Ackerman & Co. has secured $117 million in financing for Comras Company to acquire five buildings along Lincoln Road in Miami Beach, paving the way for 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.
Comras acquired the five buildings, located 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.
"I'm thrilled to secure this financing for my longtime client, Comras Company, for this exciting redevelopment. NoLi promises to be another transformative development by Comras in Miami Beach, alongside recently completed projects like the CocoWalk redevelopment in Coconut Grove and the retail component of Miami World Center," said Jonathan Rice.
Plans call for renovations to create more than 40 inline retail spaces for a curated blend of boutique retail, dining, wellness and lifestyle concepts, with the goal of opening in the first quarter of 2027. Lincoln Road is also set to benefit from almost $30 million in city-funded streetscape upgrades that will include fresh landscaping, additional outdoor seating, improved lighting and expanded sidewalks.
This financing underscores the continued investor confidence in Miami Beach's retail sector. The NoLi redevelopment is poised to transform a key stretch of Lincoln Road into a vibrant mixed-use corridor, capitalizing on the area's strong pedestrian traffic and tourism. Comras Company has a track record of revitalizing South Florida districts, with recent successes including CocoWalk in Coconut Grove and the retail component of Miami World Center. For more information on Ackerman & Co., visit www.ackermanco.com.
