MIAMI--(BUSINESS WIRE)--CGI Merchant Group LLC (CGI), a private equity, alternative investment management firm that focuses on real estate value-add investment opportunities, today announced the execution of several leases with new tenants, including The Gramercy, Club Pilates, and The Nexus Workspaces.
Leading the rebirth of Coral Gables and its renewed potential as a dining and nightlife destination, Roman Jones of Kiki on the River and Mandrake has created a new concept called The Gramercy for this Miracle Mile Second-Generation Space. The Gramercy will have the look and feel of a baroque atelier with rich and warm finishes, exposed brick, velvet banquettes, French tile and prime oak floors. Guests will be able to enjoy different areas, including a library lounge, pool table and grand bar where Happy Hour will reign supreme. The outside courtyard will feature a grassy park setting with outdoor seating. Chef Steve Rhee will conceptualize the well-rounded menu of American classics like Prime Rib, Lobster Melts and table-side tossed Caesar Salad along with flambé desserts like Baked Alaska and Bananas Foster. A separate sushi bar will feature Canal Street imagery and bring a downtown feel to the space.
“The name of the eatery and bar is a nod to Manhattan and its everlasting style and charm,” said Roman Jones, owner of The Gramercy. “Our goal is for The Gramercy to bring the [New York] life to Miracle Mile, where guests can enjoy a lively atmosphere and evening excitement, every time they visit.”
In addition to The Gramercy, 55 Miracle Mile has also executed a 10-year lease with Club Pilates. The 1,900-sq.-ft. studio is set to open in Q4 2019 and will offer low-impact, full-body workouts through a range of classes, private and semi-private sessions, that challenge the mind and body. The innovative concept and approach of Club Pilates is among the reasons it has become a popular choice for those who enjoy fitness and wellness.
“We are excited to announce the addition of The Gramercy, Club Pilates, and CGI-owned The Nexus Workspaces to Miracle Mile,” says Raoul Thomas, founder and CEO of CGI. “As established tenants with successful track records, we have no doubt these concepts will make significant contributions to the co-tenancy of the building.”
Coral Gables’ world renowned “Miracle Mile” shopping district features a myriad of upscale dining, retail and hotel options. In addition to numerous mixed-use developments currently underway such as The Plaza and Gables Station, the City has recently spent over $80 million to enhance infrastructure, including street lighting and resurfacing. The exceptional location in Coral Gables is reflective of the success of CGI’s new tenants.
CBRE’s Danny, Patxi, and Paco Diaz, also known as The Diaz Team, leased the 8,278 sq. ft. of retail space at 55 Miracle Mile for The Gramercy and Club Pilates. “We had a long list of interested restauranteurs going after the location, but CGI strategically selected Roman and his group because they felt he was the perfect fit to bring back the energy at 55 Miracle Mile,” said Patxi Diaz, Senior Associate of CBRE. “Club Pilates is also a well-respected national brand and will complement the live-work-play atmosphere that CGI is creating for 55 Miracle Mile.”
About CGI Merchant Group
CGI Merchant Group (“CGI”) is a private equity, alternative investment management firm that focuses on real estate value-add investment opportunities. Through effective management and strategic financing, CGI increases the value of its commercial real estate investments, transforming them into Class A, fully-operational assets. CGI currently has over $300 MM in assets under management. The Firm has a wealth of knowledge on capital markets – which combined with its ingenuity and experience – distinguishes it from other alternative investment managers.
For more information, visit www.cgimg.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
For more information, visit www.cbre.com