Another new office building was just announced for Coconut Grove, marking the second in recent weeks after nearly 30 years.
CocoWalk owners Federal Realty Investment Trust, Grass River Property and Comras Company plan to raze the eastern building on Grand Avenue and Virginia Street and build a five-story, 73,000-square-foot Class A building on the site, Grass River principal Tom Roth told The Real Deal.
Just two weeks ago, Terra Group and Mayfair Real Estate Advisors announced plans to convert a parking garage at 2860 Oak Avenue into a mixed-use office building, citing the demand for office product and lack of available space in the neighborhood. Together, the two projects will add 140,000 square feet of office space to Coconut Grove.
“We believe there’s plenty of pent-up demand to serve both projects,” Roth said, adding that he believes CocoWalk is a better location.
One CocoWalk, designed by Beame Architectural Partnership, is the first phase of redevelopment for CocoWalk, which was purchased by the partnership in May 2015 in a deal valued at $87.5 million. The once-popular Mediterranean-style outdoor shopping mall has fallen out of style in past years. Roth said plans for phase two, which will focus on retail, will be announced in the coming months.
The office building, geared toward global brands, media and technology companies, creative and financial firms, will be delivered in mid-2019. It will have four floors of office space above a level of ground-floor retail space, plus a rooftop terrace and event space with full views of the neighborhood. CocoWalk will set aside about 250 parking spaces for its office users, which breaks down to 3.4 spaces per 1,000 square feet, Roth said.
“We didn’t buy CocoWalk to keep it as it is today. We really feel it needs to blend better with the rest of Coconut Grove,” Roth told TRD.
Source: The Real Deal