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Redesign plans unveiled for Coconut Grove centerpiece, Coco. Walk. The faux- Spanish architecture is going away.
So is the tacky fountain entrance at Grand Avenue. Say bye- bye to that eyesore rotunda with green awnings where you may have slurped down a Fat Tuesday frozen daiquiri or two. In their place, the new Coco. Walk will feature a large open- air plaza, foliage, a mini- waterfall, trees and a modern, subdued design intended to blend in with the surrounding Coconut Grove neighborhood. New renderings of the redesigned Coco. Walk reveal an earthier, greener place that practically spills into the surrounding streets at 3. Grand Ave. Renovations and additions to the existing retail space will begin this summer under the supervision of Beame Architectural Partnership and Foreseer, the firm that worked on the design of downtown Doral.
Construction is expected to be completed in 2. Major changes will include the addition of new entrances from the adjoining parking garage, a new fa. Renovation will begin this summer and be completed by mid- 2.
Coco. Walk was sold in 2. Federal Realty Investment Trust, which is headquartered in Rockville, Maryland, and owns a majority share of the property; the Coconut Grove- based developer Grass River Property; and the Comras Company of Florida, which specializes in retail developments. Michael Comras, who will be curating the mix of restaurants, stores and boutiques that will fill the redesigned spaces, says the new Coco. Walk will cater to people who already live and work in Coconut Grove instead of emulating the old model of all- purpose shopping malls.“When Coco. Walk was built in the early 1. They coined the term . Then South Beach got so hot, it sucked all the life out of the Grove and nobody went there anymore.“Today it’s different.
We have real density in Miami now. You have all these different neighborhoods — Wynwood, Brickell, Edgewater — and that density causes localization. People want places where they can live and play. They want service- oriented businesses that cater to their lifestyles.
That’s what we’re going to give them with Coco. Walk.”Comras says he expects Coco. Walk to attract high- end boutique shops and service- oriented businesses — restaurants, salons, spas and gourmet markets. Some current tenants — such as Youfit Health Club, a 2. The Gap, which still has several years left on the lease of its 2. The popular Cinepolis movie theater will undergo another round of renovations.
Other tenants, such as The Cheesecake Factory, are leaving. The restaurant is permanently closing its doors at the end of May. The western end of the redesigned Coco. Walk will feature shops, restaurants and other retail establishments. Restaurants will be a mix of fast- casual and sit- down serving breakfast, lunch and dinner. The east side of the property will house a five- story office building, One Coco.
Walk, with 7. 8,0. Class A office space. Some observers believe the new offices will provide financial stability and security to the faded mall, which opened in 1. B. Dalton Booksellers, an AMC multiplex and Caf. READ MORE: Coconut Grove going gourmet with new eateries by established names. But the mall’s popularity has dissipated over the years, and its current vacancy rate stands at 2. The new trend in real estate is office space,” says Javier Gonzalez, vice chair of the Coconut Grove Village Council, an elected body that advises the city.
There's nothing else. Anybody who's considering building retail is way behind the curve. Every time I see these buildings adding retail on the bottom floor, I feel like they are supporting a dying trend.”Others are more bullish on Coco. Walk’s potential as a shopping plaza, particularly if it provides boutique services you can’t get online.“All you read about is that retail is doing poorly, but that’s not necessarily the case,” says Zach Winkler, senior vice president and retail lead for South Florida at the real estate firm JLL. What Coco. Walk needs to do is what the Grove is great at doing, which is to create a great experience for the consumer. This isn’t going to be just another mall. It’s a continuation of the neighborhood.
Coco. Walk can regain the success it had in the past.”.