NoLi District: Comras wins final nod for Lincoln Road shopping enclave

Comras Company, led by Michael Comras, cleared the last hurdle for its NoLi District, its massive Lincoln Road retail and office project.

Miami Beach gave the greenlight to the 150,000-square-foot project Thursday.

Construction is underway on the next phase of the project, which includes partially demolishing 723 Lincoln Road to make way for Via NoLi, an 18-foot-wide pedestrian passage that will create the first direct connection between Lincoln Road and North Lincoln Lane, according to a company news release.

North Lincoln Lane, which will be renamed NoLi Lane, will be transformed from a service alley into a pedestrian walkway with storefronts, expanded sidewalks, cafes and outdoor seating. 

Retail spaces will range from 400 square feet to 4,000 square feet, in contrast to the larger storefronts that dominate Lincoln Road and are typically occupied by national retailers such as Zara and Nike.

Touzet Studio designed the project in collaboration with Beilinson Gomez Architects. Touzet previously worked with Comras on the Nike flagship store and Apple Store on Lincoln Road.

Comras is funding the $30 million adaptive reuse and historic preservation project from Acore Capital. The firm spent $140 million in November buying 11 storefronts from Morgan Stanley, at 600, 719–737, 741, 801–821 Lincoln Road and 723 North Lincoln Lane, taking out a $117 million loan from San Francisco-based Acore.

The NoLi District is among several projects betting on a revival of Lincoln Road’s retail corridor.

On the opposite end of Lincoln Road, Sobe Sky Development — a partnership between Peter Kanavos’ Flag Luxury Group, Ben-Josef Group and Lionstone Development — plans to activate the retail real estate at the eastern gateway, at 100 Lincoln Road between Collins Avenue and the beach, with pedestrian-friendly public spaces and art installations. Longer term, the partnership envisions a European-style plaza extending west toward the 200 and 300 blocks.

Lincoln Road retail space was over 80 percent occupied as of July, with rent prices ranging from $120 to $200 per square foot, Lincoln Road Business Improvement District president Lyle Stern previously told The Real Deal. In the third quarter, the average retail asking rent in Miami Beach was $109 and total vacancy was at 4.7 percent, according to Colliers. 

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