Destination: Food Creating the Lincoln Eatery Experience

/in ,

February 5, 2018 — TERRANOVA TRENDS — BY ANDREA SPEEDY “Nearly every major retail destination has had a diverse dining element as an anchor to the experience,” says Josh Gelfman, Director of Development for Terranova Corp. “The same is true worldwide – from one end of the globe to the other – and for decades running.” Gelfman’s insights help shed light on the real estate and management company’s recent addition to the South Beach market – The Lincoln Eatery. Inspired by such famous international food halls as Harrods in London, BoulangEpicer (BE) in Paris, and Bouqeria in Barcelona, as well as more domestic hot spots like Seattle’s Pike Place Market or San Francisco’s Ferry Plaza Farmers Market – The Lincoln Eatery is an evolutionary leap forward for Miami.

“South Florida is very familiar with the concept of a Food Court,” Gelfman continues, “but an eatery or food hall is a new idea.” As the region continues to  move away from the traditional shopping mall concept with ever-expanding high-street retail locations and more connected, pedestrian-driven retail developments, the humble food court has struggled to keep pace with current consumer behavior. This does not mean, however, that there has been a decline in consumer desire for casual, accessible dining options. On and around Lincoln Road the current culinary landscape is mostly made up of full-service restaurants, leaving an opportunity for fast-casual dining options and prices that are affordable on a daily basis by the working, residential, and tourist populations of the area.

CLICK HERE TO READ THE LATEST INSTALLMENT OF TERRANOVA TRENDS

Rise of the Doughnut

/in ,

March 31, 2017 — TERRANOVA TRENDS — BY ANGELA SHLYAKHOV As far as desserts go, sugar makes us all a wee bit crazy. First came the cupcake craze, then the frozen yogurt craze, then the cronut crazy and now… it’s the old stand-by glamorously revamped with fancy names… it’s the 2016 decadent DOUGHNUT or DONUT craze and the retailers could not be any happier.

Donuts have had a recent glamorous makeover and are now attracting even more customers but they are not just appealing to our men and women in blue anymore and the old stereotypes of the typical donut muncher. Now they are highly sought after by glamorous divas and fashionable men who partake in their delights and bring them as fancy house gifts for dinner parties as desserts and delightfully display them at posh birthdays, weddings and other glam events. One uber fashionable site appropriately titled highsnobiety.com even prominently displays a sushi donut and they look delicious decorated with black sesame, ginger, wasabi, cashew and avocado. These donuts seem healthy too. Other fancy donuts are bacon paired with a maple glaze or icing, M&M and potato chip donuts and many other artisanal donuts.

CLICK HERE TO READ THE LATEST INSTALLMENT OF TERRANOVA TRENDS

High Street Riding The Wave – Miami-Dade Urban Street Report 2016

/in ,

February 20, 2017 — TERRANOVA TRENDS — BY ANDREA SPEEDY Fresh off one of the busiest and largest new development cycles the area has ever seen, metropolitan Miami-Dade is continuing to thrive while many other urban markets are slowing down. Even as residential sales are leveling off, Miami’s retail component is strong, growing, and pushing to respond to ever-increasing demand for high-street locations in the city’s most popular neighborhoods.

A recent developer’s symposium held near the beginning of Q3 2016 revealed that overall retail vacancy in Miami is at an impressively low 3.1%. By comparison, Manhattan averages a vacancy rate of nearly 3.7% with retail rents that can be more than triple Miami’s prices. Throughout the greater Miami area, rental rates average between $150 and $300 per square foot for top retail high streets such as Lincoln Road, Collins Avenue, and Ocean Drive on Miami Beach; Sunset Drive in South Miami; and Miracle Mile in Coral Gables, and they’re expected to continue to fetch premium rates for years to come.

A RETURN TO URBAN LIFESTYLES

A key element driving the performance of Miami’s high streets has been a decades-long shift in residential development towards connected city-centric living. More and more of Miami’s residents are choosing to live near business, shopping, dining, and entertainment districts that are minutes from home, as opposed to a long drive away in heavy traffic. Similarly, office workers are seeking to maximize lunch-hour breaks and have the ability to run errands or meet with colleagues after work – all without worrying about parking or driving. Miami’s key high streets are among the most established, centralized destinations within their respective areas – and are therefore poised to deliver on market demand. As new residential projects continue to come online over the next few years the role of high street retail will become an even more essential part of the daily lifestyle experience.

CLICK HERE TO READ THE LATEST INSTALLMENT OF TERRANOVA TRENDS