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.
"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. The combined properties total 150,000 square feet at 600-612, 719-737, 741 and 801 Lincoln Road and 723 N. Lincoln Lane. 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.
The significance of this announcement lies in the continued transformation of Miami Beach's iconic Lincoln Road area. Comras Company, known for reshaping South Florida's most desirable districts, is bringing its expertise to a corridor already undergoing substantial public investment. The $30 million streetscape upgrades, combined with private redevelopment, signal a major revitalization effort that could boost tourism, local business, and property values. The NoLi project aligns with broader trends in retail real estate, focusing on experiential concepts and curated tenant mixes rather than traditional anchor stores.
Comras Company, founded in 1992 by Michael Comras, is a boutique real estate development and leasing firm that has been a driving force behind transformations in Wynwood, Miami Design District, Coconut Grove, and other areas. The firm's track record includes transactions with global retailers like Apple, Nike, and Sephora, as well as spearheading the redevelopment of CocoWalk in Coconut Grove. Embracing the slogan "Redefining Retail," Comras continues to adapt assets to meet evolving consumer trends.
Ackerman & Co., headquartered in Atlanta, is a full-service commercial real estate firm focused on the Southeast. The company has developed and acquired 44 million square feet of space and maintains an investment portfolio valued at $1 billion. Ackerman Retail, a division of the firm, has completed more than 10 million square feet of transactions valued at $1.7 billion. For more information, visit www.ackermanco.com.
