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MIAMI-DRA Advisors Inc., a New York-based real estate investment management, is spending more than $6 million to transform the Streets of Mayfair in Coconut Grove, FL into a mixed-use complex. After the conversion, the two upper floors of the 23-year-old landmark shopping center will be offer class A office space with a private, ground-floor lobby. Stores, restaurants and clubs will be relocated to the bottom level.

After the project’s completion, which is expected in the first quarter of next year, it will consist of 120,000 sf of new office, 110,280 feet of retail, 35,734 feet of restaurant space and 9,612 feet of residential, for a total of 275,626 sf. Continental Real Estate Cos., which is providing construction management and leasing services for the new project, is leasing office space at $25 to $30 per sf, full-service, which is typical for the area.

The first tenant to sign a lease for office space there is the nationally known advertising agency Crispin Porter & Bogusky, which will move into 42,000 sf on the third floor in the former Regal Cinemas space. The agency’s build-out includes enlarged windows, a mezzanine loft and a presentation and screening room.

Continental is currently in talks with several downtown and Brickell Avenue law firms, accounting firms and creative services companies, according to a spokesman for the project. Crispin Porter and other office tenants are expected to start moving in to the new center starting early next year. Retail tenants include Borders Books & Café, Banana Republic, the Limited, Benetton, Ann Taylor Loft, the Fitness Co., Improv Comedy Club and Oxygen.

More than 85% of the ground-floor retail and restaurant space is committed, and more than 50% of the office space has been leased, according to Carol Greenberg Brooks, president of Continental.

“No doubt, the property’s retailers and restaurants will benefit handsomely from the hundreds of new anticipated office workers the new renovation will bring into the area on a daily basis,” Brooks said in a statement. “Tenants want their offices to be easily accessible by foot to restaurants, shops, even to their homes.”

The general contractor for the transformation is Trigram Construction Inc., and the architect is Gail Baldwin of Gail Byron Baldwin Architect Inc., both Miami, FL, companies.

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