Open-Air Center North of Miami to Feature Retail, Office, Residential Space
Located in Dania Beach, Florida, Dania Pointe will feature shops, restaurants, hotels, offices and apartments. Credit: Kimco Realty Corp.
Kimco Realty Corp. made good on its pledge to open one of metropolitan Miami's largest mixed-use developments in time for the holiday shopping season.
The first phase of the $800 million Dania Pointe was officially unveiled Thursday in Dania Beach, Florida, just over three weeks from Black Friday, the traditional start of the retail spending spree.
Retailers opening in the first phase include BrandsMart USA, Shoe Carnival, Starbucks, Lucky's Market, Hobby Lobby, TJ Maxx and Bowlmor, a bowling operator.
The center sits on 102 acres along Interstate 95, north of Miami in Broward County. Kimco says more than 300,000 cars a day will pass by the open-air development at 181 S. Bryan Rd.
"It's basic mall science," said Rafael Romero, a vice president of the CREC real estate firm in Coral Gables, Florida. "The busier the highway, the more successful the mall."
Kimco has touted Dania Pointe as a regional draw that will attract patrons from neighboring Miami-Dade and Palm Beach counties. But Romero and other analysts say the tenant mix may not be unique enough to lure shoppers from outside Broward.
"Why go [to Dania Pointe] when you pass the same stores on the way there?" said Alan Bush, a retail analyst with Northlake Partners in West Palm Beach, Florida.
But the developers insist that Dania Pointe brings entertainment options to South Florida and will serve as a sorely needed live-work-play town center for the surrounding community.
The second phase of the planned development will include 370,000 square feet of additional shops, restaurants and entertainment tenants, two Marriott hotels, 250,000 square feet of offices and 600 rental apartments.
That phase is expected to open in 2020 and is already 60 percent preleased, with commitments from Tommy Bahama and Forever 21, among other top retailers.
Kimco, of New Hyde Park, New York, is building Dania Pointe in partnership with a South Florida firm, Master Development Partners.
The developers assembled the land over several years and knocked down a 100-foot tall wooden roller coaster that had become an eyesore since the ride closed in 2011.
Source: CoStar
