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.
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Miami Beach’s latest food hall, The Lincoln Eatery, unveils renderings
/in In the newsCURBED — March 29, 2017 — BY JOSH BAUMGARD. Food halls continue to sprout across Miami, with the latest being The Lincoln Eatery, a Terranova project opening at 723 Lincoln Lane in South Beach, just off Lincoln Road.
Expected to debut Fall 2018, the building is already anchored by Marshalls on the upper floors. The open culinary concept will focus on fast and affordable dining options within spaces ranging in size from 119 to 500 square feet at ground level and a rooftop terrace with nearly 5,000 square feet of seating.
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High Street Riding The Wave – Miami-Dade Urban Street Report 2016
/in Trending topics, TrendsFebruary 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.
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Destination Dining – The Modern Food Hall Experience
/in Trending topics, TrendsFebruary 8, 2017 — TERRANOVA TRENDS — BY ANDREA SPEEDY & ANNALISA DAMLEY It wasn’t long ago – less than 20 years in fact – that the American Shopping Mall Food Court was the centerpiece of retail-oriented dining. Built for speed, these low-maintenance communal spaces were aimed at getting shoppers quickly back out into the stores, and thus attracted quick-service, low-margin restaurants to keep malls moving at the speed of retail.
Look around today, however, and you’ll see both food courts and mega malls with less traffic. There are a few more guests at stand-alone restaurants just outside the mall, and large casual dining restaurants built into the mall, but nothing compared to the packed, barely-any-available seating crowds of just a decade ago. People haven’t stopped eating… or shopping… so where has everyone gone?
“The answer is back to high streets…and to food halls. Along America’s metropolitan high streets, independent, culturally diverse, quality cuisine concepts are popping up left and right,” says Stephen Bittel, Chairman for Terranova Corporation. “They’re recognizing guests’ desire to enjoy dining as its own destination, and it’s up to us as developers to make sure we’re responding to their needs.”
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