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Space Available 1,577 SFRental Rate Yr NegotiableSpaces 1Building Size 12,000 SFProperty Sub-type Street RetailStatus Active
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Forty One Hundred is a 2 story retail building in the Design District with parking. The De la Cruz Collection and the much anticipated Institute of Contemporary Art are 2 buildings East. DACRA has opened its first phase of luxury tenants with Louis Vuitton, Cartier, Hermes, and Dior as the anchors flanked by other world renowned tenants like Bvlgari, Tiffany, Tom Ford, and Panerai to name a few. Phase two, Paradise Plaza, is about to receive its TCO in April 2017 and once completed almost every luxury brand will be in the Design District.
Recently Renovated Warehouse Spaces Available for Lease. Ideal for creative and innovative companies looking to expand or locate in Miami. The warehouse offers great accessibility to Miami Beach, Downtown, Airport, Wynwood, Design District, and Biscayne Corridor.Central Location.Fresh paint, roof, and flexibility to maximize the ample range of D1 Zoning.
Space Available 3,350 - 3,700 SFRental Rate Yr NegotiableSpaces 2Building Size 3,500 SFProperty Sub-type Flex SpaceStatus Active
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having a total size of 16139, and for sale
5 STORY WATERFRONT COMMERCIAL CONDO WITH PARKINGDRAMATIC CEILING HEIGHTS AND STUNNING BAY VIEWSIDEAL SPACE FOR A MIAMI OFFICE HEADQUARTERSGREAT FOR MEDICAL USE OR A LIVE/WORK ART GALLERYBUILDING AMENITIES INCLUDE: CONCIERGE, VALET SERVICE, GYMNASIUM, TWO POOLS AND COVERED PARKINGLOCATED IN THE HEART OF THE BURGEONING BISCAYNE CORRIDOR AND EDGEWATER NEIGHBORHOODSEVERAL BLOCKS EAST OF MIAMI'S FASTEST GROWING AND MOST RECOGNIZED MARKETS; WYNWOOD, MIDTOWN ANDTHE DESIGN DISTRICT
Life hasn’t changed much for Michael Comras since the Miami Beach-based commercial real estate developer, investor and broker closed the $370 million sale of an entire block on Lincoln Road to Spanish billionaire Amancio Ortega, whose fashion empire includes Zara.
Comras and his joint-venture partner Jonathan Fryd had assembled the properties 18 years ago for about $12 million, later redeveloping them and securing leases with tenants such as Apple, Nike, Gap, Intermix and Athleta. The September 2015 sale to Ortega ranked as Miami-Dade County’s biggest deal of the year.
The original offering for 1001-1035 Lincoln Road had drawn about 10 bids, including some from ultra-high-net-worth families, state pension funds, a Middle East sovereign wealth fund, a Canadian pension fund and U.S. investment advisers, said Manny de Zarraga, an executive managing director at HFF and the lead broker on the sale.
“There is no other property, definitely in South Florida, that has the drivers of pedestrian traffic, with all the hotels and residential areas anchoring the ends of Lincoln Road,” de Zarraga said of the buildings.
He cited Comras’ and Fryd’s patience in leasing and their “carefully curated approach” in bringing together a compatible group of tenants as key components in the sale.
“We created a world-class asset for one of the world’s wealthiest men,” Comras, the president and chief executive officer of the Comras Company, told The Real Deal in March, seated in his office in Miami Beach. The New York native recounted his efforts to find new tenants for the retail strip after Williams-Sonoma’s and Pottery Barn’s 15-year, lower-rate leases expired.
Yet, while the high-profile sale may have catapulted Comras to the highest ranks of South Florida’s commercial real estate market, it has done little to change his lifestyle.
“What am I going to do, buy a new shirt?” he asked, tugging on the collar of his navy blue striped button-down. “Buy a new pair of jeans?”
Pressed for changes, he called out to his executive assistant: “Vanessa, has anything in my life changed?” “No,” she answered.
In the months since the sale, Comras, 54, has managed to avoid purchasing a new car, a new home (three years ago he bought a waterfront house on the Venetian Islands of Miami Beach, where he lives with his longtime girlfriend) or even a vacation retreat. In fact, the real estate executive does not own a second home. Though he loves to travel, especially to Colorado, he prefers to stay “in a great hotel and be treated like a king,” he noted.
“Material things don’t matter to me,” he said. “I don’t have any needs or wants.”
He also continues to work just as many hours, in what he calls a “24-7 business.” Last May, the Comras Company partnered with Federal Realty Investment Trust and Grass River Property to purchase a majority interest in the retail complex CocoWalk for $87.5 million, and in late September, an 85 percent interest in the Shops at Sunset Place, in a $110 million deal. The investors are aiming to redevelop, re-merchandise and bring new life to the two tired shopping centers located in demographically key markets.
“CocoWalk and Sunset Place need to create an environment that gets people out of their homes to shop, eat and meet their lifestyle needs,” Comras said. “Otherwise, they will sit at home and order everything online.” He said he would like to bring plans to the market in the next several months for both projects.
With CocoWalk, Comras said he hopes to create a retail center that will fit and connect better with the community of Coconut Grove, which draws 6,000 students a day as well as the parents who drop them off and pick them up at school. The goal is to make the retail center function around the clock. “People like to see people,” he said. “If they don’t see people, they run away.”
Comras’ focus is squarely on urban retail, and he doesn’t do big box stores. His overarching aim is to “create a lifestyle and a sense of place with the right mix of tenants,” he said. That formula worked in Midtown Miami. After Comras brought in Sugarcane Raw Bar Grill, the corridor became a popular restaurant row.
Now he is bringing that philosophy to the edge of Midtown, where he is leasing the new development District 36, which Comras envisions as a connector between the Design District and Midtown. He is even working with the Miami Parking Authority to design new underpasses that would invite pedestrians by offering a glimpse of a restaurant as they exit.
“All I think about is creating places that people want to be,” he said.
As Miami becomes increasingly dense, the city is also becoming more localized, said Comras, who lives less than five minutes by car from his Sunset Harbour office (eight minutes if the bridge is up for a boat to pass).
“I live, work and play here. If I go dinner, I go to Sunset Harbour,” he said. “I love to be able to do that.” Comras added that he sees that need for a hyper-local commercial area in Coconut Grove, where residents can shop, eat and exercise.
Growing up on Long Island and later living in Manhattan, the seasoned real estate executive honed his sense of what works to create a neighborhood that attracts people for strolling, shopping and sitting down with a cappuccino at an outdoor cafe. “There are experiences that stay with you and you carry with you,” he noted.
Even when he is traveling, Comras said he is always looking at new retail concepts and analyzing how neighborhoods become ignited by shops and restaurants. “I’m like a kid in a candy store when I go to any city,” he said.
HFF’s de Zarraga, who has known Comras for 25 years — since he worked with Comras’ grandfather at Sonnenblick-Goldman in New York — cited the developer’s deep knowledge of the retail real estate market. “He has an exceptional grasp of what tenants want, and that is extremely helpful and helps create a lot of value,” de Zarraga said.
“There’s no ego. He’s a straightforward guy,” the commercial broker added. “It’s easy in this business for someone to have a problematic ego, and he doesn’t have one.”
Comras graduated from the University of Miami in 1983 and then worked in Manhattan for Williams Real Estate Company, a firm that focused on the commercial office and retail markets, for 10 years while earning his M.B.A. at Pace University. He moved back to Miami in 1993, when he was 31, following the birth of his first child — the eldest of three children from a former relationship — because he didn’t want to push a stroller around Manhattan. Though he didn’t have a job at the time, Comras said he knew he wanted a better lifestyle.
When he returned to Miami, he witnessed the popularity of the News Cafe on Ocean Drive in Miami Beach, but there were no national retailers in sight. “I saw all the beautiful people hanging out at the News Cafe, but at that point there were no contemporary national retailers on Miami Beach,” he said. “It was an obvious call to make: Wouldn’t it be great to put a Gap here?”
When he lived in Manhattan in the early ‘80s, he had noticed that wherever Gap opened, the area became hot. So he figured that if he could find a place for the Gap in South Beach and then buy additional buildings in the area, it would become valuable retail space.
Comras ended up bringing a Gap store to Collins Avenue and 7th Street in mid-1994 and eventually Diesel, Sephora, Club Monaco and other high-end retailers, leading to the development of the Collins Avenue Fashion District. “This business is all about connecting dots,” he said.
He also acquired 826 Collins Avenue and redeveloped it to house a Levi’s Store. He created a third-floor loft with a rooftop pool, where he lived for several years before buying his home.
Today, representing landlords and tenants is still the mainstay of the Comras Company’s work. He and his staff of 10 brokers, including, most recently, his girlfriend of more than a decade, jewelry designer Daniela Swaebe — handle leasing throughout Miami-Dade County. That includes projects in Wynwood, Midtown Miami, the Design District, Brickell, Coral Gables, Aventura and Doral — as well as in Broward and Palm Beach counties.
When it comes to retail, he is cognizant of the challenges posed by online shopping. “What we need to be mindful of is this online business and embracing it rather than being afraid of it, and to understand what it means to the consumer and offer them something they can’t get online — an experience,” he said.
Comras still spends about half his time acquiring and developing commercial property. Among his projects is redeveloping the former Gardner’s Market shopping center on South Dixie Highway in south Miami-Dade. His holdings also include properties in Wynwood, the Design District, Midtown Miami, MiMo, Coconut Grove and Miami Beach.
He still holds investments in property on Lincoln Road, including 744 Lincoln, primarily occupied by BCBG, and 701 Lincoln, leased to Forever 21 and a Peter Lik gallery. Comras has no plans to sell those assets, he said.
Yet not all his deals on Lincoln Road have panned out smoothly. In October 2012, he had a deal to buy 940 Lincoln and 947 Lincoln in partnership with the Cayre family of New York, including Robert Cayre and his uncle Harry Adjami. That attempted purchase has led to years of litigation that is still ongoing.
Nearby, Comras Company also represents Vornado Realty Trust, which owns the 1100 Lincoln Road building. Comras and his team of brokers are working on splitting up what is now Anthropologie’s space into four bays, to bring in new tenants when the store moves to a new building under development at 801 Lincoln Road.
Throughout Comras’ career, matching tenants with retail space has not always proven to be an easy proposition. He has grappled with issues related to merging contemporary retail with historic preservation in Miami Beach. “There’s a constant battle to reach a compromise, working together with the city to find a happy medium,” he said.
It took him several years to get the Apple lease deal approved. “I worked on three different buildings with Apple before I finally got the new location nailed down,” Comras said, noting that he had wrangled with the city of Miami Beach over the design of a building, “which nearly killed the deal,” and forced him to find a different site.
“Every deal has challenges,” Comras said. “It’s a matter of how you manage those challenges.”
Even some who have litigated against him say they respect him, like Miami Beach landowner Sam Herzberg, who began buying property along Lincoln Road in the late 1990s, about the same time as Comras.
The Comras Company sued Herzberg’s firm in 2000 over the payment of a $65,000 commission for having secured Victoria’s Secret at 901 Lincoln Road, according to the complaint. But they settled the lawsuit “amicably” after a couple of years, said Herzberg, who owns the Sterling Building at 927 Lincoln as well as 901 Lincoln. “It hasn’t made any dent in our relationship,” he said. “We are still very, very, friendly.”
Even now, Comras continues to handle Herzberg’s leasing. “He is a great asset in the sense that he has contacts with all these big national retailers,” Herzberg noted, adding that Comras also has a knack for “fitting the right tenant in the right location.”
“Michael is a very bright, hard-working individual, and he deserves all the success he has,” Herzberg said.
Source: The Real Deal
Robert Finvarb, whose development company has two hotels about to open on Miami Beach, discusses the superheated hotel scene in Miami.
With two hotel construction projects coming in for a landing, developer Robert Finvarb was sounding confident during an interview earlier this month.
Construction of both properties — the Hyatt South Beach and AC Hotel Miami Beach, both set to open in April — was running on schedule, no easy task in a market flooded with renovation and new building projects in recent years.
“I pride myself on that,” said Finvarb, a Miami Beach native. “This is all we do.”
After graduating from law school and working for nine years as an attorney, including for South Florida developers, Finvarb founded real estate investment and development company Robert Finvarb Companies, where he is president and CEO.
In an interview at the company’s Courtyard by Marriott South Beach at 1530 Washington Ave., Finvarb talked about the popularity of the area for investors, the advantages of being a local surrounded by outside developers and the challenges of landing a project (not to mention two) on time.
Q. What led you to start your business here in 2002?
A. Just the familiarity of the area, and actually my dad and I collaborated on this project with my brother. It was an emerging area of South Beach. This Washington Avenue corridor was dark, dingy, dirty. And as we’ve seen in many other markets that we’ve developed, it became an economic engine for this little part of South Beach because it legitimizes it.
And one thing that developers have is a herd mentality of following those that pioneer certain areas. Look at Wynwood, look at Design District. And I’m not going to put this on par with what the Goldmans did in Wynwood or what Craig Robins did in Design District, but this was our little opportunity to gentrify this area. We’ve done the same thing in D.C., we’ve done the same thing in other markets where they’ve been urban emerging markets and we’ve put Marriott hotels in areas that people did not associate as a destination for business or leisure travel.
Q. And how have you seen, down here especially, development opportunities change since you started?
A. Dramatically. Actually, most of the projects that I started with on my own were outside of South Florida. So our company did the [Courtyard by Marriott] project over by Fort Lauderdale airport. Then we went to Northern Virginia, D.C., Arizona, New York. Then I came back. ...
It’s crazy, I’ve been through three cycles and we’ve been in business for 12 years. So we came in and I was able to grow my business quite aggressively because the capital markets were extremely active and didn’t really limit my ability as a new developer or as a neophyte in the market from procuring financing. And then my legal background saved me in a sense that I was conservatively leveraged on all these deals so we were able to go through the downturn without ever missing a beat. And we actually were able to capitalize on a couple of opportunities during the downturn. We picked up the [Courtyard by Marriott] hotel in Coconut Grove and we picked up a second one outside of Chicago in a suburban market. Basically that was an alternative strategy during the downturn because construction financing for new projects was nonexistent.
Over the last three and half years, we got back into the market from a construction and development perspective and either developed or are in the process of developing two hotels in New York and three down here, including [Residence Inn by Marriott in] Sunny Isles. [A fourth, the Springhill Suites by Marriott — Miami Airport East, opened about five year ago.]
Q. Have you found that the opportunities available to you are reduced because there’s a lot of competition?
A. Huge. Right now, I mean, in my mind, I’m not really pursuing any new opportunities down here. I think the market is at a level that’s unsustainable from a cost perspective for a new project. Between construction, the cost and acquisition of land — you’re basically competing with condo developers, and they can pay more than a hotel developer can.
I don’t feel that, for the product type that we are accustomed to developing, that it’s a sustainable model. We’re long-term holders, we don’t sell. So we have to be in at a price point that allows us to survive for a long period of time.
And inevitably in the hotel space, there’s ups and downs. The market basically moves in tandem with GDP. So right now ’15 is expected to be strong, ’16’s strong. Let’s see then what happens with a presidential election, oil prices, international travel. There’s so many variables that play into it.
Q. What are the hottest areas for developers now?
A. In South Florida, South Beach remains a crown jewel. There are barriers to entry, obviously, both naturally and imposed by local zoning regulations in terms of the preservation of the Art Deco District and historic buildings. Those aren’t going to change. What scares me is downtown, Brickell I think is getting overbuilt to levels that are not sustainable because you’re not able to drive rate in our business as aggressively on the west side of the [MacArthur] Causeway as you are here on the beach.
Q. Do you think there are pockets that are still kind of hidden gems, undiscovered?
A. I’m very curious to see what happens in Wynwood and Design District. From the retail perspective, restaurants, it’s not a hidden pocket. It’s unproven from the hotel side. Will Wynwood one day become SoHo? Or will it just remain sort of a weekend destination, but not necessarily the kind of place you want to sleep, spend the night? So those are questions that we continue to ask ourselves. And the thing with hotels is: Being a pioneer is extremely risky. You could hemorrhage money with a hotel. If you build it and they don’t come, you’re screwed.
We have a hotel by the medical district, it’s a Marriott Springhill Suites. It does relatively well, but from a rate perspective, it’s dramatically lower to the point where by today’s dollar, it’s an unsustainable business model. So that’s why I’m hesitant to develop something on the west side. Because there’s no differentiating point between what you’re paying for construction on Miami Beach and the west side of the causeway. But your rates are dramatically different.
Q. What’s in your sights moving forward?
A. We’ve got a full plate. We’re not publicly traded, we’re not institutionally backed. It’s all private equity. [We’re] patient, so we’ve got plenty on our plate and if we develop and just continue to hold and operate and manage and extract value out of these assets, we’re fine waiting for the next opportunity. But we’re not going to chase an opportunity just to be active.
Q. What advantages do you think being a longtime local developer give you here?
A. I’ve seen it. When I go into markets like D.C. or Arizona, there’s just knowledge that you’re trying to gain from experts and locals that is still going to be second- or third-hand. Whereas here, I’ve lived it. I know where my wife and I want to go for dinner on a Saturday night that’s edgy versus more established and exciting, where we want friends of ours that are visiting to be staying. I don’t need a feasibility study to tell me how an opportunity is going to perform down here.
Q. So you’ve got these two hotels getting ready to open right around the same time. Why did you want to do those two things so close to each other, and how much sleep are you getting?
A. Not a lot of sleep, but I feel that the window of opportunity to develop the product type that I’m accustomed to developing, that three-and-a-half to four-star product, was closing. So we decided to dive in with both feet and assembled two fantastic teams and actually bolstered our team in house.
Q. I don’t think there’s a Hyatt in Miami Beach, right? And AC by Marriott?
A. First Hyatt in Miami Beach and the first ground-up AC by Marriott in the United States. So they’re pioneering.
Q. And how did you land those deals?
A. This is all I do, so I knew that Hyatt’s one of the leading brands in the world. Not having a presence in one of the most dynamic destinations screamed opportunity to me. It’s actually my first non-Marriott branded hotel, so when we presented them with the opportunity, they were extremely excited combined with our track record for executing developments. And I think it’ll play extremely well with the market, with the surrounding area. The Loews, it really complements the hotel product within that 16th and 17th and Collins corridor, which really is the most established hotel corridor in Miami Beach.
A. As far as the AC’s concerned, I’ve had a relationship with Marriott for 12 years. My family, we’re Hispanic, so it’s a brand that originated in Spain. And Marriott sort of involved me with its acquisition of the brand at a very, very early stage because I am bilingual, I’m a great ambassador from the developer side for the product. And the product obviously doesn’t play batter in any market than Miami because of the Latin and European influence.
Q. You’re right on deadline with both of them — how hard is that to do here?
A. Very. Especially now with so many construction projects on the condo side going on. The condo developers are extremely anxious to get completed and delivered. Nobody wants to get caught without a chair when the music stops. ... They’re heavily incentivizing subcontractors and their contractors to finish on time. So there’s a tremendous strain on resources. For me, I exhaled once the windows were on our buildings, frankly speaking.
Q. You mentioned knowing where you want your friends to stay and where you and your wife want to have dinner, so I’m curious: What’s the go-to dinner place these days?
A. The Edition: Matador Room and the Market. The Edition, in my opinion, from a five-star perspective, hit it out of the park. I don’t think anybody touches them now in the market.
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ICON Bay is a 42 story new construction waterfront condominium development designed by Arquitectonica. It is located on Biscayne Bay in the heart of the new Miami, the booming Biscayne Corridor within minutes of the Design District, Wynwood Arts District and Midtown.