396 Alhambra Makes Retail Bets

MIAMI—396 Alhambra has done well leasing office space. Now, the mixed-use development is working to fill up its newly delivered retail space.

The developer, Agave Holdings, LLC, has made available 17,800 square feet of prime street-level retail and restaurant space in the heart of Downtown Coral Gables. 396 Alhambra's retail space directly fronts Coral Gables' Restaurant Row district and is one block from Miracle Mile. It is the largest contiguous block of retail and restaurant product now available in the Coral Gables Business District.

“396 Alhambra is the largest mixed-use project to take shape in Coral Gables in years and this new retail space will extend Giralda Avenue's Restaurant Row westward,” says Danet Linares, executive vice president of Blanca Commercial Real Estate, the development's exclusive leasing agent. The retail space is directly next to 396 Alhambra's two class A office towers, which are 78% leased and will have a daily population of more than 900 employees once fully occupied. That creates a built-in demand for retail product.

“This area's emergence as a hotbed of commercial and residential growth makes these storefronts ideal for regional, national and multinational retailers and restaurateurs seeking a presence in one of Miami's top dining destinations,” Linares says. Indeed, Coral Gables has experienced significant growth in recent years. More than 231,000 people live within a three mile radius of 396 Alhambra, with the City's residential population generating an average household income of $125,899.

More than 20 consulates and foreign government offices and more than 140 multinational corporations call Coral Gables home. The city's commercial population swells to approximately 32,000 employees daily, with nearly 1,000 people anticipated to work at 396 Alhambra once the building is fully occupied.

The new retail product at 396 Alhambra delivers just as Coral Gables welcomes a flurry of new retail and restaurant openings. The building's tenant roster includes HBO Latin America, Diageo, Mondelez International (Kraft), Millicom International Services, law firm Richman Greer, P.A., Banco Pichincha, CitiBank, N.A., and architecture firm RTKL Associates, among others.