MIAMI—If you've had your eye on Doral, FL over the past year, it's time to take another look. That's because construction is almost compete and tenant are getting ready to move into one of a key retail project there.
Doral Commons, Terra Group's new 140,000 square-foot retail center in Doral is already 90% leased. Tenants include Publix, Citibank, GNC, AT&T Wireless, McDonald's, and TJ Maxx.
But there's a larger trend behind this grand opening story. Indeed, demand for retail space at Doral Commons points to the community's rising population and plans for continued residential and commercial growth.
“The vast majority of residential product in Miami-Dade County is located in the suburbs, and Doral's increasing population and rising income levels are driving retail demand and expansion,” says David Martin, president and co-founder of Terra. “Our mission at Terra has always been to develop projects that improve communities, and we're doing that with Doral Commons by meeting growing retail demand with a development that caters to residents' everyday needs.”
Doral Commons sits at intersection of Northwest 107 Avenue and 74th Street. That's close to two Terra residential developments now under construction, Modern Doral and Neovita.
Modern Doral draws from modern architecture in a luxury community. Neovita is a collection of townhomes and single-family residences. Terra also built Doral Cay, Las Ramblas, Vintage Estates and Reserve at Doral, showing its heavy stake in the emerging area.
Construction of Doral Commons is in the final stages and will be open for business in the fourth quarter of this year. Rod Castan, president of leasing and management for The Courtelis Company, is overseeing leasing for the center.
“We're seeing a surge of demand for new retail in Doral, and properties like Doral Commons are benefitting,” says Castan. “With new residential developments underway in the area, and several large employers already doing business in Doral, Doral Commons will be a welcomed amenity for thousands of residents once its completed later this year.”
Want to know more about Terra's secret strategy? Read my exclusive interview with Martin.
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