The lease deals are an indication that the South Florida retail market is bouncing back faster than expected from the dark days of the pandemic, according to the landlord.
Developed by RedSky Capital, LLC, the property is an 8-story building with approximately 100,000 square feet of office and retail with a verdant rooftop terrace.
Rigl is a senior director with Binswanger-Gateway Partnership in South Miami. Rigl has been serving commercial real estate since 1984. He is experienced in office, industrial, multifamily and land transactions.
The 882,000-square-foot project will include 646 rental apartments and 2,500 square feet of ground floor retail.
The developer plans to transform the shuttered Ramada Inn into a mixed-use community with 251 rental units and 5,500 square feet of retail.
The store property has the distinct advantage of having virtually no competition within this portion of the Miami Beach.
The leases total 22,000 square feet.
The buyer plans to adapt the property into restaurant, retail and office space.
The property totals a combined 94,175 square feet.
The site is located across the street from the planned Little River Brightline train station.