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Thursday, January 22, 2015

Another nail in the coffin

The deal was finalized today regarding Florentine Plaza at 3444 Main Highway, that's the building where Blu Moon, Akashi, Silverado, Revolution Bicycle and the Olfactory are. The PointeGroup has purchased the building. 

When the leases run out, that's it for all the businesses. But it's been no secret, they all knew that their days were numbered for quite awhile now. Many times as I walked by I could see surveyors measuring something or other. I ran into a friend a couple of weeks ago, who was measuring something out front on Main Highway, he works for the city, he said he was measuring for a garage or something like that.

The 60,000 square foot lot will most likely build up and out. There are plans to build out the back parking lot and make that retail. 

The PointeGroup has been buying things up or representing buyers all over Coconut Grove, but nothing has been done yet in the way of renovation, rebuilding or bringing new businesses in.  The former Johnny Rockets location has been sitting like a sore thumb in the center of town for the longest time, same with the old Guess store. Now on the other hand,  right across the street, Arquitectonica has been doing a tremendous job of filling up the spaces in the former Engle Building, which they now own in the center of town. The PointeGroup, not so much.

Let's hope they don't get their hands on the old Coconut Grove Bank building across Fuller Street, which is H&H Jewels now. That's been there since the 1800s.

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Anonymous Anonymous said...

Building or investing in developments is going to be risky now due to massive projects completing and hitting the markets this year. There may be a correction next year, in 2104 prices in Miami rose by 9% which is more than any metropolitan area in the U.S. Real estate market behaves cyclically unless there are major changes to the variables or changes in the rules of the game.

January 22, 2015 4:47 PM  
Blogger Liz said...

This is a sad situation. The Grove as we know it is slipping away. Not a good thing for some of us. I know there are those will say it's progress. Me, not so much. I hope they don't tear down Florentine Plaza. There are some really neat places there. I guess as I always say, its all about making money for some.

January 22, 2015 4:56 PM  
Anonymous Anonymous said...

One word: Taxes.

All of the real estate development companies have made $$$ in the past year and need to park the gains in an investment or be hit with capital gains.

However, because of this, the Grove is attracting bad neighbors who are not in a rush to occupy their properties and will likely keep them vacant because they are not in the landlord business and would rather take the lost revenue as a write-up. Arquitectonica like them or not are wonderful neighbors in comparison with the Engle building as an example of good behavior.

This is how neighborhood fabric is destroyed when there is nothing to draw people to them.

January 22, 2015 7:25 PM  
Blogger Tony Scornavacca Jr. said...

I am with Liz. I pray that the Florentine Plaza building remains intact. I love that building. As a six year old boy, I remember when my father had an art gallery where the bike shop is located.

January 23, 2015 6:07 AM  
Anonymous Anonymous said...

There is nothing to do in order to keep this building alive and the business running there? It is sad, very sad, to see how money and bad taste are dominating this world.

January 23, 2015 8:48 AM  
Blogger Brian Breslin said...

If everyone likes the businesses so much, they can shop there and hopefully make enough money for the shop owners to be able to move to any one of the dozens of other vacant spots nearby in other buildings.

January 23, 2015 10:47 AM  
Anonymous Anonymous said...

I am heartbroken. This collection of businesses is one of the last remaining things on my list of things I love in the Grove.

January 23, 2015 12:46 PM  
Anonymous Anonymous said...

Brian Breslin 10:47, U so right. People give credits/money to those who provide services that folks need or want otherwise no thank you good by and never mind. And I lost $50,000.00, these last years so now I move ahead hopefully adjusting to reality. Jobie Steppe

January 23, 2015 7:45 PM  
Anonymous Anonymous said...

Don't forget that the plan is to raise rates and push tenants out to make way for luxury brands or to redevelop the site. Of course, you can't redevelop the area without city cooperation. Thanks Sarnoff.

January 24, 2015 4:29 PM  

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