Holographic Zoo Secures 51,000 SF Retail Lease in Miami’s Coconut Grove

Holozoo Florida has finalized a 51,000-square-foot retail lease in Miami's Coconut Grove, establishing its first location at 3000 SW 28th Lane. The digital zoo, founded by Turkish entrepreneur Tan Umut Koker, plans to open in November, offering holographic animal experiences. This transaction represents a significant retail deal for Miami in the third quarter, securing a large space in a submarket known for its extremely low vacancy rates and high asking rents.

The property, formerly occupied by Farrey's Lighting, Bath & Decorative Hardware, was acquired by Coral Gables-based Constellation Group a year prior for nearly $12 million. Initially, Constellation Group had considered developing a residential component on the site. However, the lease to Holozoo signifies a strategic shift, capitalizing on the robust demand for prime retail real estate.

Colliers brokers Jonathan Carter and Pablo Camposano facilitated the lease. Koker indicated that the build-out, including specialized technology, is estimated to cost between $2 million and $3 million. The deal highlights the competitive nature of Miami's retail market, particularly in areas like Coconut Grove, where retail vacancy is just 1.2% and asking rents average $96.84 per square foot. This lease demonstrates that large-format experiential retail concepts can still find significant footprints in highly sought-after urban cores, potentially influencing future development and leasing strategies in similar constrained markets.