Perricone’s Marketplace and Café
Brickell is a bustling neighborhood that has gone through a lot of changes. More and more towers are opening up in the area, eliminating small buildings such as Perricone’s Marketplace and Café. This little Mediterranean style market has been a fixture since 1996. But it wasn’t always this way.
Steven Perricone opened up the market when the neighborhood was small and still had a lot of growing to do. The marketplace and café saw a lot of business. Brickell came up around the market, making it a true piece of history that people continued to turn to.
Over the time that Perricone ran the small market and café, the place managed to get a solid 4.5 stars in reviews. A score that is much higher than most markets.
But it wasn’t just the market that did well. Perricone has bought properties in a number of developing neighborhoods and that is what he did when it bought Perricone’s Marketplace and Café. When he bought it, Perricone says the area was much different. He called it an emerging area.
Throughout his years, Perricone made millions buying and selling bars around Chelsea and the Hamptons. He has also traded in properties in a few other locations. While most of the properties performed well, he did make a few mistakes. Despite his ability, financially, to retire, Perricone isn’t ready yet. He loves what he does and wants to continue doing so.
With hotels, condos, and office towers around the Brickell area, it isn’t too much of a surprise that the marketplace and cafe started to become a popular target for developers. The Perricone’s Marketplace and Cafe occupies a key location in a now bustling neighborhood. With the property that the converted house sits on, you could develop a major building. Something the size of the buildings that surround Perricone’s Marketplace and Cafe.
Some have compared Perricone’s establishment to the house from up. All of the buildings around the house eclipse it. This makes it even more reasonable for Perricone to sell the house. Not only can he make a lot of money on it, the establishment no longer fits in the neighborhood.
But Perricone has yet another reason to sell the establishment. He bought Perricone’s Marketplace and Cafe because it was a originally an emerging area. That has always been Perricone’s M.O. he buys places in new areas and develops them into something amazing. Then, once the area has caught on, he sells it.
CitizenM is a Netherlands based hotel chain, they have hotel locations around the world. The location of Perricone’s market was a location that they were highly interested in and in 2017, they bought the property. The purchase price was just over 16 million dollars.
It wasn’t until 2018 that this became a serious endeavor though. The hotel chain started filing for permits. Those include both permits to demolish the building and to replant the trees currently on the property. And several others, such as water and sewer permits.
There is a possibility that Perricone’s Marketplace and Cafe will continue on inside the hotel byCitizenM. But the Perricone’s Marketplace and Cafe as we know it is already scheduled to move. It is going to be in West Brickell and chances are that the location will be different. At the same time, it will still have that friendly marketplace and cafe feel.
The demand for the property that held Perricone’s Marketplace and Cafe is a good example of how the Miami are real estate is still looking to grow. There are so many possibilities in the area. From developing hotels to creating unique experiences. There is a very important part to that sentence, important experiences.
Miami is constantly searching for new experiences. Unique experiences. If you can provide that you can do well in the area. It is also how many real estate ventures succeed. People are always looking to buy and sell properties.
A key part to being successful in the Miami industry real estate is to read up on the area. Knowing what is going in where and where there is opportunity. Our blog helps with that. But you also need to track trends. As long as you meet both of those, and have a plan, you can invest well in Miami.