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Comras Company Gets Plum Miami Retail Assignment

Some of the major developments underway at the project include the 85% sold Paramount Miami condominium tower, which is on-track for completion in May 2019.
Mar. 11, 2019

MIAMI—Boutique real estate brokerage firm The Comras Company of Miami Beach, FL has been retained to help lease up the available retail space at the $4-billion Miami Worldcenter project currently under construction here.

Southfield, MI-based The Forbes Company and Taubman Centers Inc. of Bloomfield, MI hired The Comras Co. to bolster their leasing efforts for 300,000 square feet of retail, restaurant and entertainment space at the 27-acre, $4 billion Miami Worldcenter.

Miami Worldcenter, which occupies 10 city blocks now under construction, will at full build-out include high-end retail, hospitality, commercial and residential uses in the center of Miami’s urban core. The project’s master developer is Miami Worldcenter Associates, which is led by principals Art Falcone and Nitin Motwani, in a joint venture between the Falcone Group and Centurion Partners. In 2011, Miami Worldcenter Associates brought on CIM Group as a partner.

Some of the major developments underway at the project include the 85% sold Paramount Miami condominium tower, which is on-track for completion in May 2019. Other components of the massive development include Caoba, a 444-unit apartment tower that is now leasing and open; the 348-room CitizenM hotel and Luma, a 434-unit rental tower.

In addition, Hines is preparing to build a new 500,000-square-foot Class A office tower and MDM Group is planning a 1,700-room Marriott Marquis hotel and adjacent expo center, Forbes and Taubman stated in a press announcement. CAOBA was co-developed by CIM Group and Falcone Group.

“As Miami Worldcenter’s first residents move into Caoba, our vision for integrated, accessible city-within-a-city living is now coming to life in the heart of Downtown Miami,” says Miami Worldcenter managing principal Motwani. “In the coming year, a series of milestones will unfold, including the delivery of a substantial amount of retail space. Our retail program will cater to tourists, residents within driving distance, as well as Downtown’s growing residential population that is reachable by foot, rail, trolley or bike.”
“Miami Worldcenter will activate and reshape Downtown Miami,” says Michael Comras, president and CEO of The Comras Co. “With more people living and working downtown than ever before, Miami Worldcenter is poised to become an international destination that offers the convenience, connectivity and community that retail brands and consumers crave.

He adds, “Curating the proper mix of local, regional and national tenants is exciting and is key to creating a unique, urban walkable site that sits amongst wonderful cultural institutions.”

The Comras Co. has been very active in leasing retail space in South Beach’s Lincoln Road, Wynwood, Coconut Grove, Aventura and Fort Lauderdale’s Las Olas Boulevard districts. The company has completed a variety of transactions with some major retailers, including Nike, Warby Parker, Bonobos and Apple.

 

John Jordan, Globest

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