To expand on the South Florida Retail Real Estate Quarterly Report, MMG puts together a periodical update of the Top 10 Retail Real Estate Construction Projects in the area.
There are currently 32 retail projects under construction with a total square footage of 1,879,865 being added to the market. That accounts for 1.4% of the total market share, and of those properties 74.7% of their space has already been leased.
SOUTH FLORIDA RETAIL REAL ESTATE CONSTRUCTION PROJECTS STATISTICS – Past 12 Months
Properties Currently Under Construction: 32 (52 in Q2 2020)
Total Size: 1,879,865 (2,320,740 SF in Q2 2020)
Percent of Inventory: 1.4% (1.7% in Q2 2020)
Preleased: 74.7% (75.5% in Q2 2020)
There are currently 32 retail properties under construction in the Miami market representing nearly 2M square feet of new product. The following are the top 10 largest retail projects currently under development.
SOUTH FLORIDA RETAIL CONSTRUCTION PROJECTS – Past 12 Months
1. 9700 Collins Ave
Size: 340,387 SF
Completion Date: Q1 2024
Developer/ Owner: Bal Harbour Shops / Whitman Family Development
Stories: 2
2. Miami Worldcenter – Retail (NE 1st Ave)
Size: 300,000 SF
Completion Date: Q2 2020
Leasing Co: The Forbes Company
Developer/ Owner: Miami Worldcenter Associates, LLC & The Taubman Company
Stories: 3
3. Esplanade at Aventura (19505 Biscayne Blvd)
Size: 215,000 SF
Completion Date: Q2 2020
Developer/ Owner: Seritage Growth Properties
Stories: 3
4. The Plaza Coral Gables (3011 Ponce de Leon Blvd)
Size: 161,000 SF
Completion Date: Q2 2021
Developer/ Owner: Agave Ponce, LLC / Agave Holdings
Stories: 2
5. Doral Square – Building A (8700 NW 36th St)
Size: 141,384 SF
Completion Date: Q2 2020
Developer/ Owner: Agave Ponce, LLC
Stories: 3
6. Life Time – Gables Station (251 S Dixie Hwy)
Size: 125,000 SF
Completion Date: Q1 2021
Developer/ Owner: NR International
Stories: 1
7. 10830 NW 17th St
Size: 100,000 SF
Completion Date: Q1 2021
Developer/ Owner: Not Listed / Rober Lechter
Stories: Not Listed
8. Regatta Harbour (3385 Pan American Dr)
Size: 80,000 SF
Completion Date: Q2 2021
Developer/ Owner: The TREO Group / City of Miami
Stories: 1
9. Junior Anchor (12500 SW 152nd St)
Size: 50,000 SF
Completion Date: Q4 2021
Developer/ Owner: Ram Realty
Stories: 1
10. Block H (150 SW 7th St)
Size: 45,223 SF
Completion Date: Q1 2022
Developer/ Owner: Miami World Center Group Llp / Miami Worldcenter Holdings
Stories: Not Listed
Data sources: MMG Equity Partners and CoStar
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