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Front Page » Business & Finance » Regatta Harbour advances in historic aviation site

Regatta Harbour advances in historic aviation site

Written by on February 4, 2020
Regatta Harbour advances in historic aviation site

The famous waterfront in Coconut Grove seems to be ever fluid, with small to substantial changes a near constant reality.

The dawn of this new year is no different, bringing with it ongoing reconstruction and restoration of the city’s Dinner Key Marina, and the major addition of a new parking garage bordered by commercial and retail uses.

The garage will be managed by the Miami Parking Authority, a main player in a major public-private partnership that is responsible for arguably the biggest change along the shoreline: Regatta Harbour.

Rising on nearly 10 acres at the city’s historic Dinner Key, mixed-use development Regatta Harbour is the combined effort of The TREO Group – a privately held real estate investment firm – the City of Miami, and the parking authority.

Work began on the long-planned development in the fall of 2018, after a series of challenges – some legal and others weather-related.

Eduardo J. Garcia, principal of The TREO Group, said in an email to Miami Today that work on Regatta Harbour is advancing at a steady pace with estimated completion by the first quarter of 2021.

The first major component of the development on the city-owned site – construction of a new dry storage marina next to Miami City Hall – has been completed, according to Mr. Garcia.

“It has been fully completed,” he said.

“We are well on our way with our construction despite some delays along the way. Several of the components are already completed. We expect by first quarter of 2021 the great majority of the project will be finalized,” Mr. Garcia wrote.

The developer says Regatta Harbour is spearheading Coconut Grove’s waterfront resurgence.

As an ode to old Coconut Grove, the property’s historic airplane hangars, utilized about a century ago as the first continental naval air station and later by Pan Am Airways, are being preserved and renovated to create some 40,000 square feet ideal for a gourmet food hall, specialty market, fitness or entertainment concept.

The project, backed by a $33 million construction loan, is also to offer water amenities including marina services with dry storage slips for 400 vessels, 700 feet of transient floating docks, and an upgraded and relocated boat fueling station.

The first phase was completed in 2019 with the delivery of its marina, following a $5.5 million overhaul of the former Grove Key Marina site.

“We are currently under construction on both of the historic hangars, retail space and parking garage,” said Mr. Garcia.

 He said delays that held up the project for years are history.

“Those delays are all behind us now and the project is rapidly moving along the construction process,” Mr. Garcia wrote.

The overall plan is to remake the waterfront in an area that for years was home to Scotty’s Landing and The Chart House restaurants.

In December, The TREO Group announced it has added another star tenant by signing a lease with Anatomy, a progressive fitness community that integrates exercise programing with sports science, wellness and beauty.

To be situated at 3385 Pan American Drive, Anatomy will encompass 14,500 square feet in the southern region of the retail space on the ground floor of the project’s modern parking garage.

This news followed the completion of Regatta Harbour’s marina and signed lease with celebrity chef Jeremy Ford, to bring a new boat-to-table restaurant concept, Afishonado.

When finished, Regatta Harbour will activate the area’s bayfront with a long-awaited lifestyle destination, the developer said.

The Arquitectonica-designed project is to have more than 100,000 square feet of specialty retail and high-profile, chef-driven restaurants.

“It is exciting to welcome Anatomy to Regatta Harbour, especially as we see project construction continue to evolve,” Mr. Garcia said.

“The addition of this innovative fitness brand supports our vision and strategy to create a new and vibrant experience that will dramatically enhance the community and the waterfront,” he said at the announcement of Anatomy’s role.

Anatomy delivers three main elements: sweat, enhance and recover. Through personal training, Pilates and a variety of group classes, the programming is designed for each individual. Self-care is valued heavily through the use of vitamin infusion, endermologie treatments and beauty services, the company said.

Regatta Harbour marks Anatomy’s third gym in South Florida, joining locations in Midtown and Miami Beach. It is slated for completion this year.

“We are thrilled to collaborate with Regatta Harbour on the opening of our newest Miami location, especially in an area like Coconut Grove with its fitness-centric population,” stated Chris Paciello, co-founder of Anatomy.

“We are excited to join in the revitalization of an area into a lively neighborhood centerpiece, which aligns with our mission to establish integrated health and wellness communities, while developing our Anatomy community and brand even further. Together, it is a strong synergy that would not be possible without the support of our local community,” Mr. Paciello added.

FirstBank is providing the financing for Regatta Harbour.

Lyle Stern and Sara Wolfe of Koniver Stern Group oversee leasing of the commercial space.