Lincoln Road Adds New York Retail Tenants
COMMERCIAL OBSERVER – August 18, 2022 BY JEFF OSTROWSKI
New York fashion merchants Unfashional and Callista Couture will open stores on Lincoln Road in Miami Beach, commercial real estate firm Terranova Corp. said Thursday.
Unfashional, which operates in New York’s Soho and Meatpacking District, will take 1,558 square feet at 817 Lincoln Road and an additional 1,675 square feet at 815 Lincoln Road as a pop-up space, Terranova said.
Callista Couture, a purveyor of European clothes and accessories, will occupy 1,215 square feet at 612 Lincoln Road.
Miami Beach-based Terranova owns 137,411 square feet on Lincoln Road. The company is the largest owner of retail space along the popular pedestrian mall.
Other tenants on the eight-block pedestrian stretch of Lincoln Road include Apple, Zara, Sephora, Anthropologie, Armani Exchange and TUMI.
“With New York retailers now making their mark in Miami, we are witnessing an evolution in the ongoing migration, and those individuals and corporations who have relocated are now surrounded by the retail and restaurants they love,” Stephen Bittel, founder and chairman of Terranova, said in a statement.
Lincoln Road has experienced ups and downs in recent years. Asking rent once reached $350 a square foot along the promenade, but prices have since fallen. Earlier this year, Vornado Realty Trust sold a retail complex at the edge of the road after defaulting on a loan. Meanwhile, a Cheesecake Factory restaurant is scheduled to open.
Lyle Stern, president of the Lincoln Road Business Improvement District, welcomed Unfashional and Callista Couture as unique additions to the road’s tenant mix.
“Our occupancy is quite good, and our vacancy is quite low,” Stern told Commercial Observer.