Nearly three acres of commercial space in North Miami Beach are getting a major face lift.
The South Florida-based development/brokerage firm Macken Companies wants to make over its 43,000-square-foot mixed-use project known as 5 Park, which stretches from 16955 to 17071 West Dixie Highway in North Miami Beach.
The project comprises four buildings and currently houses 18 storefronts and two office buildings. None of the existing structures will be demolished, but some of the current tenants will be affected by the renovation.
“Synergy is important to me,” said Alan S. Macken, CEO of Macken Companies. “We are working with existing tenants to see how our renovations will impact their business. We have tenants that we want to see stay. [But] I don’t know if all of them can operate during changes.”
Macken said the renovation has gone out for bidding and is expected to cost millions of dollars, although the exact figure isn’t available yet. Although the project’s footprint will remain the same size, some of the buildings will get a second floor to be used for rooftop terraces and parking.
The first phase of the redevelopment is scheduled for completion in the third quarter of 2020. Once the entire renovation is finished, Macken said there will be retail spaces available for rent measuring from 500 to 17,000 square feet.
The 5 Park development is a short walk from the Ancient Spanish Monastery, the historical landmark completed in 1141 A.D. in Spain and later transported brick by brick and rebuilt by 1964 to its current location. Macken said he hopes the renovated project will encourage the public to visit nearby attractions.
Derek Cheung, the co-owner of Pho Mi 2Go, the Vietnamese restaurant that has been open across the street from 5 Park since 2016, said he doesn’t know enough to support or oppose the makeover. He said the shopping center doesn’t get much traffic, but he hopes the redevelopment may attract more customers.
“I know we are creating an opportunity for North Miami Beach,” Macken said. “We are going to draw businesses to the city.”