Excerpted from Daily Business Review.
Millennials increasingly are shunning Miami Beach for the mainland, including Brickell, downtown Miami and the Biscayne Boulevard corridor, said Robert Granda, director of retail investment sales for South Florida for commercial real estate services firm Franklin Street in Plantation.
That, coupled with a surge of live-work-play developments where people reside near jobs and entertainment, has hurt Lincoln Road, he said.
“Before all this retail explosion on Biscayne Boulevard and Brickell and downtown Miami, in order for them to go shopping … for example, at a higher-end store, they would either go west toward Dadeland or they would get on the causeway, jump over the bridge and they are in South Beach. They no longer have to do either one,” Granda said. “They can literally go downstairs and get what they need. … This live-work-play concept, the mixed-use areas like Brickell City Centre, have affected places like the Beach. It’s a new age. It’s a new generation.”