Ackerman & Co. has secured $117 million in financing for Comras Company to acquire five buildings along Lincoln Road in Miami Beach, enabling the redevelopment of the area into NoLi, a newly curated retail, dining and lifestyle destination. Jonathan Rice, Executive Vice President of Capital Markets for Ackerman & Co., arranged the financing with ACORE Capital, marking a significant step in transforming one of South Florida's most prominent commercial corridors.
The financing supports Comras Company's acquisition of the five buildings from affiliates of Morgan Stanley and Terranova Corp. Located along the popular Lincoln Road pedestrian mall, the combined properties total 150,000 square feet at 600-612, 719-737, 741 and 801 Lincoln Road and 723 N. Lincoln Lane. This acquisition positions Comras to continue its track record of transformative developments in Miami Beach and surrounding areas.
Jonathan Rice expressed enthusiasm about the financing arrangement, stating that he was thrilled to secure this financing for his longtime client, Comras Company, for this exciting redevelopment. Rice noted that 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 World Center. The statement underscores the significance of this project within Comras Company's portfolio of high-profile South Florida developments.
Redevelopment plans call for renovations to create more than 40 inline retail spaces featuring a curated blend of boutique retail, dining, wellness and lifestyle concepts. The project aims to open in the first quarter of 2027, representing a multi-year transformation of this key Lincoln Road section. The timing coincides with nearly $30 million in city-funded streetscape upgrades that will include fresh landscaping, additional outdoor seating, improved lighting and expanded sidewalks, creating synergistic benefits for the entire Lincoln Road corridor.
This development continues Comras Company's legacy of shaping iconic South Florida destinations, having previously contributed to the transformation of areas including Lincoln Road, Wynwood, Miami Design District, Coconut Grove, Downtown Miami, Coral Gables and East Las Olas Boulevard. The firm's expertise in project planning, site identification, marketing, leasing, joint venture development and sales has previously facilitated transactions with global retail leaders like Apple, Nike, and Sephora. For more information about Ackerman & Co., visit https://www.ackermanco.com.
The NoLi redevelopment represents a substantial investment in Miami Beach's commercial infrastructure at a time when the city continues to evolve as a premier retail and lifestyle destination. The project's scale and strategic location along Lincoln Road, combined with complementary public infrastructure improvements, position it to significantly impact the area's economic vitality and visitor experience for years to come.
