Last fall, Federal Realty Investment Trust and its two local partners, Grass River Property and the Comras Company, announced they bought the majority interest in the Shops at Sunset Place for $110 million. The goal is to revamp the aging outdoor mall, which serves as an anchor for downtown South Miami. New tenants so far include outdoor furniture store Frontgate.
In the meantime, a number of smaller projects along South Dixie Highway are banking on South Miami’s potential.
Nearby residents may be familiar with the construction site at 5998 South Dixie Highway, once home to the popular New Chinatown restaurant. The building, which sold to investment firm Greenstreet Real Estate Partners for $5.6 million in 2013, has been razed to make way for a restaurant and office project.
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