New Fort Lauderdale retail space is leasing quickly. Outdoor seating is key
Society Las Olas, a new residential-mixed use building in Fort Lauderdale, has filled 44% of its retail space. The draw? Outdoor seating.
The Brickell-based private equity firm Tricera Capital and the Fort Lauderdale-headquartered real estate investment and development firm Merrimac Ventures has leased approximately 7,600 square feet of the total 17,100 square feet of retail space, according to the two firms.
“Outdoor space has become gold. It allows these operators to feel more comfortable that pandemic or not they are going to be a lot more successful,” said Scott Sherman, Tricera Capital co-founder and co-managing principal.
Health-conscious eatery Pura Vida Miami recently leased 1,600 square feet. Virginia-based Thompson Hospitality signed a 6,000-square-foot lease, dividing 4,500 square feet for Matchbox Restaurants and about 1,500 square feet to Big Buns Damn Good Burger. All are expected to open during the first quarter 2021.
“They all liked the high energy and outdoor seating along the river,” said Ben Mandell, Tricera Capital co-founder and co-managing principal.
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Tricera and Merrimac jointly own the retail space beneath the 34-story building, paying $3.8 million for the ground floor space and 40 parking spaces in late August The project, developed by New York-based PMG, also features 639 rental apartments; about 30% of those are dedicated to co-living.
Merrimac Ventures, led by president and CEO Dev Motwani, previously owned the 2.38 acres land beneath Society Las Olas, selling it for $29 million in 2017. Alongside Breakwater Hospitality, Merrimac Ventures also owns and manages the adjacent outdoor event space Wharf Fort Lauderdale and José Mendín’s Rivertail.
The new Pura Vida Miami location will be the restaurant’s first in Broward. It has four existing locations in Miami with plans to open additional restaurants in Miami Beach and West Palm Beach.
This story was originally published September 10, 2020 at 2:00 PM.
