Coral Gables is set for retail and restaurant rush this year
Coral Gables’ population and business growth have made it a magnet for restaurants and retailers.
Twenty-five more shops and restaurants are slated to open in the city this year. They’re coming to Giralda Plaza, Miracle
Mile and Ponce de Leon and all corners of the Gables, said Belkys Perez, the city’s assistant director of economic development.
Gables’ retail scene continues to bloom after a wave of openings in late 2021 and more commercial space available with the completion of the Plaza Coral Gables. The community appears to have started a new chapter after a whirlwind of challenges, including two years of construction on a streetscape, a slowdown in retail sales during the start of the COVID-19 pandemic and a robbery in late 2019.
“It speaks volumes to what we offer in the city. We are positioned for growth,” Perez said. “People want to spend time outdoors. We have a safe community with wide sidewalks. You have multiple communities around this city. We have a large customer base that comes here. Having all of those options is just going to attract more people here.”
Known as a desirable residential area with lush vegetation and Mediterranean-inspired architecture, newcomers have landed in one of Miami-Dade’s most expensive neighborhoods. That and the area’s office tenants boost foot traffic for commercial tenants. The number of visitors rose by 55% alone in the community’s historic retail strip Miracle Mile over the past year to 667,229 from 431,587 in 2021.
More retailers clearly want a piece of the action. Of the 2.5 million retail square footage in Coral Gables, the city has only a 1.7% vacancy rate; that’s considerably below the 3.3% vacancy rate for Miami-Dade County, according to data from Colliers’ 2022 fourth-quarter report.
While some national chains such as Starbucks have cropped up, the Gables is known for independently-owned merchants and restaurants, a
plus in a time when more shoppers want to buy local. It’s one of the few communities in South Florida not dominated by national retailers and eateries.
“A lot of people will want to support their local bakery or Italian restaurant. I am the same way as the shopper,” said Jonathan Rosen, Colliers’ director of retail services in South Florida. “There’s more heart and love when going to a local restaurant, retail or boutique.”
Economic gray clouds this year will challenge Gables’ retailers, but they are better positioned than many others in MiamiDade. Jeffrey Havsy, an economist at Moody’s Analytics, predicted rising interest rates and a potential recession spell trouble for commercial tenants and landlords nationwide.
Coral Gables retailers are paying average rents 26% higher than a year ago, according to data from Colliers’ 2022 fourthquarter report. The average asking rent is $48 a square foot, up from $38 a square foot during the same period of 2021.
“We’re all aware what’s happening nationally, but a market like Coral Gables is somewhat shielded from those national headlines. It is always going to be an appealing area,” Rosen said. “Coral Gables is on the receiving end of companies who want to leave their current state or wants to expand.”
Here are the restaurants and new stores coming this year to the Gables: