CocoWalk on road to recovery
PMAT CocoWalk, LLC has reached an agreement to modify the terms of the loan on the property. The completion of the loan modification will allow CocoWalk to "complete its re-tenanting and reposition itself as the premier outdoor center in South Florida," according management.
The new Muvico theater is proceeding with construction and is now scheduled to open in May. I was invited to tour the new place while it is under construction, and I'll take pictures and share that soon.
This opening will provide significant revitalization of the property and for Coconut Grove. The new theater will be the first premier, all-digital theater in Miami-Dade County and will draw from a significantly expanded trade area.
posted by Tom Falco at 5:55 PM
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6 Comments:
hope it is ready in May
Ok, good, but:
"completion of the loan modification will allow CocoWalk to "complete its re-tenanting and reposition itself as the premier outdoor center in South Florida"
What does that mean... really how does a loan modification result in a CocoWalk becoming a premier location?
Really, explain anyone.
And, I hope it all works out, and I hope the movies running help all the merchants! I for one will be happy to see a movie in the Grove.
"...and premiere outdoor center in South Florida". I thought there were only "the three biggest lies". Guess the last is now up to 4. That's the best their PR people can come up with?
wtanders:
it basically means that because of a loan modification their monthly payments have been lowered which means they can offer new tenants who wish to open in cocowalk a more reasonable rent to better reflect the market conditions. so hopefully cocowalk will become less of a ghost town and stores can survive longer with the reduction in rental prices.
You gotta give 'em credit for doing a great job on the first half of re-tenanting, namely losing multiple tenants in order to free up space for the new arrivals.
Great news. Strange comments, however. Funny how some people can be so negative when something positive is handed to them. Too much time on their hands?
CLL
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