Modern space will meet pent-up office demand in one of Miami's most walkable urban districts, activate Coconut Grove streets with locals by day Blanca Commercial Real Estate tapped to spearhead leasing efforts

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.

Learn more at www.OneCocoWalk.com. For leasing inquiries, please contact the team of Tere Blanca, Danet Linares and Juan Ruiz at Blanca Commercial Real Estate, 305-577-8850.

About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Our expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 97 properties include over 2,800 tenants, in approximately 23 million square feet, and over 1,800 residential units.

Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 49 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com
About Grass River Property
Grass River Property is a Coconut Grove, Florida based leader in real estate investment and development of mixed-use, commercial, office and residential projects. As the developer, owner and manager of some of the area’s most iconic and influential properties, Grass River Property has the local market expertise to execute projects of virtually any size and complexity. Our principals have collectively built more than $5 billion in office construction, totaling over 6 million square feet of office space. Our sustainable development and investments in urban properties are served by existing transportation infrastructures for high value-add projects that focus on walkability and transit access in increasingly dense urban settings. Examples include Grove Station Tower, a 184-unit apartment building in Miami; the 125-unit Aloft hotel near Miami International Airport; and the acquisition and planned mixed-use redevelopment of The Shops at Sunset Place and Cocowalk in partnership with Federal Realty and The Comras Company. Grass River has decades of experience working with some of the nation’s largest commercial, office and residential real estate and financial firms.www.grassriverproperty.com

About The Comras Company
Comras Company of Florida, Inc. is a leading retail leasing, investment and development company. The firm specializes in urban markets and provides services that include landlord and tenant representation, strategic planning, site identification, market analysis, lease negotiation, portfolio review, site acquisition and disposition. The Company was founded by Michael Comras in 1992 and has since grown to sixteen employees with seven brokers dedicated to retail leasing and sales. In addition to brokerage services, Mr. Comras has developed and owns a portfolio of street oriented retail assets in Miami’s top markets. The ability to understand the development process, from due diligence through acquisition and subsequent development, allows the Company to evaluate sites as an owner/developer, which enhances the Company's ability to service its clients. A sampling of these assets include flagship locations for Apple, Gap, Nike, Forever 21, BCBG, Sephora, and 24 Hour Fitness in locations along Miami Beach's historic Lincoln Road, Collins Avenue's "Fashion District", Coconut Grove, Wynwood, and Miami's Design District, www.ComrasCompany.com

About Blanca Commercial Real Estate
Blanca Commercial Real Estate, the leading independently owned commercial real estate brokerage firm in South Florida, provides a complete range of brokerage and advisory services to owners and users of commercial real estate. Established in 2009, the firm is noted for delivering distinct client value through a unique methodology, data-driven insight, vast network and deep community roots. Practice areas include landlord representation, tenant representation, build-to-suit advisory services, and land/investment property acquisition and disposition. For more information, visit www.blancacre.com