$1M rent, $100 steaks: Inside Coconut Grove’s booming restaurant scene
Coconut Grove's restaurant boom comes with steep rent increases that challenge longtime establishments.
Coconut Grove’s evolution into one of Miami’s hottest dining scenes came at a cost, as soaring rents have threatened or shut down restaurants that helped transform the neighborhood into a dinner destination. The area once seen as a bohemian enclave had average direct asking retail rents of more than $110 per square foot in the second quarter, one of the highest of any Miami-Dade submarket, according to Colliers. That’s more than double rent prices of a decade ago, when the average was $45.50 per square foot. Chef and restaurant owner Michael Beltran, who is from Miami-Dade, debuted his first concept […] This article originally appeared on The Real Deal. Click here to read the full story.
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