Chick-Fil-A and Old Navy join the massive River Landing project on the Miami River
More national tenants are setting up shop on the banks of the Miami River.
And neighborhood experts say it’s partly thanks to the neighboring Health District.
Chick-Fil-A and Old Navy signed leases at the $425 million, 8.14 acre River Landing Shops & Residences last week. The fast-food chain, taking 4,000 square feet, and the clothing chain, occupying a total of 15,000 square feet, will open by April 2020 at 1400 NW North River Drive.
River Landing is now 70% pre-leased, said Andrew B. Hellinger, co-principal at Urban-X Group. He is working with Coralee Penabad, co-principal at Urban-X Group, to develop the project.
“That’s a positive sign because national retailers are savvy of where they put their locations,” Joseph M. Hernandez, chair of the real estate practice group at Weiss Serota Helfman Cole & Bierman, said.
The proximity to several health-related employers — including the Jackson Health System, University of Miami Miller School of Medicine and University of Miami Health System — likely entices national tenants, said Hernandez.
“Universities and hospitals are typically good employment centers,” Hernandez said, “Tenants like to be near the traffic.”
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“We are bringing into the urban core stores that have never been there before,” Hellinger said. Since products by Chick-Fil-A and Old Navy drive customers to a specific location, he said “it means higher foot traffic.”
The foot traffic will likely come from Downtown Miami, Allapattah, Little Havana and the Miami Health District, said Hellinger. He wrote by email, “River Landing Shops and Residence’s primary customer base will go beyond the project footprint.”
Other retail tenants at River Landing include Publix Super Markets, Burlington Stores, TJ Maxx, Ross Dress For Less, GNC, Chase, AT&T and Hobby Lobby.
River Landing is one of few developments in the pipeline for the Miami River. The mixed-use project combines 315,000 square feet of retail, 150,000 square feet of office space and 528 apartments for lease. The apartments will be one bedrooms and two bedrooms but prices have not been announced.
The interest in the neighborhood “makes sense,” Hernandez said. “It’s one of the most underutilized areas.”
But not all growth spurts have proven successful in the Miami River. Pier 19 Residences and Marina is a redevelopment of a failed condo tower built soon after the recession. However, Hernandez said, this time the new developments will likely reap success.
“The area has matured. All of that has changed with the pushing westward of downtown,” Hernandez said. “It’s a safer bet to develop these days than it was 10 years ago as an employment and residential hub.”
This story was originally published December 10, 2019 at 5:00 AM.
