The outdoor shopping mall in Coconut Grove called Cocowalk has sold for $87.5 million, according to the Miami Herald.
Federal Realty Investment Trust purchased the mall from PMAT Real Estate Investments who bought it for $87 million in 2006.
The mall opened in 1990 across from the Mayfair hotel and was a popular attraction when first opened. In recent years, tenants have left leaving as much as 20% of the space vacant.
However, Coconut Grove is seeing a resurgence in the area with the addition of Grove at Grand Bay, Regatta Park, and tenants such as the Clyde Butcher Gallery Coconut Grove, Harry's Pizzeria and Panther Coffee in the Engle Building.
On January 28th, Terra Group and The Related Group held an event at the Park Grove sales gallery discussing their plans and concepts for One Park Grove.
The event was curated by Terra Group President David Martin, with Chef Michael Schwartz speaking about the signature restaurant at One Park Grove and Will Meyer of Meyer Davis talking about the concepts and designs of the building. The Related Group's Carlos Rosso was also on hand and spoke about the resurgence of Coconut Grove.
Park Grove is located at 2701 South Bayshore Drive in Coconut Grove and will feature three towers. The third tower, One Park Grove, will be 20 stories with 54 residential units ranging from three to five bedrooms. Pricing for the units start at $2 million.
Recent construction photos can be viewed here.
One Park Grove Renderings
Regatta Park was initially supposed to be open on September 7, Labor Day, but the park is almost completed and should be ready for the public in the next few weeks.
The three story Dockmaster building is already open and offers great views of Biscayne Bay, Downtown Miami and Coconut Grove from the top floor of the building. The old Dockmaster building, which used to be apart of Pan-Am is going to be demolished in the next week or so. The next phase for Regatta Park will be the revamp of the parking lot adjacent to the park on the East side.
Update: The Grand Opening of the park is Saturday, September 26 starting at 11am