Out of the rubble of Old Miami is emerging the new face of Miami, a dense, steel-and-glass forest of condominium towers.
The rate of expansion is breathtaking. More than 114 major projects are under construction in the urban core of Biscayne Bay. Across Miami, developers are proposing 61,000 new condominium units, more than eight times the number that has been built during the past decade.
One of the projects planned is the tallest skyscraper in Florida, a 74-story behemoth, taller than any residential building south of Manhattan, with almost four million square feet of retail space (imagine two Aventura Malls side by side) and parking for upwards of 100,000 cars.
“You have a wave of development underway here in Miami that is unprecedented, bigger than anything, bigger than Hong Kong in the boom years of development,” said former Portland councilman Charles Hales, a transportation consultant working on a plan for a Miami streetcar line.
Where is the money to fund these real estate projects coming from?
Money is arriving from places such as Latin America, New York, and Europe. The push for this money coming to Miami is due to numerous market forces converging at the right time – interest rates being slashed, cheap dollar, and a worldwide obsession with Miami among the wealthy and “chic”.
What does this mean to the downtown Miami area?
Miami Mayor Manny Diaz and Miami Commissioner Johnny Winton are hoping that this boom can reverse downtown Miami’s long decline. The plan is to convert the long decaying streets into a hip, working urban hub with a strong and vibrant street life.
“Just five years ago we were broke; we had zero development,” Winton said. “I’m going to bet you that when we’re done – I don’t know when that will be – historians will identify this as the most significant and rapid transformation of an American city.”
What does this mean to the rest of Miami?
This boom not only is remaking Miami’s skyline, but also the streets, the neighborhoods, and the population. This boom, if it stays on track, will offer a different Miami – more congested and urban but also with a more cosmopolitan feel and most likely wealthier, due to high condominium prices.
How will this affect business in downtown Miami?
As residents move into the downtown area, businesses, shops, restaurants, services, and retailers will follow.
“It becomes a self-reinforcing cycle,” said Neisen Kasdin, a land-use lawyer and former Miami Beach mayor. “Yes, there will be a large segment of temporary residents, but as the city continues to grow as an international business city, it leads to the continued growth of a permanent community.”
“We used to sit here and say, ‘Someday,’” said Miami Planning Director Ana Gelabert-Sanchez, alluding to the city’s long-frustrated hopes for a downtown revival. “Well, someday is here.”
Related Posts:
- Downtown Miami Condominium Development Aimed at Low to Mid Priced Market
- Native South Florida Tribe Remains Found in Downtown Miami
- Omni Mall in Downtown Miami is Getting a Real Estate Facelift
- Mayor Manny Diaz Calls for Plan of Green Certification for New Buildings
- North Miami is Getting a Plan and Going Big
- Merco Group Miami River Project Gets Shut Down
- Wynwood Foreign Trade Zone in Miami For Sale
- Miami Heat Star Shaquille O’Neal Joins Metropolitan Miami Real Estate Condominium Project
- CasaDecor 2007 Opens in Downtown Miami
- The State of Restaurants in Downtown Miami’s Design District
Hi, Michael, thank you for copying this article for us.
There are too many words for me to read right now. Might you write a summary highlighting some of the finer points. I am interested to learn where you stand on local real estate issuse effecting Miami buyers.
I just completely rewrote the article… Enjoy!