Mutlifamily may be getting the glory in South Florida, but Stiles chief development officer Bob Breslau tells us that the retail is making substantial progress toward recovery in a number of submarkets. (All of these people need to fill their new apartments with something.)
Tenants are back, and developers have the urge to develop once more.Well-located neighborhood shopping centers are in high demand, with a lot of interest from large-format tenants as well as small-bay national tenants who are aggressively expanding, Bob says. Sites in eastern Broward County are difficult to find, he adds, and retail stock is aging enough that new product is becoming more feasible. (Time to put those old buildings out to pasture.)
Recently, Stiles broke ground on West Lake Commons, a Publix-anchored shopping center in Hollywood thats on the former site of the Hollywood Lincoln Mercury Dealership. Other retailers locating there will be Pollo Tropical and Starbucks. This particular site was underutilized for many years, not providing its highest and best use, Bob says. Our development will allow improved access and visibility for the site.
Investors are also stepping up their hunt for South Florida retail, especially highly visible sites. (The eyes are the window to the soul and the key to the wallet.) Happiness Increcently paid $5.1M for a single-tenant property leased to Regions Bank in the Strada, a mixed-use project in Coconut Creek. CBRE senior associate Todd Weintraub, who repped the seller, Hamsa Hand Holdings, notes that the location is well locatedand serves a dense population base that includes nearby Wynmoor Village, home to more than 9,000 residents.