Office users searching for space in Miami’s thriving Coconut Grove neighborhood will have a new address to call home in mid-2019. The team behind the redevelopment of CocoWalk, one of Miami’s most visited lifestyle destinations, plans to meet growing office demand by adding up to 73,000 square feet of Class A office space on the property’s east side. Named One CocoWalk, the five-story building will appeal to media and technology companies, creative firms, financial and professional services firms, and global brands looking to establish their office in one of Miami’s hottest urban districts. Plans for One CocoWalk represent the first phase of redevelopment designed to restore CocoWalk’s destination appeal among local residents and better integrate the center within the Coconut Grove commercial district. The anticipated construction of One CocoWalk is slated to begin in early 2018, with delivery in mid-2019. Federal Realty Investment Trust (NYSE: FRT), Grass River Property and the Comras Company purchased CocoWalk in 2015 with the goal of improving CocoWalk’s connectivity with surrounding streets, aligning the property’s uses with the area’s changing demographics, and revamping its commercial offerings to address the needs of Coconut Grove’s residents and visitors. Since then, the team has engaged the community to determine the right uses for CocoWalk, leading to the decision to incorporate state-of-the-art Class A office space. “Our team acquired CocoWalk because we saw the potential to make the center relevant again in the eyes of our local community, and our vision for One CocoWalk is the first step,” explains Grass River Property principal Tom Roth. “The offices at One CocoWalk will support existing retailers by growing Coconut Grove’s daily population and enlivening area streets, and we’ll do so by weaving the property’s scale and aesthetic into the neighborhood’s existing character.” CocoWalk is located at the highly visible ‘main and main’ intersection of Main Highway, McFarlane Road and Grand Avenue, minutes from Miami’s Brickell, Downtown, Coral Gables and Key Biscayne neighborhoods. The property lies in the heart of Coconut Grove’s village center, which has been Miami’s bohemian enclave dating back to the 1960s. Today, Coconut Grove’s commercial district is coming alive with chef-driven restaurants, trendy boutiques, coffee houses, art galleries and public parks that are retaining the neighborhood’s walkability and historic charm. “Home to a pedestrian-friendly streetscape, brick sidewalks lined with native shade trees, and a rich history dating back to the 1800s, Coconut Grove is one of the few authentic urban districts in Miami,” adds Chris Weilminster, president of the mixed-use division for Federal Realty. “The same factors driving consumers to authentic neighborhoods for shopping, dining and entertainment are appealing to companies looking to locate in communities where people outnumber cars, and that will make One CocoWalk appealing to office users.” Despite emerging as one of South Florida’s most sought after office markets in recent years, Coconut Grove’s last new office building came online in 1989. The submarket’s total vacancy rate for Class A space has fallen to 1.0%, according to Q4 2016 research from Blanca Commercial Real Estate, which will spearhead leasing for One CocoWalk. The Miami office market has been waiting for One CocoWalk for years, resulting in nearly three decades of pent-up demand for Class A space in central Coconut Grove, according to Blanca Commercial Real Estate President and CEO Tere Blanca. “One CocoWalk tenants will benefit from on-site dining, shopping and entertainment an elevator ride away, high-end residences and hotels within walking distance, and proximity to the city’s top public and private schools. One CocoWalk enjoys a location that will appeal to business decision-makers residing in and around Coconut Grove who currently commute outside the area. More than anything, companies at One CocoWalkwill be joining a vibrant and growing community that presents new networking opportunities and a chance to connect with other like-minded businesses,” Blanca adds. Designed by Beame Architectural Partnership, plans for One CocoWalk include four floors of modern office space atop prime street-level retail and a rooftop terrace and event space that will offer tenants an outdoor urban oasis complete with 360-degree views of the surrounding neighborhood. Abundant vision-glass windows will provide offices with ample natural light and panoramic views of Biscayne Bay and Coconut Grove’s lush tree canopy. On-site amenities will include dedicated elevators connecting office users with private parking, valet parking and 24/7 security, access to a full-service gym at CocoWalk, a dedicated visitor entrance and lobby along Virginia Street, in addition to a rooftop terrace and event space.
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