Miracle Mile
Description
Mediterranean-Dream That Embraces Retail, Dining, and Posh Appeal Miracle Mile stands out as a destination for shopping, dining, and leisure in South Florida — an icon in the area. Known for its Mediterranean-inspired architecture, lush, tree-lined streets, and boutique charm, Miracle Mile has rapidly seized and molded the spirit of Coral Gables as its own. Known as the “City Beautiful.” The avenue’s curated mix of high-end home furnishings, upscale boutiques, popular restaurants, and bridal shops makes it a draw for young professionals, families, high-income residents, and tourists. The Miracle Mile Experience This scenic avenue offers an eclectic mix of home decor brands like Crate & Barrel, fashion boutiques like Alo Yoga, and dining destinations that showcase Coral Gables’ role as a culinary hotspot. The proximity of luxury hotels and iconic venues, like the historic Biltmore Hotel just a mile away, elevates Miracle Mile’s appeal as a cultural hub for both locals and tourists. Weddings and high-profile events at the Biltmore drive affluent tourism to the area — this all serves to reinforce its status as one of Miami’s top five retail corridors. Mediterranean-Dream That Embraces Retail, Dining, and Posh Appeal Miracle Mile stands out as a destination for shopping, dining, and leisure in South Florida — an icon in the area. Known for its Mediterranean-inspired architecture, lush, tree-lined streets, and boutique charm, Miracle Mile has rapidly seized and molded the spirit of Coral Gables as its own. Known as the “City Beautiful.” The avenue’s curated mix of high-end home furnishings, upscale boutiques, popular restaurants, and bridal shops makes it a draw for young professionals, families, high-income residents, and tourists. The Miracle Mile Experience This scenic avenue offers an eclectic mix of home decor brands like Crate & B...Read more
Local Expert Analysis
Leasing and Market Dynamics Miracle Mile’s leasing market is competitive, with gross rents ranging from $75 to $100 per square foot and a low vacancy rate of 5-10%. Retailers are drawn to the Mile’s unique combination of upscale visibility, strong pedestrian appeal, and community focus, which fosters a balanced mix of national brands and local businesses. This steady demand and prime location near office buildings, upscale hotels, and luxury residential developments make Miracle Mile a prime retail corridor within the Miami metro area. Additionally, capacity limits at nearby Shops at Merrick Park only increase Miracle Mile’s allure. Customer Demographics and Foot Traffic Patterns Miracle Mile attracts a diverse clientele that includes young professionals, high-income locals, families, and a steady stream of tourists. Foot traffic is supported year-round by nearby office workers, while seasonal factors bring added peaks and valleys—foot traffic dips during the summer as University of Miami students and affluent residents vacation but surges in winter with the influx of wedding guests and tourists staying at luxury venues like the Biltmore Hotel. Future Trends With nearby retail hubs nearing full occupancy, Miracle Mile is well-positioned to capture overflow demand from new and expanding brands. Its unique blend of high-end tenants, proximity to new developments, and historic charm keeps Miracle Mile highly desirable for both tenants and shoppers. Conclusion Miracle Mile is a historic, upscale corridor that combines Coral Gables’ timeless seductiveness with modern brand appeal. Its strong tenant mix, low vacancy rate, and year-round foot traffic make it an essential destination for brands looking to engage with Miami’s wealthy and culturally active clientele. Leasing and Market Dynamics Miracle Mile’s leasing market is competitive, with gross rents ranging from $75 to $100 per square foot and a low vacancy rate of 5-10%. Retailers are drawn to the Mile’s unique combination of upscale visibility, strong pedestrian appeal, and community focus, which fosters a balanced mix of national brands and local businesses. This steady demand and prime location near office buildings, upscale hotels, and luxury residential developments make Miracle Mile a prime retail corridor within the Miami metro area. Additionally, capacity limits at nearby Shops at Merrick Park only increase Miracle Mile’s allure. Customer Demographics and Foot Traffic Patterns Miracle ...Read more
New Developments
Although Miracle Mile itself isn’t undergoing large-scale redevelopment, nearby projects like The Plaza Coral Gables have a positive impact on the Mile’s ecosystem. This expansive mixed-use development features a Loews Hotel, Class A office spaces, high-end retail, and dining venues, all of which are expected to increase foot traffic and attract a broader range of high-income residents and visitors. Recent restaurant openings, such as Maman and Pisco y Nazca, add fresh energy to the Mile’s culinary landscape, further solidifying its reputation as a walkable, picturesque destination within Coral Gables.