New Renderings | Coconut Grove’s Iconic CocoWalk to Get a Much Needed Facelift

 
Coconut Grove’s Mediterranean-style outdoor shopping center, CocoWalk, has a much needed facelift on the horizon and renderings have been released.

Coconut Grove, commonly referred to as “The Grove,” has been undergoing a major renaissance in the past few years, so it should be no surprise that the 1990’s-era CocoWalk is going to get a brand-new look and a slew of new tenants.

Michael Comras, one of the owners of CocoWalk, announced earlier this year that the historic shopping village would be converted into a mixed-use center with an open plaza, a plan that also includes knocking down part of the mall and constructing a new 78,000-square-foot office building dubbed ‘One CocoWalk.’ One CocoWalk will consist of 4 floors of office space above a level of ground-floor retail space plus a rooftop terrace.

Regarding the retail portion of the revamped CocoWalk, Comras will be handling the retail leasing, which has already seen major changes. Cheesecake Factory, which has been a staple in Coconut Grove for quite some time, is closing, along with many other current tenants. But, this is a good thing for this area. Comras plans to include new stores and chef-driven restaurants to cater toward people who live and work in Coconut Grove, offering cafe seating, tree canopies and water features. Tenants that have moved to the CocoWalk area in the recent years, including Panther Coffee, Harry’s Pizzeria, Kit and Ace and YouFit Health Club will remain, along with the movie theater, Cinepolis.

Completion

Renovations of CocoWalk will begin this summer (2017) and is estimated to be completed in mid-2018, with the office portion One CocoWalk completed in mid-2019.

Renderings of Renovated CocoWalk

Renderings of Renovated CocoWalk Promenade

CocoWalk Sold in 2015 to Current Owners

In 2015, the open-air shopping center sold for $87.5 Million to nationally-known REIT Federal Realty Investment Trust and two Miami-Dade-based partners, Grass River Property and Comras Co. Prior to buying the shopping center, the new majority owner realized the importance of CocoWalk to Coconut Grove, and even said in a news release immediately after the sale that “CocoWalk is the focal point of Coconut Grove’s historic village center, a short walk from Biscayne Bay and some of Miami’s most prominent residential neighborhoods,” said Jim Taylor, executive VP/CFO of Federal Realty.

Coconut Grove

Coconut Grove is truly an extraordinary community in Miami and one of the most sough-after places to call home in all of South Florida. Moreover, the real estate market in Coconut Grove is unbelievably remarkable, despite other parts of South Florida shifting to a buyer’s market. In fact, I just recently set 2 records for Coconut Grove, by selling the first non-waterfront home over $5 Million ever AND closing at $818 per square foot, which is the all-time record for a non-waterfront home in Coconut Grove.

If you have ever considered selling your home in Coconut Grove, please contact me to discuss the value of your home and a custom marketing strategy that would effectively market your home for sale. As a resident of Coconut Grove, my knowledge of The Grove, coupled with my real estate expertise, online marketing skills and global marketing reach through Douglas Elliman’s strategic partnership with Knight Frank Residential of London to 484 offices in 59 countries on 6 continents, sets me apart from other real estate brokers in Coconut Grove.

You may reach me on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.