January 2, 2013
For the past several years, real estate markets all across the country have been faltering as economic troubles took their toll on property purchases and numerous developments were forced to be canceled. But there’s one city that has uniquely bucked this trend and has continued its expansive and exciting construction projects – against all odds, 2012 was a great year for Miami and its real estate market.
At the turn of the century,Miami was burgeoning into a world-class city, and one of the fastest-growing and most visited in the country. Its cityscape was quickly reflecting its new-found status as a hub of culture, entertainment, and fine living. Large and uniquely-designed condominiums such as Vizcayine, Epic, and the Mandarin started emerging along Biscayne Boulevard and the northern tip of Brickell. Soon, the city developed one of the most distinctive and recognizable cityscapes in the world.
By the end of 2011, several years after a crippling recession, Miami faced many challenges, but nonetheless continued to grow and develop, taking on even more ambitious projects despite pessimistic expectations and a stagnant recovery. While there have been some delays, all of the following developments – which are concentrated along the bay and the downtown area – remained in the pipeline.
The Port of Miami tunnel, a $600 million undertaking, will bring much needed traffic alleviation, while Mega Yacht Marina will soon accommodate some of the largest and most luxurious ships in the world. Museum Park, a $500 million art and science museum, will span 29 acres alongside the American Airlines Arena. The most expensive project of all thus far, Gentings Resort World, will invest $4 billion in a complex that includes high-class shops, restaurants, and a casino. Meanwhile, the $2 billion One Bayfront Plaza is slated to be the tallest building in the city, beating even the Empire State Building in New York City. These and other developments total $10 billion, and most are expected to be completed by 2020.
Needless to say, the fact that these expensive and daring projects continued through 2012 is a testament to the resilience and dynamism of Miami and its real estate market. 2013, if not every year after, is sure to be one of continued excitement and creative energy. Metro 1 Properties, a leading specialist in Midtown Real Estate and other Miami Properties, is pleased to provide news, information, and services related to one of the world’s liveliest real estate markets.