Ackerman & Co. Secures $117 Million Financing for NoLi Redevelopment on Miami Beach's Lincoln Road

Ackerman & Co. has secured $117 million in financing for Comras Company to acquire five buildings along Lincoln Road in Miami Beach, enabling the redevelopment of the area into NoLi, a newly curated retail, dining and lifestyle destination. Jonathan Rice, Executive Vice President of Capital Markets for Ackerman & Co., arranged the financing with ACORE Capital for this significant redevelopment project.

Comras acquired the five buildings, located along the popular Lincoln Road pedestrian mall, from affiliates of Morgan Stanley and Terranova Corp. The combined properties total 150,000 square feet at 600-612, 719-737, 741 and 801 Lincoln Road and 723 N. Lincoln Lane, representing one of the largest redevelopment opportunities along this iconic Miami Beach corridor.

Jonathan Rice expressed his enthusiasm for the project, stating he was thrilled to secure this financing for his longtime client, Comras Company. He noted that NoLi promises to be another transformative development by Comras in Miami Beach, following recently completed projects like the CocoWalk redevelopment in Coconut Grove and the retail component of Miami World Center.

The redevelopment plans call for extensive renovations to create more than 40 inline retail spaces designed for a curated blend of boutique retail, dining, wellness and lifestyle concepts. The project is scheduled to open in the first quarter of 2027, marking a significant milestone in the ongoing evolution of Lincoln Road as a premier shopping and entertainment destination.

Lincoln Road is also set to benefit from nearly $30 million in city-funded streetscape upgrades that will complement the private redevelopment efforts. These public improvements will include fresh landscaping, additional outdoor seating, improved lighting and expanded sidewalks, creating a more pedestrian-friendly environment that aligns with the vision for NoLi.

The financing arrangement by Ackerman & Co. represents a major vote of confidence in both the Miami Beach real estate market and Comras Company's track record of successful retail transformations. Comras Company, founded in 1992 by Michael Comras, has been a driving force behind the transformation of South Florida's most desirable commercial and mixed-use districts, with expertise spanning project planning, site identification, marketing, leasing, joint venture development and sales and acquisitions.

This redevelopment comes at a time when Lincoln Road continues to evolve as one of South Florida's premier retail destinations. The project's timing aligns with broader trends in retail real estate that emphasize curated experiences, mixed-use environments, and destination-oriented shopping. The combination of private redevelopment and public infrastructure investment suggests strong confidence in the long-term viability of Lincoln Road as a retail and lifestyle hub.

The successful financing arrangement demonstrates Ackerman & Co.'s capabilities in commercial real estate capital markets. Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. More information about the company is available at https://www.ackermanco.com.

The NoLi redevelopment represents a significant investment in Miami Beach's retail landscape and is expected to create new opportunities for retailers, restaurateurs, and service providers seeking premium locations along one of South Florida's most famous shopping corridors. The project's completion in 2027 will likely influence retail trends throughout the region and set new standards for mixed-use development in urban pedestrian environments.