CVS/pharmacy to Open at Everglades on the Bay
October 3, 2008 by Lucas Lechuga
A few weeks ago, when I drove by Everglades on the Bay (now known as Vizcayne North) I noticed the "CVS/pharmacy Coming Soon!" sign hanging in the window of their large ground floor commercial space. This may not be jawdropping news but I do think that it is a good sign for Downtown Miami. It shows that the much needed infrastructure for this neighborhood is finally on its way. Large chains are starting to see that Downtown Miami is a viable neighborhood with enough residents to sustain a business despite the current economic downturn.
As far as I've heard, Everglades on the Bay has not yet begun closings but closings will begin shortly. It's great to see that Everglades on the Bay was able to acquire such a strong commercial tenant so soon. There are condo buildings in Miami that began closings over a year ago that still have commercial space that is unoccupied.
As we drove around the city late August, I remember saying that Everglades did a nice job with the street level commercial space. It just seemed more pedestrian friendly and accessible than some of the others. Don’t recall if the CVS sign was there, but it’s is a good thing for Miami! Keep ’em coming.
Yes, I think it’s huge for these condos with retail space to actually have retail. Besides Everglades, what other buildings have a significant retail component.. Met1, 900 Biscayne? Or is 900 targetting office space?
re: Everglades, a realtor that seems to have close ties with them and advertise on Craigs is targetting closing in 60 days although contractually, it’s been mentioned that they are supposed to have started delivering in September.
hahaha! Yup CVS opening = Miami condo market will rebound by next month! My sister is a pharmacist for CVS. They will open ANYWHERE. ANYWHERE. Let me reiterate, they make money no matter what. Demand for medicine and opiods is inelastic.
Good thing they got a CVS, the big pharmacy chains aren’t in a growth mode now to open new stores….market is getting saturated on every corner. So glad they got one while they could! Some of the pharmacies were paying absurd prices for corner lots……but that has stopped in the last 12 months. Just renting the space is more doable which is probably the case here. Pharmacy real estate holdings are going to take a hit on the ol’ balance sheet.
By the way, isn’t the CVS in Miami Beach the scene of a double murder a few months ago? I wonder how many murders will be committed in this CVS…
Mark, I was thinking more like next week…lol 😉
Is it me or does a 24 hour CVS pharmacy right beneath high end condos sound like not such a good idea?
what did the sales brochure show as a retail tennent? a high-end fashionable restaurant? an exotic spa? perhaps a whole foods? how thrilled residents/buyers must be to instead have a discount pharmacy. did they at least leave enough square footage for a “payday loan / check cashing store” or a “Chico’s Bail Bonds”??
We are still in wait mode for Whole Foods and Gardiners–hope they come too.
I think Everglades is targetting middle of the market so cheap to expensive shops can work. Across the street is BaySide. Also, I think a building won’t be considered high-end nowadays unless it’s all glass. One detail that concerns me on Everglades is their floor to ceiling glass windows. Do they use 1 piece of glass or do they have like 2/3 then a metal bar then 1/3. If it’s the latter, then that really puts a ceiling on how high end it can be marketed.
Mark: LOL
Al: I agree with you. Having a CVS on the first floor of your building is not necessarily a good thing. I guess you can go in to buy bandaids or aspirin after you are mugged. 🙂
On a serious note, this mix of commercial/residential building may work in places like sobe that have a heavy pedestrian/tourist population, but is not a good idea in downtown. Only time will tell how big of a disaster this will be.
On an unrelated note, I was in Pittsburgh last week for business. I saw and heard of many houses selling for $1/sq ft. Most “good” houses were going for $50-100/sq ft. The economy there is doing much better than Miami. I was shocked to see those prices. The houses/condos/townhosues there are pretty good. I cant stand the cold, so i would never move there, but I was SHOCKED by the huge discrepency in proces.
Hey carbonblackcab – $100/s.f. in the midwest is common even on brand new construction with lot. Old homes in less desirable areas easily go for $50/s.f.
carbonblackcab, want to blow your mind. Take a look at this palace asking at around $100/ft 30-45 min from Raleigh. Typical NC honesty, they don’t include a 500 sq foot attic and a 2,00 sq ft garage in the sq. footage. ie. a normal Miami listing would put that at 13,000 sq ft. and not 10,500.
I knew quite a few families looking at NC during the boom, never particularly understood that, but this listing explains things clearly.
home.nc.rr.com/aperfecthome/
Al, carbonblackcab, I disagree with your comment that a 24 hour CVS pharmacy right beneath high end condos is a bad idea. A few reasons why:
1) I hate to say it, but these are not high end condos. Forget about the asking prices, these will be mainstream condos for the people that work in the downtown area.
2) CVS is a great operator and that store will be a great assest when these condos get filled up eventually.
3) If Miami is to become a true “urban” city, we should be welcoming retail. All of it. Even the pharmacies, as some of these so called “high end users” are looking for this convenience too when buying a condo in downtown.
These retailers are catalysts for transformation…
Personally, I think a 24hour CVS would be great near or in any of these places downtown. The ideal in city living is to be able to ditch the car and be within walking distance of everything you need.
Get all these togehter in 1 spot, and you got the makings of a winning retail anchor
1) 24 Hour CVS
2) 24 Hour Fed Ex-Kinkos
3) Farmer’s market (normal items like bread and pepsi would be carried by the 24hour CVS)
4) Dry Cleaners
5) Quick and Sit-Down Restaurant Options
It was my understanding there are already pharmacies on each corner in that area. Or at least those people hanging around the street corner call themselves pharmacists but I am told they make deliveries but only accept cash….
I believe Bank of America is opening at ground floor of Everglades as well. It was in the recent retail space brochure.
Richard-
Whole foods is expected to open in the Met3 area by 2011. The plan of the building is being redeveloped but Whole foods structure will move forward. http://www.bizjournals.com/southflorida/stories/2008/09/15/story11.html?b=1221451200%5E1698274&brthrs=1
Wow – how exciting, a Whole Foods in 32 months…..I can hardly wait and wait and wait and wait…..ummmm, seems like plans can change in 32 months so hold onto your organically grown hats and don’t plan on it just yet!
I asked this in the last post, but since a new one just came out it will probably get lost in the shuffle. Can anyone give any input as to the bailout and market prices?
——————-
I’m hearing rumors that due to the bailout, government will refinance owners at 80% of the current market value of homes. Could this be true? If so, that is nauseating. What a great break for all of the prudent people to stood on the side, saving up 20% for something they could actually afford. Now all of those who lived way beyond their means not only get to stay in their homes, but get their principal reduced by massive amounts?
Please say it ain’t so.
Shelley, no, that sounds like a proposal from a journalist or Hillary Clinton, but a refi plan is not mentioned in the bailout. The government is going to be buying up upside down loans/loan instruments from banks and funds. Once they get them, I guess they could try to refi them but that’s probably way too complicated.
Bascially, this bill does nothing to help the homeowner who is under water right now. The next bailout package might LOL.
Shelley // Oct 4, 2008 at 2:10 am
I asked this in the last post, but since a new one just came out it will probably get lost in the shuffle. Can anyone give any input as to the bailout and market prices?
Bailout and market prices are unrelated.
JL, with all due respect, that house in North Carolina is hideous. Most people would have to spend at least $500,000 to upgrade it. From the outside, it looks like the town library.
JL: “Get all these togehter in 1 spot, and you got the makings of a winning retail anchor
1) 24 Hour CVS
2) 24 Hour Fed Ex-Kinkos
3) Farmer’s market (normal items like bread and pepsi would be carried by the 24hour CVS)
4) Dry Cleaners
5) Quick and Sit-Down Restaurant Options”
You think we could add a supercuts, starbucks, and papa john’s to that list? You think all of these can fit into the retail space of 900 Biscayne? Remember, we’re going to have a Walmart near the museums – but we’ll make sure that it looks like an up-scale, classy Walmart. Personally, I’d be happy about b of a at Everglades.
Being from Miami, it’s very interesting to see what’s going on in Downtown as this city looks to re-invent itself and find some kind of identity. Right now, I think we have a colorful mix of denial and pretentiousness with an underlying desire for cool shit to hurry up and find roots downtown. It will happen – I already see small, improvements in the live music scene down here. I do think this city is slowly growing out of it’s adolescent, porn-fiending, cocaine-binging, condo-flipping days to mature into… What? A city without any discernable plan to bring industries besides tourism, banking, cruise ships and heavy drugs into the picture. What’s our vision? Take me to your leader…
Ultimately, this city will be great to live in when there is an urban core of civic-minded, professional, cultured intellectuals who are not transients but actually live here! People who have respect for rule of law and volunteer for stuff they care about. Did you know that Miami ranks lowest in percentage of adults who volunteer? See the article here and have a great weekend. GO CANES!
http://www.foxnews.com/story/0,2933,391746,00.html
Was hoping to see higher end retail than CVS in this location given that there is already another CVS store only about 2 streets away..
With the CVS precedent suspect we will see a Sweet Tomatoes cafeteria restaurant welcoming you to the Everglades rather than a Ruth Chris steakhouse -not that is anything wrong with a cafeteria lol ,,,
george…
Yes, excellent idea. We need “higher end retail” for the millionares who will live there and pay north of $400psf. Also, maybe we should ask the City to not accept occupational licenses for these crappy stores and just prohibit renting the condos to people making less than $100k.
Bill P, Seriously what else have you seen that would compare to that 13,000 sq. ft on 3 acres fairly close to a major city?
” Did you know that Miami ranks lowest in percentage of adults who volunteer?”
This possibly can not surprise anybody that lives in Miami
We’re also #1 in another great stat. At least we beat NY in something.
http://www.careresource.org/stats.html
The Miami metropolitan area has the highest AIDS rates in the nation (52.8), followed by Ft. Lauderdale metropolitan area (45.8), and New York (45.4).
The mortgage bailout included $100 million in tax relief for Nascar race tracks—so much for end of earmarks–thanks taxpayers
are people here really complaining about a cvs?? are you guys kidding? whats better than being able to walk downstairs and pick up some shampoo, toothpaste, etc. I think its an excellent idea. some affordable eats would be nice too. I cant be spending $30 per person everytime i want to eat something.
I am not sure what the complaints are about. In NYC you can go to CVS on one corner and dine at Per Se on the other side of the block. What’s the big deal? That’s the nice thing about living in the city…choices and availability.
There is a CVS on the ground floor of my building and it is not unusual to see owners of $5,000,000+ condos shopping there. It is open till midnight and it is a great convenience to have it in the neighborhood. They also have a great security presence.
Crazy vid about forclosures in cali: http://housingpanic.blogspot.com/2008/10/when-you-put-nothing-down-on-home-and.html
Yeah, they better have security so that the shoppers aren’t victims of a double homicide.
Hey, this CVS will be great for all the high end condo owners with AIDS. They can pick up their meds easily. Now that’s convenience!
Hey DJ,
None of those neighborhoods had a CVS. Thats why they were screwed!
If socal had a whole foods coming in 32 months they would not be facing this crisis.
I just read where 45% of sales in California are REO….wow. There is so much REO inventory there that why would anyone buy a non-REO unless the price was comparable? That is, sellers will have to mark to REO sale prices. California is a bigger disaster than Florida.
It is my understanding that for every REO there is 4-5 in the pipeline. Now that the bailout bill is law, we are going to see DUMPING of these homes on the market. Don’t be a knife catcher! I may have to revise my price decline forecast based on the probable effect of this new law which will result in bulk sales and bulk dumping. The ugly just gets uglier. Sales volume will improve somewhat but with the massive supply dump prices will continue to decline causing more distress for those that need to move.
Cash is and will continue to be king. Got cash?
I see the Epicure looks to be open nearby now….no improvement in home prices yet though. If ONLY we were getting a Whole Foods in 32 months prices would really take off. Maybe we can get an article in the paper that the area is planned for one in 10 years and that hope will help???
I think everyone should chillout. How’s the parking going at One?
Wow we lost AJ and now he’s been replaced with Zilbert. Oh well, it was nice while it lasted.
I’ve noticed some recent additions to the listings are from banks with a going rate of around $200/sf. My guess is this is the new price point for banks looking to unload their properties. Assuming the properties were under mortgage for somewhere around $400/sf, looks like the banks are willing to take a 50% haircut. My guess is Comrade Paulson is also going to buy up the securities for about a 50% haircut as well (just speculation at this point) but if this were the case banks and analysts can at least put a number to asset values and losses. If this happens credit may unfreeze a bit in the future.
Emerald in particular has several low price listings. I imagine the very high hoa costs are finally forcing people to quit carrying the properties into the foreseeable future. Does anybody know the status of Emerald? is the building being maintained well? Also, next door is Sail. Not quite as nice but perhaps cheaper units. This was a building rumored to have alot of mortgage fraud? anybody know that status of this building? hoa taking care of the property? quality of life issues?
Gables, I am interested in Emerald as well. Visited last February and building looked good. I wonder how well the association is doing?
I had a very interesting conversation about the housing market (and the stock market) with someone who has seen booms/busts in both markets for the last 40 years. Following is his answer to my question. The answer is not an exact quote….i am paraphrasing his answer.
When will the housing market bottom out?
When people stop caring about real estate market. When they lose all hope that it will ever go up is when the market will hit bottom. There is way too much interest in the market right now. Bargain hunters are salivating like pavlov’s dogs … waiting for good deals. With the high level of interest we have in Miami real estate, there will be some false bottoms. The real bottom will be reached when there is total hopelessness in the market and only people who will be buying are people who need a place to live (and not necessarily looking for a hot deal).
Mark Zilbert (AJ the name caller?) – You must not like me, oh well. Keep on posting the gross posts and I guess the powers that be will continue to delete them. Shoot the messenger if you want…hard to do over the Internet. I don’t care. You’d be better served by getting out of your real estate positions then to post attacks against me. Oh well, I really don’t care about your silly posts…they’d be more humorous if you’d get off your obsession with women’s menstrual cycles though since that is just weird.
Carbon – I’d have to disagree with his idea about when the “bottom” will happen. I mean – I don’t know that people were exactly “hopeless” during the pre-boom real estate era. People just saw owning a house as a “decent” investment (not a get-rich-quick scheme), and a place to live.
The problem we have right now is simple: there are too many houses/condos and not enough buyers. Supply of housing is at an all-time high, and demand is at an all-time low. When supply exceeds demand, prices go down. I think we’ve already bottomed as far as sales volume. However, we haven’t put a dent in the huge multi-year inventory in this market. That will happen very slowly. The flood of foreclosures has to stop, as well.
Unfortunately, I think this bailout plan will actually make it worse for people waiting for the bottom. It won’t stop prices from falling, but may push the bottom out several years. When Japan’s bubble popped, they tried to prop up their banking system and hide the crap on the banks balance sheets for years (just like the USA is doing right now). Real estate prices went down for 13 years.
So – who knows how long this thing will take.
What is interesting in the whole psychology thing regarding housing is that almost no one has an incentive to talk housing prices down, hence nearly everyone talks them up resulting in unreal expectations.
In this housing cycle, it would appear that the cost of ownership will have to match rents to get people to buy. We have a very long way to go for that. The rest of the world is retreating so there are no foreign “white knights” to prop up this market.
Foreclosures have not peaked. It is estimated, and I pretty much agree, that most of the no doc and 2-28 loans written from 1/2006 onward will default.
Cabo!
Oops! Lets not forget that rent is a moving (downward) target. This is knife catching on top of knife catching. Very troublesome. CABO SAN LUCAS! LETS ALL GO TO CABOO!