Miami Beach's Lincoln Road Secures $117 Million for NoLi Redevelopment Project

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 in a deal that signals significant investor confidence in Miami Beach's retail market.

The financing supports Comras Company's acquisition of five buildings along the popular Lincoln Road pedestrian mall from affiliates of Morgan Stanley and Terranova Corp. The combined properties total 150,000 square feet at 600-612, 719-737, 741 and 801 Lincoln Road and 723 N. Lincoln Lane, representing one of the largest redevelopment projects currently underway in Miami Beach.

Jonathan Rice expressed enthusiasm for the project, stating his pleasure in securing financing for his longtime client Comras Company. He noted that NoLi promises to be another transformative development by Comras in Miami Beach, joining recently completed projects like the CocoWalk redevelopment in Coconut Grove and the retail component of Miami World Center.

The 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, with construction and leasing activities expected to generate substantial economic activity in the area during the interim period.

Lincoln Road is also set to benefit from nearly $30 million in city-funded streetscape upgrades that will complement the private redevelopment. These public improvements will include fresh landscaping, additional outdoor seating, improved lighting and expanded sidewalks, creating a more pedestrian-friendly environment that enhances the shopping and dining experience.

The NoLi project represents the latest chapter in Comras Company's long history of transforming South Florida's commercial districts. Founded in 1992 by Michael Comras, the boutique real estate development and leasing firm has been instrumental in shaping iconic destinations throughout the region. The company's portfolio includes work in Lincoln Road, Wynwood, Miami Design District, Coconut Grove, Downtown Miami, Coral Gables and East Las Olas Boulevard.

Comras Company has established itself as a leader in the retail real estate sector, completing transactions with global retail leaders and spearheading major redevelopment projects. The firm's expertise spans project planning, site identification, marketing, leasing, joint venture development and sales and acquisitions, positioning it well to execute the ambitious NoLi vision.

Ackerman & Co., headquartered in Atlanta, brings substantial commercial real estate experience to the financing arrangement. The privately held, full-service firm has developed and acquired 44 million square feet of office, medical, industrial, retail and mixed-use space throughout its history. The company maintains an investment portfolio valued at $1 billion and has 7 million square feet under management. More information about the firm's services can be found at https://www.ackermanco.com.

The timing of this redevelopment coincides with Miami Beach's continued evolution as a premier retail and tourism destination. The combination of private investment in the NoLi project and public investment in streetscape improvements demonstrates a coordinated approach to enhancing Lincoln Road's appeal to both local residents and visitors. The project's success could influence future development patterns throughout Miami Beach and set new standards for retail curation in urban shopping districts.