A walk through Miami Downtown is enough to convince anyone that the city is undergoing a rebirth. In the past, most of the new developments in Miami are in the beach area. Downtown Miami continued to receive little or no attention from the wealthy investors. They mostly chose to invest in condos in the suburbs. Once people left their city offices for the day, there was a deserted look around Downtown Miami.
According to Alan R. Kleber, a manager in an investment company specializing in commercial real estate, the presence of many vacant lots was a telling sign that things were not rosy. However, not all areas were doing poorly with Brickell neighborhood gains from a substantial condo and office building investments. The Design district too was not left behind with investors choosing to put their money in its lovely boutiques.
Comeback of Miami Downtown.
The tide has now changed in favor of Downtown Miami. A look from a vantage view can show that the city’s skyline is undergoing a massive transformation. There is a new wave of construction for multi-purpose buildings. The unique properties include rental apartments, retails stores, cultural institutions, mass transit hubs and restaurants. The idea that only the affluent live in Miami is under scrutiny with the new buildings targeting middle-income families.
The resurgence of the city is the result of a growing economy that is creating jobs in the business and financial sector. Estimates suggest that new developments and expanding markets in the city alone could create up to 20,000 new jobs. The commercial industry is a significant player in this revival with hedge funds, hundreds of banks and equity firms escalating their operations in the city. Many Latin American companies have also chosen to make Miami a base for launching products or services in the United States market.
One of the most striking developments in the area is the Miami World Trade Center. This impressive real estate set on 27 acres broke ground in March 2016. The idea behind the $2 Billion development is that people working in Downtown Miami want to avoid the traffic jam by living in the city. Such people can walk to work or any of the excellent restaurants in the town. The development has some fantastic ideas such as pedestrian-only walking paths, a hotel as well as a massive 500-unit condominium. The project will have about 1,200 rental apartments ready for people to move in.
The population of Miami has more than doubled over the last 16 years. The population growth means that retail sector has to expand enough to meet the needs of the residents. By 2019 the industry is expected to grow by almost 40%. The current projections point to the sector gaining up to 1.4 million square feet of space during the three-year period.
Other notable developments that are set to transform Miami include the Brickell City Center. It will have hotel rooms, many condos, and an astonishing 500,000 square feet mall. The upcoming Miami Central Station is also poised to offer a mass transport solution to the ever-expanding population. Analysts have compared Miami’s growth to that of Manhattan.
An emerging strategy for investors is the inclusion of a community experience in their developments. Many of the new places have shared facilities that include swimming pools, jogging areas, and other amenities. There is also a tendency to build around parks to ensure that clients have a place to unwind.
Miami Hotel boom boosts the fortunes of the city
Another sector that has made a tremendous contribution to the recent growth of Downtown Miami is the hospitality industry. For a long time, most visitors chose to visit and stay in the beach areas. Now, there is an evident hotel boom in Downtown Miami. From this spring, residents and visitors alike can patronize the Langford Hotel or the ME Miami. By next year, a futuristic hotel is set to launch near Langford. According to Miami Mayor Tomas Regalado, the new hotels will reenergize the urban core of the city and boost its nightlife. The Marriot Marquis Miami World Center is an example of a large hotel in an impressive development that is set to open soon. Miami is set to usher in about 1,700 new hotel rooms in the next two years.
Shifting demographics mean that the city now hosts to a younger population below 40 years. While previous residents chose to go home after 6 pm, the new residents want to go out shopping and dining. As a result, many new restaurants have opened, and they are closing later than usual. The decision to restore Flagler Street by including many outdoor cafes, valet parking and spacious sidewalks is an excellent one. The street is expected to attract late diners and people looking for a feel of Downtown Miami at night. Investors are spending money to uplift the state of the areas near their developments. Introduction of the Metromover has played a vital role in uplifting public transportation.
However, not everyone believes that Downtown Miami has what it takes to become a success. Some real estate investment bankers think that construction of too many apartments and condos could lead to a housing glut. They are also concerned that investment in infrastructure has not matched the population growth. Miami does not seem to have revamped its transportation system with new roads, bridges, and parking areas. Unless there is a concerted effort by the city authorities to spend more money on infrastructure, the city could experience massive traffic jams and other inconveniences.
As Miami shakes off its sluggish past, it is determined to be considered one of the most prosperous cities in America. Investors and residents have done a lot of work, and there is still a lot to be done to ensure that Downtown Miami becomes a top city in the world.