May 1, 2014
Miami Beach, although better known for its many historical landmarks and well-preserved Art Deco buildings, is a fast-growing
city that is constantly redefining itself. Nowhere is this most evident than in the ambitious plans to redesign the venerable but aging
Miami Beach Convention Center. Scheduled for a major renovation owing to its growing popularity, there’s been much public anticipation regarding what’s at stake for the structure. The South Florida Business Journal has provided an update on the plans for the center, and it proves to be even more ambitious than expected. Manager Jimmy Morales’ memo released last week outlining a revised approach to the project includes: a demolition and rebuild of the 17th Street garage with the city retaining ownership; a hotel component with as many as 1,000 rooms; no more than 70,000 square feet of retail in the 17th Street garage, with a maximum of 20,000 square feet north of 17th Street; no residences; and green space throughout, according to a The Miami Herald. South Beach ACE, which includes Tishman Hotel group and local developer Robert Wennett, had proposed 60,000 square feet of retail in the garage and a freestanding building with 40,000 square feet of restaurants north of 17th street. Portman CMC, which includes Portman Holdings and Ugo Colombo’s CMC Group, proposed 125,000 square feet of retail, with about 70,000 in the garage. Having a big retail and restaurant component would generate big rents, but was controversial and a focal point of opposition from retailers on Lincoln Road, who didn’t want to undercut the drawing power to the open-air mall. The city commission set to vote on which plan it will pursue on no later than July 17, so by then we’ll have a clearer picture of what to expect. Needless to say, either plan is sure to shake up the area and draw even more attention to popular center. The Convention Center has been a major attraction in Miami Beach for decades, and its overhaul will help make it more accommodating to the millions of tourists who visit the resort city every year. The city’s ability to redesign itself and get with the times explains why Miami Beach Commercial Real Estate is booming. More developments and improvements are helping to attract ever more tourists, which in turn mean more business opportunities. To make the most of what Miami Beach has to offer, contact Metro 1 CRE, a leading commercial real estate provider, at 305-571-9991.