Coconut Grove, Florida
Cocowalk is Miami’s ultimate destination for shopping, dining & entertainment. As the firstlifestyle center in Florida, CocoWalk’s unique grounds and buildings are carefully designed toblend seamlessly into the surroundings of Coconut Grove, a bayside boating village known forbeing eclectic, eccentric and always exciting. The property is a four-level, open-air lifestyle centercomprising approximately 200,000 sf of GLA. It also includes an 840-space attached parking garageheavily utilized by customers of CocoWalk and visitors to Coconut Grove. CocoWalk benefits from atrend setting design and configuration that produces a unique ambiance.
Since purchasing CocoWalk, PMAT has completed comprehensive renovations of over $10million as this center had received no capital infusion from prior owners in over 15 years. The entirecenter has been painted; the roof has been replaced with the classic Spanish style tiles that lendto the center’s charm; the original red brick flooring has been replaced with tumbled marble; thestore fronts have been upgraded and modernized; new tenant signage had been installed; newlush tropical landscaping and all outdoor lighting has been upgraded, etc. CocoWalk’s contiguousgarage was also transformed. Among other improvements, the garage was thoroughly cleanedand painted, and we installed over 100 light fixtures and a way-finding package was designed andinstalled including newly renovated elevators to provide an excellent first impression.
In conjunction with this renovation, PMAT added Paragon Theaters (formed by the former executiveteam of Muvico Theaters) to replace the old AMC location that had been disregarded for any capitalimprovements for many years. The premises, which previously had old 35mm projectors, slopedfloors, torn seats, and dated carpet and décor, were comprehensively renovated through a jointinvestment of over $3M to provide a state of the art facility with a variety of food and alcohol options,plush assigned seating, stadium seating auditoriums, and the only all-digital theaters in Miami-Dade.
PMAT sold Cocowalk in 2015 at 90% occupancy after succesfully stabilizing and modernizing the center.