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Drug Store Site Emerging as $30-Mil Office/Retail Product

MIAMI BEACH-The eight-story, 140,000-sf Lincoln Place, under construction at Washington Avenue and 16th Street in this eight-mile long, trendy tourist destination, expects to be open for business by early 2002. Comras Co. and financier LNR Property Corp. are doing the project.

By David C. Kimball | Updated on December 28, 2000

MIAMI BEACH-When Comras Co. and financier LNR Property Corp. scouted the former Fedco pharmacy site at Washington Avenue and 16th Street, they knew the perfect fit for that commercial corner would be an eight-story, 140,000-sf office/retail complex. That $30 million, eight-story project, Lincoln Place, is under construction and expects to be completed by early 2002 in this eight-mile long, trendy tourist destination across Biscayne Bay from Miami.

Lincoln Place will offer 100,000 sf of class A office, 30,000 sf of retail and a 500-car parking garage. The project is another part of the current construction boom in class A space in Miami-Dade County not seen since the 1980s, according to Cushman and Wakefield of Florida Inc. Space demand by the Internet and entertainment industries is fueling the boom.

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