ALM LAW.COM, by Melea VanOrstand – “From November of 2021 to November 2022, the road got 8 million people,” said Mindy McIlroy, president of Terranova Corp.
The continuing influx of new-to-market residents and travelers to Miami Beach and the Lincoln Road District has led to an increase in real estate and hospitality investments.
A huge increase in foot traffic is contributing to the growth of businesses, according to Mindy McIlroy, president of Terranova Corp.
“From November 2021 to November 2022, the road got 8 million people. So that’s a lot of people that have trafficked Lincoln Road, which we think is terrific,” she said. “With the wealth migration coming from the Northeast, we’re also seeing a lot of retailers that are interested in traveling down south as well that follow their customers, so there have been more stores that are opening on Lincoln Road, that have bases in the Northeast area.”
As McIlroy sees it, anytime there is a new office or hospitality business in a district, it draws in more residents and guests.
“They’re enjoying breakfast before they go to work, they’re shopping and going out to lunch, they’re staying in the district later to enjoy the activities Miami Beach and Lincoln Road have to offer,” McIlroy said. “It’s a great thing for Miami Beach to have all of this new development happening in and around Lincoln Road.”
Lincoln Road has an occupancy rate of more than 85%. Many premier retail and restaurant brands are choosing the area due to its iconic significance and the destination’s strong post-pandemic recovery, McIlroy said.