February 11, 2013
Like most cities in the country, Miami was hit hard by the recession. The real estate market tumbled, and all sorts of ambitious commercial and residential development projects ceased. But the city has been showing signs of a real and sustainable recovery, and media outlets are taking notice.
As Curbed Miami, a local real estate website, reports, the city is abuzz again with all sorts of major property developments.
The last two months have been good months for new construction in Miami, with towers breaking ground from Fort Lauderdale to Brickell. A month ago (how did we miss this?) the Lord Norman Foster-designed Faena House, the residential portion of Alan Faena’s Faena District project, quietly broke ground. Units feature wrap-around terraces modeled after Argentinian ‘aleros’ that connect the various rooms within each unit. Construction of the hotel portion of the project, in the neighboring Saxony Hotel, began last year.
Meanwhile, 1100 Millecento, that Related Group tower in Brickell designed by Carlos Ott and Pininfarina (the people that design Ferraris) is apparentlybreaking ground with a new contractor, although according to our archives they broke ground 6 months ago. What’s with that?
Up in Fort Lauderdale, New River Yacht Club, another Related-built castle, is going up on the south bank of the New River, and filling in yet another section of the New River’s by now quite extensive Riverwalk. It broke ground in December.
Finally, Chateau Beach, yet another glass mega-lux condo tower in Sunny Isles Beach broke ground during Art Basel last year. They had a big ground breaking
These are just a handful of the prominent new Miami Properties that are emerging within the next couple of years. By the end of 2012, several ambitious projects were being undertaken that will make Miami world-class city in no time. The Port of Miami tunnel, a $600 million project, 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, these rising towers and daring developments are a testament to the resilience and dynamism of Miami and its real estate market. Metro 1 Properties, a leading specialist in Miami real estate, is pleased to provide news, information, and services related to one of the world’s liveliest real estate markets. To learn more about this rewarding market, contact us at 305-571-9991.