$1M rent, $100 steaks: Inside Coconut Grove’s booming restaurant scene

Coconut Grove’s evolution into one of Miami’s hottest dining scenes came at a cost, as soaring rents have threatened or shut down restaurants that helped transform the neighborhood into a dinner destination. The area once seen as a bohemian enclave had average direct asking retail rents of more than $110 per square foot in the second quarter, one of the highest of any Miami-Dade submarket, according to Colliers.  That’s more than double rent prices of a decade ago, when the average was $45.50 per square foot. Chef and restaurant owner Michael Beltran, who is from Miami-Dade, debuted his first concept […]

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