Planet Fitness is coming to River Landing Shops and Residences, a $425 million mixed-use development opening this spring in Miami.
The fitness chain is expected to occupy 18,560 square feet and open in the fall. Other tenants include Publix Super Markets, Burlington Stores, TJ Maxx, Hobby Lobby, Chick-fil-A and Old Navy.
River Landing at 1400 NW N. River Drive along the Miami River is scheduled to have 360,000 square feet of retail, 118,000 square feet of offices and 528 apartments.
The project west of downtown Miami will be “a bedrock shopping and lifestyle hub for residents” in such neighborhoods as Allapattah and Little Havana, developer Andrew Hellinger said in a statement. Hellinger’s Urban X Group of Coral Gables, Florida, is building the project with partner Coralee Penabad.
River Landing is one of more than a dozen developments helping to revitalize the Miami River. The project will be accessible by boat.
Miami's retail sector performed well during 2019, though vacancies are pushing higher and closer to the national average, according to the latest report from CoStar Market Analytics.
Still, e-commerce is a drag on Miami retail, with large store closures expected to continue in 2020. Online sales in the U.S. increased by nearly 15% year over year as of the third quarter of 2019, more than three times the rate of total retail sales and food services, the report notes.
"Miami residents are significantly more cost-conscious, as metro income levels are 20% below the national average, making Miamians more likely to go shopping online," the report says.
https://product.costar.com/home/news/435028004
