Office, restaurant space, more retail. And maybe even apartments. That's what Gadinsky Real Estate has revealed to us days before our Miami 2016 Retail Renaissance event next week at the InterContinental Miami.
We spoke with Seth Gadinsky (here with his wife, Liebe) about plans for Riviera Plaza, the 55k SF commercial property at 1542 S Dixie Hwy Gadinsky recently purchased in a partnership with Echion USA and 13th Floor Investments that's adjacent to the University of Miami campus in Coral Gables. Seth says redevelopment plans are still in flux, but he says the partnership expects to add additional retail and possibly apartment units.
The other big investment is with The Barlington Group at 90 SW 8th St, a circa-70s, three story commercial building directly across from Brickell City Center. Seth says the firm plans to add additional floors, creating a mixed-use project that will beef up retail on the ground floor, while adding office space and restaurants to the top. Despite the amount of new retail development sprouting in Miami, Seth says the city is still “under-stored” given the burgeoning population.
“That's why the occupancy rates are so high and the rental rates are so high.” But therein lies the rub with developers: Things are so good, developers may be trying to push the envelope when it comes to rent expectations in Miami, especially given the underlying inflation of land and real estate prices. “Prices have gotten crazy,” he says, adding that some landlords are asking for rents that help pencil development costs, but may be beyond what retailers are willing to shell out.
Hear more from Seth, along with such real estate luminaries as Turnberry Associates' Jackie Soffer, DACRA's Steven Gretenstein, Goldman Properties' Jessica Goldman Srebnick (here), Aztec Group's Jason Shapiro and Terranova Corp's Stephen Bittel at Bisnow's Miami 2016 Retail Renaissance, beginning at 7:30am, Tuesday, April 19 at the InterContinental Miami. Register here.
