Coconut Grove Miami real estate has been struggling for the past few years with CocoWalk in foreclosure, tye Movie Theater closed Coconut Grove Playhouse boarded up and the Coconut Grove Convention Center no longer attracts tourists.
Because of the recession and more competitors Coconut Grove just isn’t that popular anymore.
Downtown Miami, Miracle Mile in Coral Gables and Mary Brickell Village have taken away most of the business.
The combination has been too much for many Miami real estate business owners. Shops and many Miami restaurants have thrown the towel in.
Some believe including Miami city commissioner, Marc Sarnoff that The Grove has bottomed out and just needs a face lift.
In April the improvement district started to focus in this by cleaning up the trash, installing new street lights, increasing security and funding events designed to bring in people.
A significant piece of the puzzle will be CocoWalk's ability to come out of foreclosure.
PMAT CocoWalk, the owner that the ``foreclosure proceeding is suspended.'' And that if the financial issues are resolved they will move forward to find tenants and if successful in resolving its financial issues, PMAT says it plans to move forward with finding tenants and reposition CocoWalk.
Here are some positive signs that the Grove may be on its way to revival:
- A 13-screen Muvico Theater scheduled to open late May or early June.
- Owner of GreenStreet Cafe plans to open LuLu cafe on May 1.
- Mayfair in the Grove has recently completed an $11 million renovation.
- This summer the city will start a $3.5 million project to widen the sidewalks and make the area more pedestrian friendly.
Still, the Grove faces many challenges.
Some say a lot of young patrons have disappeared since the city changed the late-night drinking hours from 5 a.m. to 3 a.m.
One business owner says his sales have dropped 40 percent since then and his profit is off more than 50 percent.
Local Miami real estate experts say another problem is the lack of a cohesive marketing plan for the Grove and a sense of place.
Contributed by MLR Realty
