The Streets of Mayfair Transforming to Mixed-Use Complex

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.