As the retail and hospitality market continues to experience a rapid recovery in South Florida, regional F&B powerhouse 305 Concepts has executed two new Coyo Taco leases for locations in Downtown Fort Lauderdale and South Miami. The popular restaurant, which leads its sector, has multiple locations in South Florida and abroad and is known for its highly rated authentic Mexican street food. Colliers’ Jenny Gefen, Director - Retail, represented Coyo Taco in both of the transactions.
In South Miami, Coyo Taco will be opening in a freestanding building on US-1, formerly occupied by Spring Chicken at 1514 S. Dixie Highway. The group chose the 3,819 SF space due to its position and close proximity to the University of Miami. The landlord was represented by Cushman & Wakefield.
“This is a rare, freestanding second generation restaurant space with excellent visibility to US-1 in a highly sought-after submarket,” Gefen said. “These transactions highlight continued broad optimism over the future of the South Florida restaurant industry, and the robust strength of the market for prime retail space as we continue to move forward with positive momentum out of and past COVID.”
In downtown Fort Lauderdale, Coyo will be opening in the 2,905 SF former Suviche space at Bank of America Plaza (401 E Las Olas Boulevard). This location will be Coyo Taco’s first location in Broward County. The landlord was represented by Jeff Evans and Michael Silverman of The Comras Company.
“Las Olas is the downtown core of Fort Lauderdale and Broward County, making it a perfect fit for Coyo Taco’s first Broward County location,” said Gefen. “The restaurant is perfectly positioned at the center of the central business district, on the ground floor of arguably the top-Class A office building in Broward County, surrounded by dense and growing vertical residential.” Coyo Taco anticipates openings for both locations in Q4 of this year.
Coyo Taco’s co-founders, Sven Vogtland and Alan Drummond of 305 Concepts LLC., are also behind Wynwood’s 1-800-Lucky and The Oasis, a new 35,000 square-foot outdoor courtyard featuring six premier restaurant vendors, live performances, a fitness studio, and more.
“We have been very fortunate to find second generation spaces in markets that were difficult to penetrate pre-Covid. Our team feels that both locations fit extremely well within Coyo’s existing footprint, and we look forward to continuing our expansion throughout Florida,” said Drummond.
According to the Colliers International Q1 retail market report, the Miami-Dade retail market remained strong, with only a .3% increase in vacancy since Q1 2020.
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