Shopping Center Business

AUG 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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FLORIDA 42 • SHOPPING CENTER BUSINESS • August 2018 HUNGRY FOR DIVERSITY Just as grocery stores are import- ant anchors in new developments, a healthy tenant mix that includes a va- riety of restaurants is topping land- lords' and developers' wish lists. "At the end of the day, no matter what happens with technology, people are still going to want to go out for dinner or lunch," says Daniel Chaber- man of Grupo Eco. The Mexico-based development group recently wrapped up construc- tion on the first phase of Atlantic Village in Hallandale Beach. Accord- ing to Chaberman, Grupo Eco saw a need for quality restaurants in the city, so the firm focused the project on gastronomy. The first phase of Atlantic Village is fully leased to restaurants includ- ing Doggie's Arepa Bar, a Venezuelan restaurant which is opening its fifth location at the center; Sardina Kosher, an Israeli restaurant with several loca- tions in Tel Aviv; La Estancia Argenti- na, an Argentinean grill and market; Burgerim, a national fast-casual fran- chise; and Juice Mafia, a juice bar and açaí bowl concept. "The market has been suffer- ing through a big transition," says Chaberman. "At the end of the day, developers can do the most beautiful building in the world, but if it doesn't have the right tenant mix, then the project is kind of worthless." Tourism has always been a demand driver for restaurants in Orlando, and a new bill signed into law is making it more enticing for smaller tenants to expand in the area. Earlier this year, Florida Governor Rick Scott signed a bill for Special Food Service licenses, making it eas- ier for small restaurants to offer full liquor options. "This has attracted smaller restau- rants to the area and allowed pre-ex- isting places to expand their beverage options and enhance the guest's dining experience," says Thomas Chatmon, Jr., executive director of the Orlan- do Downtown Development Board/ Community Redevelopment Agency. Last year, downtown Orlando wel- comed Ace Cafe's first North American location. The restaurant, located next to a motorcycle dealer, draws motorcycle and car enthusiasts from around the world. Buda Libre, a Latin-American fusion restaurant from Puerto Rico-based chef Roberto Treviño, also opened last year in Orlando's historic Church Street District. "Downtown Orlando is an ethnical- ly-driven metropolitan area, with an adventurous, food-loving culture," says Chatmon. The fast-casual segment is still a growing sector across Florida, and those users are pushing hard for new locations all over the state. "The nationals are still growing very hard," says Castan of Courte- lis Co. "Zoe's Kitchen, MOD Pizza, BurgerFi and McAlister's Deli, for ex- ample, have been filling multi-tenant outparcels. The craft brew segment has also been very active." According to Gallaher of NAI Mi- ami, breweries can help bring balance to a center. In 2016, NAI Miami arranged an 11,300-square-foot lease with Night- Life Brewing Co. at the Shops of Mar- lins Park, marking the first brewery approved in a retail zoning for the City of Miami. The microbrewery faces the main pavilion of Marlins Ballpark. "A lot of landlords are turning their nose up to the use, but in actuality breweries drive a lot of desirable traf- fic to centers and submarkets," says Gallaher. "There are a lot of co-ten- ants that seek out these traffic drivers as they not only create buwsiness, but also define the area's culture." The retail environment is changing, and if retailers don't respond then they are going to be in trouble, says Cross- man of Crossman & Co. "Today's retail owner needs to be nimble, flexible and quick," he says. "There's a lot to understand in this business and they have to be passion- ate about the fundamentals and inno- vative to the changes." SCB Florida's Premier r eal estate Brokerage (305) 363-4750 tiktinrealestate.com icsc orlando Booth # 3049

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