MIAMI BEACH, FLA. — Ackerman & Co. has secured $117 million in financing on behalf of locally based Comras Co. for the acquisition of five buildings to complement the north end of Lincoln Road, the retail high street of Miami Beach. Dubbed NoLi (North Lincoln Road), the redevelopment will include 150,000 square feet of boutique retail, dining, wellness and lifestyle concepts, as well as 1,700 square feet of street frontage. Completion of the project is anticipated for the first quarter of 2027.
Jonathan Rice of Atlanta-based Ackerman & Co. arranged the financing through ACORE Capital. The sellers of the five properties were affiliates of Morgan Stanley and Terranova Corp.
“NoLi promises to be another transformative development by Comras in Miami Beach, alongside recently completed projects like the CocoWalk redevelopment in Coconut Grove and the retail component of Miami Worldcenter,” says Jonathan Rice, executive vice president of capital markets at Ackerman & Co.
Situated along Lincoln Road and North Lincoln Lane, NoLi will be converted into a new micro-district that will comprise more than 40 inline retail spaces. NoLi will reuse the existing buildings and repurpose the outdated floorplans to create boutique-sized spaces, with layouts ranging in size from 400 square feet to 4,000 square feet, with the ability to merge spaces for larger requirements.
North Lincoln Lane will also be transformed from a service alley into a “street off the street,” which will feature storefronts and expanded sidewalks lined with cafés, outdoor seating and landscaping.
“Today’s market is about providing environments that foster a true sense of community, a place where people can come together, grab a coffee or juice, grab a workout, discover a boutique and just hang out,” says Michael Comras, president and CEO of Comras Co. “With one cohesive vision across over 40 continuous storefronts, we’re creating an experience that resonates with both locals and visitors.”
Lincoln Road is also simultaneously undergoing a $29 million, city-funded revitalization, which includes upgraded sidewalks, lighting, fresh landscaping and new outdoor seating.
According to the Lincoln Road Business Improvement District (BID), Lincoln Road is an eight-block stretch that is home to more than 200 restaurants, cafes, shops and galleries. Notable tenants include Apple, The Cheesecake Factory, the Colony Theatre, the Florida International University (FIU) Visual Arts Gallery, lululemon, Macy’s, Swarovski, Taco Bell Cantina, The Abbey Brewing Co. and Trader Joe’s, among others.
Ackerman & Co. has developed and acquired 44 million square feet of office, medical, industrial, retail and mixed-use space, maintains 7 million square feet under management and supports an investment portfolio valued at $1 billion.
Founded in 1992, Comras Co. is a boutique real estate development and leasing firm that is recognized for its role in shaping various destinations in South Florida, such as Lincoln Road, Wynwood, Miami Design District, Coconut Grove, Downtown Miami, Coral Gables and East Las Olas Boulevard.
— Abby Cox