Marina Lofts will activate the Riverwalk with several restaurants, a café, a coffee shop, a public park, marine-related shops, and additional retail uses that will compliment the community that we are curating. Our goal also is to ensure high occupancy levels for all the mixed-use components of our community. To that end, we are structuring Marina Lofts in phases so as not to overbuild or overflow the market with too much retail or restaurant space at any given time.
The first phase of the community will consist of one restaurant tenant. We will carefully curate our retail and restaurant tenancies to ensure their success. Cymbal Development believes that food and beverage businesses jumpstart communities and give them life and soul. That first restaurant will be carefully selected.
As with our other projects, if we do not find the right restaurateur for our space in the first phase, we will create and operate the restaurant ourselves, just as we helped do with Gigi in the Midtown Miami area. Gigi is a highly successful and affordable restaurant for foodies in Miami that draws an eclectic and heterogeneous crowd. We also helped create Bardot at that location, which is now the premier live music venue in Miami.
The second phase will have an additional restaurant space and four retail and commercial spaces. That restaurant space is already committed to Pirate Republic Bar, Seafood & Grill, our existing tenant on the property. Our existing commercial tenants who will be relocated to the retail/commercial spaces will occupy half of those available spaces. Thus we will have only two retail spaces available to lease to new tenants during the second phase.
The third phase will have a café, coffee shop, an enhanced boating facility, and six retail or commercial spaces. Our existing Riverfront Marina will remain on site and our Water Taxi tenant will be relocated into portions of the commercial space. We will then have approximately four retail spaces, a café, and coffee shop to lease out. At that point, Marina Lofts will have all of its residential units and active restaurants and retail on our property, and we are confident that we can lease out those remaining spaces in those circumstances.
Our commitment to the success of retail along the New River runs deep. And we have a track record to show for it. In the worst of economic times, our retail occupancy at Midtown Center, our community across from Midtown Miami, was 100% leased. We know restaurants and we know retail.