CocoWalk Served With $98 Million Foreclosure Suit

Keep New Times Free
I Support
  • Local
  • Community
  • Journalism
  • logo

Support the independent voice of Miami and help keep the future of New Times free.

CocoWalk, the crown jewel of downtown Coconut Grove, has been hit with a $98 million foreclosure lawsuit filed by Bank of America, putting the future of the shopping, dining, and entertainment center into question.

CocoWalk was bought by PMAT Real Estate Investments, a New Orleans-based firm, in 2006. But according to the South Florida Business Journal, the aggressive mortgage PMAT secured has caused the firm to charge high rent for tenants. While many of the stores on the main floor, including Gap, a surf shop, and a wine shop do decent business, tenants on the second and third floors come and go, with many struggling to attract customers.

Adding to the problems was the closure of the AMC movie theater in

September. Though there are plans to reopen it as a high-end

Muvico theater in April, the vacancy has hurt.

A hard-to-find location, expensive parking, a 3 a.m. bar closing time, and

competition from nearby centers such as Sunset Place and the Village at

Merrick Park might also be keeping people away from the Grove and its

CocoWalk crown jewel.

With many storefronts in the nearby Mayfair shops already sitting vacant, CocoWalk's foreclosure suit underscores serious problems in the Grove.

Keep Miami New Times Free... Since we started Miami New Times, it has been defined as the free, independent voice of Miami, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Miami with no paywalls.

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.


Join the New Times community and help support independent local journalism in Miami.


Join the New Times community and help support independent local journalism in Miami.