2 million square feet of upscale retail, restaurant and apartments will invigorate the emerging Miami River District and transform Miami’s Civic Center
Miami, [Feb. 17, 2015] – As land for prime development dwindles in downtown Miami, development is moving west along the Miami River and into the Miami’s Civic Center area. River Landing Shops & Residences highlights the trend that is giving way to the Miami River District, anchored by the Civic Center to the west and downtown Miami to the east.
The developer of River Landing will begin preconstruction work of the 2 million-square-foot project in early 2015. The 8.14-acre development will offer 426,000 square feet of retail and restaurant space, 475 market-rate apartments, more than 2000 parking spaces and a lineal waterfront park on the Miami River. Anticipated completion of the retail component is Summer 2017 and the residential units in Spring 2018.
Located at 1500 N.W. North River Drive, River Landing will be on the north bank of the historic Miami River. The project will be at walking distance from the Miami’s Civic Center area, home to the nation’s second largest Health District and Miami-Dade County’s judicial hub. River Landing will be a transforming force for one of South Florida’s most densely populated employment centers.
“River Landing will be a catalyst for urban renewal for the Health District,” said Andrew Hellinger, Manager of River Landing Development. “It will help fill the district’s demand for shops, restaurants and market-rate apartments. The Health District has over 45,000 employees working around the clock in world class research institutions, hospitals, medical schools, science labs and the County court system, as well as over 160,000 annual visitors. Our intent is to provide employees, residents and tourists a desirable place to live, visit, shop and dine. River Landing will connect the nascent River District to the transforming riverfront in downtown Miami.”
Designed by ADD Inc. Miami, River Landing will be home to 7 national and regional anchor tenants ranging from 20,000 square feet to 60,000 square feet. An additional 140,000 leasable square feet will be allocated for regional and local retailers and restaurants. The development targets national retailers including a grocery store and soft goods retailer as well as ground floor restaurants. The $300 million mixed-used development is designed to attract retailers at a time when retail companies see urban centers as a driver of growth.
River Landing, to be built by River Landing Development LLC, will provide chic dining, shopping and upscale residences to an area that is acutely underserved in retail and apartments. This void is exacerbated by a population shift that is drawing people from the suburbs into Miami’s urban centers.
“Initially, I was ambivalent about River Landing going to the Health District,” said Warren Weiser, a retail expert and principal with Continental Real Estate Cos. in Coral Gables. He is not involved in the project but has closely followed the progress of this development over the years. “But now, knowing River Landing’s plans and its roster of tenants, I believe River Landing will be a game changer for the district and transform an area that has so much potential for commercial development.”
River Landing’s waterfront restaurants will add to the growing roster of trendy restaurants opening and thriving on the Miami River, including American Social, London’s Duck & Waffle, Sushi Samba, Modern Garden, The River Seafood & Oyster Bar, Seaspice, Garcia’s and Casablanca. Most importantly, River Landing will attract retailers, and private investment to the Civic Center’s Health District, which has one of the county’s largest concentrations of brainpower and purchasing power. The Health District generates annually $1.9 billion in employment payroll within a 1-mile radius and $8.6 billion within a 3-mile radius of River Landing.
"There is clearly demand in this area," said Mark Gilbert, head of Cushman & Wakefield's national retail investment sale group in Miami "The Health District is becoming connected to the downtown market as the river is developing and the area north of downtown Miami is developing."
Other developers helping shape the the Miami River District include Miami-based Related Group, New York-based Chetrit Group, Miami-based Melo Group and New York-based Kar Properties. Celebrity Fashion Designer Naeem Khan will soon open a fashion house along the River close to near the Health District.
River Landing will demonstrate once again that well-planned developments are able to transform dormant neighborhoods into thriving communities as witnessed with the Art Deco district in South Beach and the Design District and Wynwood in Miami.
About River Landing and Residences
The 8.14-acre mixed-use development on the Miami River will consist of 426,000 square feet of retail and restaurant space, 475 market-rate apartments in two towers, more than 2,200 parking spaces and a lineal riverfront park. The 2 million-square-foot development will be in the heart of the nation’s second largest Health District, where 215,696 employees within a 3-mile radius of River Landing earn annually a total of $ 8.6 billion. Construction of the $300 million development is set to start in the first quarter of 2015. Completion of the retail component is slated for summer 2017 and the residential units in spring 2018.
About River Landing Development LLC
River Landing Development is an affiliate of Hellinger Penabad Cos., a real estate investment, management, and advisory firm in Coral Gables. [yours] [mine and the computer’s:] Andrew Hellinger and Coralee Penabad lead HPC. Their experience in real estate development comes from leading strategic development teams in the past, including Israel-based Leviev Boymelgreen Developers’ team, which built the luxurious condo tower Marquis Miami in downtown Miami. HPC’s experience also includes completion and repositioning of troubled retail and residential properties from debt restructuring to construction completion such as Paramount Bay Miami.
For more information contact Paola Iuspa-Abbott at 305.726.5848 or email@example.com