Time Out’s Miami Beach Food Hall to Close
By Jeff Ostrowski June 1, 2023 4:20 pm
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In a sign the food hall fad might be fading, Time Out Market Miami said it will close June 30.
The 18,000-square-foot food hall opened in 2019 at 1601 Drexel Avenue in Miami Beach near the Lincoln Road pedestrian mall. More than 20 eateries – including Baklava Bakery, KAE Sushi, Pho Mo and PizzElla – operate from the space.
Time Out, a London-based publishing firm that branched into food halls, announced the move Thursday but didn’t explain why it was shuttering the Miami Beach location.
“We continue to grow our Time Out Market business with our six existing sites,” Sandy Hayek, Time Out Market’s co-CEO of operations, said in a statement. “In addition, over the next few years we will focus on bringing new markets to cities around the world — we have a pipeline of eight new sites, with more to come.”
Time Out Market isn’t the first South Florida food hall to hit a rough patch. Delray Beach Marketplace opened at 33 Southeast Third Avenue in 2021 and, at 150,000 square feet, billed itself as the largest food hall in Florida. But Developer Craig Menin is already reworking the food hall model at that space. The property is under renovation, and a sports bar and Greek restaurant have signed leases to take over most of the space occupied by small operators.
Additionally, landlord Crescent Heights recently confirmed that Major Food Group has canceled its 10,000-square-foot lease at 1212 Lincoln Road, where it planned to open an outpost of its Sadelle’s brunch concept along with a market.
Food halls generally mix gourmet dishes with quick service and a casual setting. Restaurateurs are attracted by an upfront investment that’s far smaller than starting a full eatery, while owners like the ability to swap out tenants if one fails.
“Nationally, there was a big rush to open food halls,” Lyle Stern, president of the Lincoln Road Business Improvement District, told Commercial Observer. “But it’s a management-intensive business.”
Time Out Market’s departure comes at a time of strong demand for restaurant space in South Beach, he said.
“When you think of how difficult it is to get restaurant space approved and built,” Stern said, “it’s a great opportunity.”
Time Out has three other markets in the U.S., in New York, Boston and Chicago, as well as additional international locations.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
