Michael A. Comras president and CEO of The Comras Company. Courtesy photo

South Florida staple restaurants and stores have closed or are struggling amid the coronavirus pandemic but this isn't discouraging Michael Comras. Comras, who has been active in South Florida since at least 1992 when he started The Comras Co., is playing a role in the redevelopment of Miami's CocoWalk, western end of the Design District and the retail portion of downtown's Miami Worldcenter. Comras Co., which is a broker for retail leases and sales as well as a developer and investor, has had a foot at one point or another over the past three decades in Miami-Dade County's biggest shopping districts from Miami Beach's Lincoln Road to South Miami's Shops at Sunset Places. Comras, president and CEO, has seen and led several retail reinventions and says Miami has an advantage in its sunny weather, allowing year-round open-air dining. Consumers increasingly are opting to dine outside for public health safety reasons. None of Comras' projects will be halted or delayed because of coronavirus, although at least one was re-thought in light of the pandemic. So why is Comras still pursuing his big ventures at CocoWalk, the Design District, downtown and elsewhere, many of which include restaurants and shops? Comras revealed more about the projects and why he remains confident in them and retail in general in an interview with the Daily Business Review. What are some of your latest retail projects and why are you pursuing them despite COVID closures? "The unfortunate part about the virus is it's been a tremendous drag on restaurants," Comras said. "It takes so much to keep a restaurant open and operating. When you have to close for a period of time or have to operate at 50%, it's very tough to make your sales work." It's undeniable the virus has been devastating for the industry. By September,100,000 U.S. restaurants had closed permanently or long term, or one out of every six leaving 3 million employees out of work, according to the National Restaurant Association. But Comras is hopeful as he has seen the market go through down times before. "At some point, COVID does pass," Comras said. "We will see restaurants reopening. This, too, will pass." Florida received its first batch of the Pfizer-BioNTech vaccine Monday after the U.S. Food and Drug Administration granted emergency use authorization, although the first vaccines will be for health care workers and residents of long-term care facilities. As news of the vaccine came in in recent weeks, Comras said he saw a proportionate spike in lease deals, including for small gyms and restaurants. Just look to CocoWalk, where retailers recently reopened. Comras Co. partnered with Miami-based Grass River Property and majority partner Federal Realty Investment Trust, a retail investment trust in Maryland, on the CocoWalk overhaul. Among tenants who recently opened are famous vegan restaurant Planta Queen, its second South Florida location with the other being on South Beach. Italian chef Renato Viola's Mister 01 Extraordinary Pizza, known for its star-shaped pies, and Miami-based eyewear designer, maker and seller Edward Beiner are on tap to open next. The School of Rock children's music school is to open by year's end. "All the restaurants have nice outdoor areas, which they can capitalize on," Comras said. "Compared to most parts of the country, Miami continues to be the shining light part of it is because we have weather that is very conducive for people to be outside," he said. That's good news for Comras Co. as it's not a mall developer but prefers the open-air concepts. What other trends are you seeing that bode well for Miami retail? "Everyone wants to be in Miami today," Comras said. "You are seeing it from corporate relocations. You are seeing it from restaurants and retailers. Obviously, Miami is a big destination from South America but also the rest of U.S. We are seeing so many restaurateurs saying, 'We don't want to do another year in New York. We can't do another year in LA. Miami is our target.' " Miami and the rest of South Florida are a magnet for financial firms that are either opening an office here or moving their headquarters altogether. Starwood Property Trust moved its base to Miami Beach from Connecticut two years ago and is almost done with its new South Beach headquarters building. Icahn Enterprises LP followed, moving its headquarters to Sunny Isles Beach from New York. The Blackstone Group Inc. and Elliott Management Corp. plan South Florida offices but will keep their New York headquarters, and Goldman Sachs Group Inc. is considering a South Florida outpost. Corporate executives are attracted to the Sunshine State in part for its lack of income tax, and they bring their companies with them, Comras said. By contrast, New York is a high-tax state. "It's creating a mass exodus. I do believe New York City will bounce back," he added. "But certainly in the short term a lot of people will want to be here." The company relocations bring the retail demand, making Comras Co. confident in its projects. Last month you announced a plan for the western end of Miami's Design District. Tell me more about it? Comras Co. is partnering with publicly traded real estate investment trust Apollo Commercial Real Estate Finance Inc. to breathe life into this area. The Market at Miami Design District will be roughly from Northeast 39th Street and 40th Street and from North Miami Avenue east to First Avenue. "Prior to COVID when this project was planned in another environment, it was planned as a 600,000-square-foot project. Now that COVID hit the world, it's sort of given pause to this new development and given us an opportunity to do something with all the great buildings on the site," Comras said. The plan is for an open-air promenade with pedestrian paths between 39th and 40th streets as well as between Miami and First avenues. "We will turn the buildings inside out and create a walkable environment. The back of the building will be the front of the building," Comras said. "On 40th Street, now there is no penetration at all to come up to 39th Street. We will create a big promenade. The essence is to create a walkable environment and make it super approachable." The open-air walkable redevelopment of the site is to stay in place for about five years when the development team is to embark on the bigger overhaul, which is allowed under current zoning. How do you think coronavirus is impacting South Florida retail more broadly, beyond your projects? "The virus is an accelerator of the reinvention of retail we were seeing before corona," he said. This means "the ability for food and beverage to be brought to people's house and how they made it more convenient. The whole efficiency that's been created in retail and restaurants, it's all been done as a result of the virus." E-commerce already was growing before the coronavirus and prompted reinvention of traditional brick-and-mortar stores but the virus pushed this ahead, Comras said. Before COVID-19, retailers leased small spaces meant to complement an online presence. "The notion of having a 10,000-square-foot Gap store and a wall of jeans, that's a thing of the past that doesn't exist anymore," he said. "Today it's DTC: Director to Consumer brands." The virus accelerated this as retailers are taking out small spaces that are more for marketing and name-recognition purposes. Is there another project Comras Co. is working on? The firm will be in charge of the 300,000-square-foot retail piece at downtown's Miami Worldcenter, another open-air shopping and dining concept. "I love these projects, which make major impact to these areas and really create a sense of place and provide a place where people want to hang out," Comras said. Some of the retail will be built next to the citizenM hotel under construction at Miami Worldcenter. The 27-acre, $4 billion Worldcenter project is a massive undertaking with condominium and multifamily high-rises as well as several hotels. "The whole nature of what's there," Comras said, "is going to be very open air."