Miami Beach’s Lincoln Road adding stores and restaurants. See who’s coming
Consumers are getting new shopping and dining options — including a pasta dining spot from Italy opening its first restaurant in America — this summer at Miami Beach’s Lincoln Road Mall.
As retailers and restaurateurs expand their reach in the Miami area, the popular outdoor shopping destination will see three more retailers and restaurants between June and late September, according to the Lincoln Road Business Improvement District. Newcomers include Rome-based restaurant Osteria Da Fortunata, Miami travel accessory seller Voyage Luggage, and Portland’s booming ice cream chain Salt & Straw.
It’s going to be Osteria’s first U.S. restaurant. Salt & Straw and Voyage Luggage already have two and four other stores, respectively, in Miami-Dade County.
“There is no other district in the city that offers the pedestrian experience found on Lincoln Road, and more than ever, we are focused on the continued growth of the neighborhood, by bringing new experiences that appeal to both locals and visitors alike,” said Mindy McIlroy, vice president of the business improvement district and president of retail development for Terranova Corporation, owner of some of the Lincoln Road properties.
The summer wave of new arrivals follows recent merchant openings in the spring. Lincoln Road gained France’s popular football club’s Paris St. Germain store, small business concept and clothing store Habitat Hyett, candy and chocolate shop Bonbon Etc. and the arrival of long-awaited Cheesecake Factory restaurant.
Further openings are expected as business owners seek to capitalize on the mall’s outdoor space and prime Miami Beach location.
The spring and summer newcomers to Lincoln Road represent a silver lining for a mall that has experienced its fair share of challenges, including dips in foot traffic in recent years, a stalled streetscape project, failed office and retail expansions nearby and high retail turnover.
Three factors are playing in the outdoor mall’s favor, said Jonathan Carter, executive managing director of retail services at Colliers, a commercial real estate services firm. The mall is located in the heart of South Beach, a neighborhood known for attracting tourists and residents. Secondly, many shops and restaurants have access to outdoor spaces, something that increased in demand through the pandemic. Finally, rents there are slightly below other popular shopping areas in Miami-Dade.
Miami Beach has an average triple net retail rent that includes repair, maintenance and other costs of $72.34 per square foot, according to the Colliers’ first-quarter Miami-Dade retail real estate report. That’s less than Brickell with comparable rent of $74.60 per square foot, and Wynwood and the Design District, which each have average retail rents of $78.02 per square foot.
Lincoln Road’s financial health is “out of balance, but it is coming into balance,” Carter said, primarily thanks to higher rents elsewhere in the county. He’s close to finalizing three potential restaurant and retail leases on Lincoln Road.
“As other places become more expensive it becomes more attractive,” the real estate manager said. “Lincoln Road is also close to the sand and beaches and full of tourists willing to spend money.”
