Coconut Grove, Miami, Florida 3 – Mile Demographics (1)
The newly reimagined CocoWalk elevates Coconut Grove as Miami’s top destination for those seeking unique retail, dining, and entertainment experiences. Federal Realty acquired the property in 2015 and began its transformation in 2017. Through this major redevelopment, CocoWalk has returned to its former position as the Grove’s geographical and commercial centerpiece.
143,000
(1) Source: STI PopStats as of 1Q21.
~130K SF
Retail Space 27 unique retailers
~120K SF
Office Space 85k SF Class A Office Building
190M
$
60M
$
57,000
Population
Households
$1.2 M
$121,000
Average Home Value
Average Household Income
43
47%
Median Age
College Educated
Miami International Airport
Midtown/ Wynwood Miami
Beach
Downtown Brickell
North Coral Gables Investment
COCONUT GROVE (2)
Value Creation with more to come
(2) Assumes 4.5% cap rate.
South Coral Gables South Miami Pinecrest
Key Biscayne Primary Trade Area
Featured Tenants Thoughtfully curated merchandising mix
Federal Realty Investment Trust | 2022
The Transformation of CocoWalk 2015
Acquisition
Rooted in the Local Com
In May 2015, Federal purchased an 80% interest in CocoWalk for a gross value of $87.5 million. CocoWalk was an underperforming, obsolete interior-facing ~200k-square-foot shopping center with a dated tenant lineup, which included tenants such as Cheesecake Factory, Gap, Victoria’s Secret Beauty and local bar Duffy's. Despite its flaws, the property was located in the heart of the resurgent Coconut Grove District of Miami with proximity to the most affluent year-round community in South Florida. Location is everything!
At Federal, we have a 25-year track re the 90’s, followed closely thereafter by developers from the Pike & Rose team taking into consideration the values of know for sure is, creating the right densification. The redevelopment of CocoWalk was r
180k SF Retail
20k SF Office
200k SF Total
An authentic, amenitized gathering place, which complemented the existing neighborhood.
Upg whic loca rele
Today
The Living Room of The Grove
Thoughtfully Curated Mix of Unique Tenan
We delivered an authentic, amenitized gathering place, which complemented the existing neighborhood. Through this major redevelopment, CocoWalk has returned to its former position as the Grove’s geographical and commercial centerpiece. From the 60-foot Kapok tree brought to the property from a local resident’s yard, to the chandelier hanging as it would in your own living room, to the local artwork which adorns the property — CocoWalk feels authentic, reflective of the way we redevelop, manage and operate all our properties.
We delivered an upgraded tenant lineup which included e local and national retailers, and a number of health and which were needed in the community. CocoWalk’s tenant Salt & Straw’s first east coast location. Sweetgreen’s second lease signed in Florida. Health & wellness offerings, such as GLOSSLAB and SkinLab by BSL. The Key Club, the latest restaurant in globally recognized Groot Hospitality's portfolio.
Acclaimed restau opened another Established local Sushi Garage. One of the first F an offshoot of the Newly renovated
mmunity
Redevelopment
ecord of mixed-use development beginning with Bethesda Row in y Santana Row. The seasoned development team – led by senior m – evaluated the highest and best use for the real estate while f the local community. Real Estate is Local! And the one thing we retail-focused environment drives outsized returns on vertical
rooted in the demands of the community:
graded tenant lineup, ch included established al players as well as evant national names.
Class A office space given the highly competitive location, paired with market-demonstrated strong office fundamentals and high barriers to entry.
We began the redevelopment of CocoWalk in 2017 with the demolition of the existing 3-story east wing of the property. In its place, we constructed a 5-story Class A office building with ground-floor retail (85k SF of office/22k SF of retail) and completely renovated the west wing of the property. The project is expected to cost ~$95 million at a projected return on investment of 6%, and is expected to be completed in 2022. While COVID-19 slowed us down with unexpected labor and supply chain delays, we worked closely with our tenants to efficiently get them open and operating.
$60
million
of value creation(2) with more to come
nts
Class A Office at One CocoWalk
established restauranteurs, d wellness tenants — all of t lineup includes:
One CocoWalk is a state-of-the-art, Class A office building with 85k SF of new office space featuring 360-degree views of Miami and Biscayne Bay. The strong office market fundamentals and high barriers to entry, paired with CocoWalk’s prime location, drove demand for the building, now 100% leased (1). One CocoWalk is LEED Gold-certified and is designed to use 42% less water and 25% less energy as compared to the LEED baseline.
urant PLANTA, which recently location at Bethesda Row. l restaurants Mister O1 and
FP Movement standalone stores, e Free People brand. d Cinépolis luxury theatre.
(1) 2k SF is in lease negotiations under signed LOI. Federal Realty Investment Trust | 2022
130k SF Retail 120k SF Office 250k SF Total $190M Invested (2) Assumes 4.5% cap rate.
Federal Realty Investment Trust | 2022
Hong Kong Cafe
Narbona
LEVEL 2
LEVEL 1
Where The Grove Comes Together
School of Rock
Ariete Botánico
Sportive The Spot
Infinity Fitness SkinLab by BSL
Free People Movement
The Key Club
3D Brows
ONE COCOWALK Office Entry
Europann Sushi Garage Bluemercury
TWO COCOWALK Office Entry
LEVEL 3
Chase
Gas Bijoux
Mister 01
Salt & Straw
GLOSSLAB
Office
Office Coco Cigar
Office
PLANTA
Sweetgreen
LEVEL 4
Edward Beiner Edite Mode
Cinépolis
Cinépolis
YouFit
Office
YouFit
Office
Office
Office Office
Office
Office
Office
Office
Office
Office
LEVEL 5
Office
Office
Office
Office
Office
Office
Services
Retail
Dining