SWC of SW 152nd Street and 137th Ave.
Demographics
This submarket has an estimated 2014 population of
250,822. The population is 58% Hispanic and 21% African
American. Median age is 35 and average household
income is $71,470. Population in this submarket grew
7% between 2010 and 2014, and is projected to grow
another 8% in the next five years. Daytime population in
this submarket is 46,248.
Bravo Supermarket replaced Badcock Furniture in
Promenade Plaza, on the NWC of SW 152nd Street and
112th Ave.
A Walmart store of 100,000 square feet opened October
2013 at 21151 S. Dixie Highway, on the site of a former
car dealership.
OTHE Tenant Moves
Chipotle Mexican Grill opened
in an outparcel space in Point
Royale Shopping Center, on
the NEC of U.S. 1 and Marlin
Drive. Boost Mobile and All
Stars Frozen Yogurt opened
in Old Cutler Towne Center, at
20425 Old Cutler Road. Boost
Mobile replaced State Farm,
Rainbow replaced Dots, and
Estrella Insurance and Chase
Bank opened in South Dade
Shopping Center, on the SEC
of U.S. 1 and SW 184th Street.
Youfit Health Club opened in
The Shoppes at Quail Roost,
on the SEC of Quail Roost
TRENDS
37
New Big Boxes in Town
Target and Aldi enter
the HOMESTEAD / NARANJA submarket
38
TERRANOVA
Retail Report
Average rent decreased slightly (2.2%) to $19.93 in this submarket, but the drop is mostly due
to lack of availability at two of its highest priced centers, which have filled up since last year.
New construction is observable, with Target planning a new store on the site of a former Home
Depot that closed after a fire at the store, discount grocer Aldi opening a new location in this
submarket, and Walmart opening two new stores. By contrast, Staples closed and a Big Lots
box remains empty, contributing to a vacancy rate of 6.4%, higher than 5.5% in 2013.
Proposed Projects
Shoppes of Homestead, a 157,500 square foot center,
remains proposed at 600 U.S. 1, also called Homestead
Blvd. in that area. No tenants have yet been announced.
Anchor Moves
Target will replace the razed Home Depot in Biscayne
Shoppes, on the NWC of SW 288th Street and 137th Ave.
Aldi built a store in Florida City Centre, at 33290 S.
Dixie Highway.
A Walmart Supercenter opened July 2014 on the SEC
of SW 288th Street and 137th Avenue, and a Walmart
Neighborbood Market opened in early 2014 at 1499
N. Homestead Blvd., on the site of a former Chevrolet
Dealership.
Publix is proposing a free-standing store on the SEC
of East Palm Drive (SW 344th Street) and Tennessee
Road (167th Ave.) in Florida City.
Staples closed in Homestead Pavilion, on the
SWC of Campbell Drive (SW 312th Street) and the
Florida Turnpike.
OTHER Tenant Moves
U.S. 1 and Campbell Drive (SW 312th Street). Boost
Mobile and Metro PCS opened in Homestead Plaza, at
280 Campbell Drive. Mexican Grill and Seafood replaced
My Gym in Dixie Center, at 30318 Old Dixie Highway.
T-Mobile and Jersey Boardwalk Pizza opened in the
Walmart outparcel at the intersection of U.S. 1 and the
Florida Turnpike. Jimmy John’s Gourmet Sandwiches
and Lumber Liquidators opened in Florida City Centre, at
33590 S. Dixie Highway.
Vacant Boxes
Big Lots (30,000 square feet) in Homestead Plaza, at
120 NE Eighth Street (aka Campbell Drive and SW 312th
Street).
Demographics
This submarket has an estimated 2014 population of
162,767. The population is 59% Hispanic and 24%
African American. With a median age of 32, this is
the youngest of all submarkets. Average household
income of $49,844 is the third lowest, behind Hialeah
and East Central. Population in this submarket grew
12% between 2010 and 2014, and is projected to
grow another 11% in the next five years. Daytime
population in this submarket is 26,975, the lowest of
all submarkets.
Fresh Zone Farmers Market replaced Okey Dokey,
Mattress One replaced Blockbuster Video and Subway
will open in Homestead Towne Square, on the NEC of
TRENDS
39
New Retail Surge
This sturdy south miami-dade submarket is getting
two new downtown malls
SURVEY PARAMETERS
This is the 19th annual Miami-Dade County report on shopping centers, based on a survey of centers of 50,000 square feet or more, excluding regional
enclosed malls and lifestyle centers. The survey was conducted throughout July and August 2014. Average rental rates are weighed asking net rates on
existing available inline space only. Total inventory includes the gross leasable area on the ground floor only, plus upper level space in vertical centers.
40
TERRANOVA
This submarket contains some of the most affluent neighborhoods of Miami-Dade County
and is traversed by the highly trafficked U.S. 1. These two features and its relatively small
inventory make it the county’s strongest submarket in terms of rent. In 2014, average asking
rent surpassed the $40 mark for the first time, while vacancy remains low, at 4%. This submarket
also contains downtown Miami, where a surge of mixed-use development is bringing more
than one million square feet of new retail and restaurants in various projects (See story
on page 6). South of downtown Miami, in Coral Gables, a long-proposed project remains on
stand-by mode. Other retail construction along the U.S. corridor is of an infill nature.
Proposed Projects
Metropolitan Miami, a high-rise, mixed-use project
with office, hotel, retail and entertainment, is under
construction on a three-block site at NE Third Avenue,
in downtown Miami’s central business district. A Whole
Foods store of 40,000 square feet is under construction,
projected to open in late 2014. In a separate building in
the same complex, Silverspot Cinema has announced it
will open a 12-screen movie theater.
Brickell CitiCentre, a mixed-use project that will include
more than 500,000 square feet of retail and entertainment,
is under construction on a multi-block parcel on South
Miami Avenue between SW Seventh and Eighth streets.
Saks Fifth Avenue and Cinemax have been announced
as tenants.
Mall at Miami Worldcenter, a 740,000 square foot retail
project anchored by Macy’s and Bloomingdale’s, is
proposed as part of a mixed-use project to be built on a
27-acre site from NE Seventh Street to NE 10th Street
between First and Second avenues.
and GNC closed in Colonial Palms Plaza, on the SEC of
U.S. 1 and SW 136th Street. Elements Massage replaced
Jenny Craig in Dadeland Plaza, at 5969 S. Dixie Highway.
Salad Creations closed, Sprint replaced Brickell Perfume
and Spanish restaurant Tapas Benidorm opened in Mary
Brickell Village, at 901 S. Miami Ave. Subway and Metro
PCS opened in Granada Plaza, at 4801 SW Eighth Street.
Demographics
This submarket has an estimated 2014 population of
337,551. The population is 67% Hispanic and 6% African
American. Median age is 44, the second highest behind
Aventura, and average household income is $70,892, the
third highest behind Kendall and Cutler Ridge/Perrine.
Population in this submarket grew 6% between 2010 and
2014, and is projected to grow another 7% in the next five
years. Daytime population in this submarket is 203,360.
Gables Station, a mixed-use project with 330,000 square
feet of vertical retail, is proposed on the NE corner of
Le Jeune Road and U.S. 1. No groundbreaking date or
tenants have been announced.
Tenant Moves
Dade Medical College opened in Central Plaza, on the
NWC of NW Seventh Street and 37th Avenue, taking a
former Blockbuster Video space. European Wax Center,
Blow N Dry and Metro PCS opened at Suniland Shopping
Center, on the SEC of U.S. 1 and SW 112th Ave. The Gallery
Lighting and Design opened and Get Smart Educational
Store closed at Pinecrest Plaza, at 11701 S. Dixie Highway.
Get Smart relocated to Southpark Centre, at 12651 S.
Dixie Highway. This shopping center also added Manhattan
Chicago Pizza, Mitch’s Westside Bagels Too, Wheelchair
Fitness Solutions, EWM Realtors, Mariposa Boutique
and Chase Bank. Domino’s Pizza replaced Yogurbella
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I
f you only drive when you need a car, your savings
add up quickly. That is the basic methodology of the
carsharing industry, and something that car2go
has been educating Miamians about since July 2012.
Carsharing is a growing billion-dollar concept in the
U.S. Car ownership, and the maintenance that goes along
with it, can be time consuming and expensive. Between
gas, oil changes, and the constant upkeep, vehicles are a
common necessity with depreciating value. Carsharing
allows individuals to gain the use of (sometimes) private
cars, which are fitting to specific transportation needs,
without the financial drain.
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‘round
‘round town
town
car2go is the way to go
By Kristin Clark
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What makes this any different, or better, than a rental car? Valid question, and one I’ve asked
myself. Although, it’s pretty simply when you think about it. The biggest advantage of carsharing
services is accessibility. Reservations can be made directly on your phone or computer via an
app, without time limits, restrictions, or penalties. And unlike rental car hubs that have set hours of
operations and pick-up windows, carsharing is a 24/7 revolving process. Someone drops off a car
in a parking spot, which instantly becomes available for use to a second individual. And although
car2go solely offers eco-friendly smart cars, you’ll find that many carsharing options allow you to
select a specific model that fits your immediate need. Heading out on a family getaway, opt for
a SUV. Not to mention, carsharing is the perfect solution for urban lifestyle communities where you
may need a lift for a quick 30-minute errand. What rental car company will allow you to ‘borrow’
a car for that amount of time?
The community of carsharing has grown tremendously
over the past five years with the introduction of
eco-friendly transportation solutions such as Uber,
Lyft, Zipcar and car2go. With flexible payment
schedules by the minute, hour, or daily flat rate, the
service is an easy solution for quick errands and short
trips. What sets car2go apart from the rest is their
all-inclusive model. All those common fees associated
with driving a car around in Miami are covered,
including: gas, parking fees, insurance, and
charging fee.
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STEP 1: Download the app
Access to car2go’s services can only be
gained through the app. Once the app is
downloaded, you’ll need to register all your
information, including driver’s license, and
form of payment. Be sure to do this prior
to your intended use of car2go, as the
verification and mail-out timeframe is about
5-7 days. Once you receive your ‘Member
Card’ in the mail, you’re good to go!
‘round town
Side note: if you are in the area, you can also register
and pick up your ‘Member Card’ on-site at the Miami
car2go, located in Midtown at 2935 Biscayne Blvd.
STEP 2: Cost
Car2go offers a great, user friendly carshare option
in the Miami area for a moderate price, although
there are other carshare companies that may be
less expensive, the fact that all fees are included is
something to consider. The base membership fee is
$35, with rates starting at $0.41 per minute, $14.99
per hour, and $84.99 maximum per day. A credit card
is kept on file for all charges, making the process
convenient and seamless for members.
STEP 3: Navigate the app
The car2go app functions are extremely user friendly,
and will allow you to view all of the available vehicles in
your area. You have the option to make a reservation
up to 30 minutes in advance at no charge, but this is
certainly not a requirement. The app also gives you
access to view open designated parking spots, trip
history, as well as the occasional promo rate special.
STEP 4: Drive
Once you locate your vehicle of choice, simply wave
your ‘Member Card’ in front of the card reader (located
on the driver’s side dashboard). The doors will
automatically unlock once your card is read. You will
then be prompted to answer a series of questions via
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‘round town
the navigation system to verify the condition of the car.
Once that’s squared away, grab the keys off the dash,
and you’re set to cruise!
STEP 5: Making Stops & Parking
One of the coolest aspects of the car2go app, is your
ability to notify the app if you need to make a quick
pit-stop during your trip. This allows you to seamlessly
lock and walk away from your car, while ensuring it will
be exactly where you left it upon your return. Parking
your vehicle is even easier – your car2go membership
covers ALL parking costs. Translation: all you need
to do is find an open, public, legal parking spot to
place your car2go. This includes street and metered
parking, garages, etc. eliminating the hassle of finding
‘designated’ parking spots like many other carsharing
services require.
STEP 6: End Trip
This is the most important step in the car2go process,
so listen up. To ensure you don’t end up accidently
being held liable for someone else’s trip or car
damage, at the conclusion of your trip you’ll press ‘end
trip’ on the navigation system and return the key to its’
slot. You’ll then need to re-swipe your ‘Member Card’
on the dashboard card reader to logout and cease
time.
Not only is car2go a beneficial resource for our
community, it’s also lowering emissions through the
use of its smart car fleet and the carsharing concept.
As of July 2014, car2go operates over 11,000 vehicles
in eight countries and 27 major cities worldwide,
including Rome, London, Vancouver, Washington D.C.
and our very own Miami. So next time you’re looking
for a ride down the street to pick up lunch, try car2go
and experience the benefits of driving hassle free!
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