Michael Comras.
Michael Comras
President and CEO at The Comras Company
Walk around any popular retail district in the Miami area, and chances are Michael Comras had a hand in breathing new life into it.
Back in the early aughts, the broker helped revitalize South Beach’s Lincoln Road by bringing in national brands like Nike and Apple. The turnaround culminated with rents peaking at about $400 per square foot and Comras, along with a partner, selling a block for $370 million in 2015 to Zara’s billionaire founder Amancio Ortega, a deal that remains one of Miami’s priciest retail sales.
“I like to go into different areas and create a sense of place, a destination where people want to hang out,” Comras said.
What sets Comras apart is not only his knack for reinvigorating areas, but also the fact that he does it all — he’s a leasing broker, an investor and a developer. Thanks to his track record, major institutional investors partner with him to reposition retail and mixed-use properties.
In his latest conquest, Comras took on Coconut Grove, a bohemian, leafy neighborhood. He partnered with Federal Realty Investment Trust and Grass River Property to revamp CocoWalk, an ailing outdoor mall that was completed in the 1990s. The joint venture added a luxury office component, and the existing Cheesecake Factory eventually gave way to a bistro headed by nightlife mogul David Grutman. Within a year of the expanded CocoWalk’s 2021 completion, the 350,000-square-foot property was fully leased.
In other parts of the neighborhood, the broker brought in popular brands such as Warby Parker and Jeffrey Chodorow’s RedFarm restaurant, set to open later this year. These additions helped Coconut Grove become one of Miami’s most sought-after neighborhoods.
Across town in the Design District, Comras helped private equity giant Apollo Global Management salvage its 16-building portfolio after the original owners defaulted on their $220 million loan. Comras linked many of the properties together, creating what he calls a “village of buildings,” a move that got Restoration Hardware to sign a lease. After that deal went sour, a joint venture led by the owners of a neighboring retail development bought the portfolio last year, allowing Apollo to recoup much of its investment.
“We had built identity to the west side of the district, and all of a sudden we had people that were interested in acquiring the property,” Comras said. “We solve someone else’s problem.” — J.E.
