CocoWalk in foreclosure
CocoWalk has been hit with a $97.6 million lawsuit. Bank of America has foreclosed. Hopefully Muvico can salvage the shopping center, plans are for Muvico to open in April. Story here.
posted by Tom Falco at 11:47 AM
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17 Comments:
This is not good news. We Groveite's need to make an extra effort to support the area's businesses. How's that hope and change working out?
CLL
And the hits just keep on coming. Hows the "Vision" now? What is Marc going to do with his picture on the wall when they close Crazy Pianos? Maybe he can put it at Cita's.
Hey CLL, yeah its Obama's fault, thats a good one! Why did you throw that in? Im a grovite that supports local biz, but a bad deal is a bad deal, they bought it way too high obviously and cant make it work! Seems like another BUSH era fall out! Right CLL? LOL!I kid you... happy nude rear!
Lets HOPE something CHANGES in 2010!
i do not know a lot about this kind of thing - how until they shutter the place? cause that's a serious game changer for the downtown here.
Bozo,
I don't know what business you are in, but I can tell you that since Obama took office, the economy has been in a complete free fall. Why? Because every policy coming from his administration is harmful to small and large businesses alike. He is punishing the rainmakers with high taxes, high deficits and an amateurish foreign policy that has business people and consumers afraid to make a move, other than layoffs. Cocowalk has been holding its own for many years now. The straw that broke the camels back for Cocowalk and the high percentage of vacant storefronts has been 2009, the year of hope and change. This country is in serious trouble and people like you won't admit you are responsible for it by voting for the original Bozo.
I have always thought that Cocowalk and The Mayfair had ridiculous rental prices. A few years ago, when both locations had many vacant locals I was starting a business for LAN Gaming. I thought the grove would be a great spot and did my research. The rent was so high that it was impossible to make the business plan work out. To this day I have no idea how most of the grove businesses survive and am certain some of them are either loss leaders or money laundering operations. The rent in Sunset place was less that 2/3 the price of a similar spot in the grove. Cocowalk is dying for the same reason most businesses die. Mismanagement.
As much as I did not vote for Oblama, It is very naive and ignorant to point at one of millions of variables and say that is why the economy is like it is. The economy of a country is a massively complex mechanism that responds to millions of factors. The president and his policies are in fact part of the equation but by no means the full driving force behind them. It was like laming Le Bush for oil prices.
The entire world is hurting. Coco Walk's closing is a sign of the times, not the fault of Obama or Mark. This could turn into something positive, i.e., in foreclosure the issue will go before a Judge or arbiter who may force the present owners, or any new owners to reduce rents drastically and reinvigorate our business community.
Anonymous,
Do you even know what you are talking about?
I am a little indifferent about the current policies coming out of Washington but they have NOTHNG to do with Coco Walk's downfall! Coco Walk has NOT been holding it's own for some time. Pay attention to what is going on in your own community.
The current ownership overpaid tremendously during the real estate boom for his property. Because of this, they had to charge unrealistically high rents, which current tenants and prospective tenants can not afford.
It caused a staple in the Grove, (Tu Tu Tangos), to close, Coyote Ugly to be unprofitable, and Crazy Pianos is on the verge of going out of business. There are more......
Also, the high rents and non-flexibility of ownership has caused them to lose out on the one company (Apple) that would have brought Coco Walk's foot traffic back! I guess Merrick Place will take even more people from the Grove.
Does anyone remember that Coco Walk ownership wanted to change the philosophy of Coco Walk and drive out the bars and make it a more family oriented destination? Does this sound familiar to anyone else's ideas for the Grove? And we can see how well it worked out for Coco Walk!!!!
Although asked to do so, I am not even politically active in the local community nor do I have a business here. But I listen and ask about what is going on in my community. Please have a little knowledge before you speak out!
It is just sad to see what is happening with the Grove and more importantly, to the point, the businesses in the Grove. Does anyone remember that most of these businesses are locally own and it is the owners’ only job or source of income. I guess Marc is getting the quiet streets in front of his house that he wanted, because fewer and fewer people are traveling down Virginia and INTO the Grove. Although his circle and dog park look magnificent!
CocoWalk is not closing, maybe just maybe, they are trying to renegotiate their mortgage like everyone else in America. But it would help if grovites supported the businesses in the grove.
Good grief -- the rumor mill continues! Bank of America says the mortgage holders are behind and has called the loan. Cocowalk is not closing. The mortgage will be renegotiated. Get a life.
You cannot manage Cocowalk froM The New Orleans, the selection of the the tenants has been a disaster and the addition of Chili's tHE cherry on the pie.
You cannot have "Kendall" type of restaurants or retailers in Coconut Grove.
In addition they arE still charging 90 Dollars a foot in rent, how would a decent operator lease a space AT COCOWALK when you can have a premium location at 40 dollars a foot in the Grove, South Miami or The Gables.
A new owner will Lower the rents, bring quality tenants and traffic will come back.
There is a group talking to Bank oF America trying to buy the note.
It's a shame that while the Grove is dead, South Miami and South Beach are buzzing w/people. ie. Saturday I went to South Beach and I must have seen 10-12 families from the Grove there and same goes for Sunset Place on Sunday, where I had to wait 45 min. at Dan Marino's to get a table and another 20 for a waiter to take my order...
Do you think a family will come to the Grove when we have the movies back in action? Give it time. We're loads better here. Loads.
Just need to solve the parking....and they will come.....
There was talk for way too long about the fact that the movie house would be closed until the new ones are built. Many suggestions came forth, but no other clear alternatives emerged, mostly because they all involved the shelling out of money that no one was willing to part with.
If the Grove can hold tight to when the movies finally reopen (optimistically speaking, in 3 months' time) then they will once again be a big draw because it will be "THE BIG NEW THING IN TOWN."
Why would people think Crazy Pianos would do well? Anyone remember Howl at the Moon? It was novel idea for a while and then gone.Nightclubs often come and go. Cafe Iguana, what was that other one, Banana something there, Apple martini, Dan Marino's didn't last too long. This isn't a recent thing, is it?
anon 7:27- you are a moron.
Cocowalk was asking $20-30 NNN which is extremely reasonable compared to surrounding markets. The reason they are in foreclosure is because they overpayed for the center. You should thank the national tenants for coming here, they are the only ones doing anykind of reasonable numbers besides greenstreet. You want more people to come to the grove? Fix the parking and bring in more national tenants. Dont put in your 2 cents if you are blindly ignorant.
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