Wynwood is completing the gentrification cycle by welcoming Starbucks to the neighborhood.
The coffee shop giant inked a 2,615-square-foot lease at Society Wynwood, a 318-unit development under construction at 2431 NW Second Avenue. The cafe will be Starbucks’s first in the buzzy neighborhood.
PMG and Greybrook Realty Partners are developing the multifamily property, but Starbucks’ landlord will be Tricera Capital and Lndmrk Development. The latter joint venture agreed to purchase the retail component of Society Wynwood, which spans 32,000 square feet, in 2019.
Construction is scheduled to be completed by the end of the year. The sale, which now stands as a hard contract, is expected to close once the development receives a temporary certificate of occupancy. A representative for the joint venture declined to provide the sale price.
Starbucks is often seen as the harbinger of gentrification, but in this case it’s more of a confirmation of Wynwood’s complete transformation from a historically industrial neighborhood to a popular nightlife destination and tech hub, thanks, in part, to new developments like Society Wynwood.
Joining the coffee shop at the Society property is Nacho Daddy, a Mexican chain originally from Las Vegas, and a casual concept by the owners of Chama De Fogo Brazilian Steakhouse. The two leases each span about 5,500 square feet.
The agreements bring Wynwood’s retail component to about halfway leased. The outposts are expected to open between the second and third quarters of 2024, said a representative for Tricera. All three deals are over 10 years long and had asking rents of $140 per square foot, triple net.
Chama De Fogo’s outpost will feature a casual restaurant, butcher shop and delicatessen, according to a spokesperson for Tricera, who did not name the concept. Byblos Hospitality Holdings’ Elizabeth Hazan, who worked as a consultant for Chama De Fogo, could not be reached for comment.
Since launching in 1979, Chama De Fogo has grown into a global brand with 74 locations, including three in South Florida. The Society Wynwood restaurant marks the steakhouse’s second lease in Wynwood.
The restaurant chain, owned by private equity firm Rhône Capital, signed a 7,500-square-foot lease earlier this year at Thor Equities’ Wynwood Walk development, where it plans to open a concept called Oliveira’s Brazilian Steakhouse.
For Nacho Daddy, the Wynwood location marks its first in Florida and its seventh nationwide.
Irma Figueroa, Andrew Rosenberg and Max Gelband from The Comras Company represented Tricera and Lndmrk. Elizabeth Higgins, Marty Arrivo and Aracibo Quintana of Acre represented Starbucks. Colliers’ Jenny Geffen and Dave Preston represented Nacho Daddy.
Julia Echikson can be reached at email@example.com.