May 22, 2015
This May, Metro 1, Miami’s urban-minded full-service real estate organization, announced the leasing success of MiMo’s South Pacific Wotel and Stephen’s MiMo Plaza, both located in Miami’s emerging Upper East Side.
Centrally located between Edgewater, Miami Shores and Little Haiti, the Upper East Side is becoming increasingly appealing to Miami’s urban businesses. Owned and developed by Avra Jain, a New York stockbroker turned real estate developer, these historic MiMo buildings will incorporate unique retail spaces once their renovations are complete. Many local companies and established brands have secured their presence in two of the area’s best-sited historic buildings before the Temporary Certificate of Occupancy (TCO) is issued.
Metro 1 has successfully leased these spaces at full asking price, setting a benchmark in rental rates for the area. Stephan’s MiMo Plaza has been fully leased by businesses such as Starbucks, Beacon Hill Chocolates and The Real Deal Florida. The adjacent building, South Pacific Wotel, is still undergoing renovations and has secured La Prep Daily Fresh Café as an occupant. It will also add eight to 10 office spaces adapted from the original motel.
Tony Arellano, the executive vice president of Metro 1 Commercial, said his company’s efforts are part of a larger revitalization effort.
“Metro 1 is thrilled to be a part of the revitalization of this important emergent neighborhood,” he said. “This is a strong retail corridor and these particular historic buildings are a compelling and different project, unique to the MiMo character, something tenants look for.”