The future of Miami Real Estate is Here
Page last updated January, 2015.
Investing in the Future of Miami today will not only ensure a booming future, but will boost the local economy many times over. The Port of Miami Tunnel project alone will provide over 170,000 jobs with $6.4 billion in wages and $17 billion in economic output. Brickell CityCentre will have an economic impact of approximately $1 billion with 1,700 construction jobs already in place, and more than 5,000 jobs once completed and will add $5.4 million in ad valorem taxes to Miami-Dade County alone.
Miami has ranked 6th on The Wealth report 2015 by knight Frank ahead of Geneva, Dubai, Beijing, and Berlin just to name a few. The report highlights that Miami is perceived a destination to High Net-Worth Individuals (HNWI) from Latin America and world wide. Miami is the second most important city in US following New York.
Click here to download a copy of the Knight Frank Wealth Report 2015
Overall, the development and excitement that is brewing in Miami runs much deeper in providing a very bright and stable future for so many that will call this magic city home.
The Future of Miami starts today!
Historically, Miami has been renowned for its stunning beaches, international finance, and non-stop nightlife. Today, however, people from all over the world are choosing Miami as the ultimate destination in which to live in terms of culture, industry, and entertainment. The city has been labeled as the Wall Street of the South for its business and commerce reach into Latin America, the Caribbean, South America, and beyond.
Miami is also about the festivities and exhibits of Art Basel in December; the Coconut Grove Arts Festival in February; and the Sony Open Tennis Tournament each March on Key Biscayne, boat shows, fitness challenges, food and wine festivals, and more attract an audience from all over the world.
Behold the up-coming monumental projects that Miami will soon lay claim to:
Skyrise Miami will be a monumental 1000 ft hight, observation and entertainment tower.
Seattle has the Space Needle. In St. Louis, they have the Gateway Arch. And it looks like SkyRise Miami is next. The The 1,000 foot observation tower will include an amusement-park style ride that quickly drops people down its side, a 550-foot bungee jump, a ballroom, moving movie theater and, because it’s Miami, a nightclub.
The upcoming 1 billion Brickell City Centre is going to be an economic catalyst, this mega project will feature feature 5.4 million square feet of office, residential, hotel, retail and entertainment space, in addition to a two-level underground parking garage that spans seven acres below the property. It features a progressive Climate Ribbon architectural that will provide innovative climate control so shoppers can walk in comfort between stores and restaurants.
Miami Worldcenter is one of the largest private master-planned projects in the United States, featuring 1 million square feet of shopping center, hotel, convention center and luxury residences.
In the neighboring Biscayne Bay corridor you’ll come across 1000 Museum, a true masterpiece envisioned by one of the greatest architects of our time Zaha Hadid. With its own helipad, this futuristic marvel will be the only one of its kind in the Western Hemisphere.
Not too shabby the New Miami Design District will bring unprecedented luxury street dining and entertainment to the streets of the Design District with a partnership between Dacra and LVMH.
The Miami Design District, a once-abandoned cluster of furniture warehouses is undergoing a rebirth and claiming its stake as one of the most important global design and fashion hubs showcasing stunning new storefronts housing the most luxurious names such as Hermes, Louis Vuitton, Poltrona Frau, Hermès, Cartier, Tom Ford to name a few. More then 100 brands will have stores in the Miami Design District; all coming in 2015.
Craig Robins’s $320 million master plan to transform the city’s Design District into the neighbourhood of choice for luxury retailers. Importantly, the mixed-use neighborhood will blend commerce with culture, welcoming new restaurants — 15 to 20 over the next two and a half years — upscale condos, and 12 public art installations and much more.
Starting with the colossal Resorts World Miami, set to debut by 2015 and designed by Miami’s-own darling design and architectural firm Architectonica, this resort, rising up on the Miami Herald site and bordering Biscayne Bay, has a few worthy notables such as the largest development in the history of Florida and one of the largest swimming pools in the world.
Not to be outdone, Bal Harbor Shops was recently ranked the No. 1 mall in the world, according to Shopping Centers Today Magazine. Sales for the mall in 2012 hit a high of $2,555 per square foot, nearly seven times the national average.
For over three decades, the mall has operated at 100% occupancy, with a wait list to get in. Bal Harbor – owned by the Whitman family – recently submitted plans for a large expansion of 250,000 square feet. The expansion would add about 20 new shops as well as increase the previous standard size for new retailers who would like larger spaces. The open-air center is aiming for a 2016 completion of the new plans. – www.balharbourshops.com
The recent additions such as The Perez Art Museum, the Frost Museum of Science, American Airlines Arena, Mary Brickell Village are just the beginning.
PAMM – PEREZ ART MUSEUM BY HERZOG and DE MEURON
To get a mega dose of art and creativity, head over to PAMM – Perez Art Museum Miami, in the stunning Museum Park designed by renowned architects Herzog and de Meuron and set to open in December 2013. PAMM, with dramatic views of the bay and downtown, will be a 200,000 sq. ft. incubator of international art and educational programs.
Sharing the 40 acres of Museum Park will be the MiaSci – Miami Science Museum. This 250,000 sq. ft. of interactive space, designed by well-recognized Grimshaw Architects, will house a state-of-the art digital planetarium dome and interesting aquatic exhibits all set amongst lush tropical gardens that inspire a museum-going experience like none other.
THE PANAMA EFFECT / PORT OF MIAMI EXPANSION
ISG World and www.daishocreative.com and www.pancanal.com/
The multi-billion dollar expansion of the Panama Canal has many port-cities scrambling to prepare for the massive new ships. Miami was one of the first to receive funding and federal approvals, and has officially begun the $220 million dredge that will deepen the harbor to 50 feet. The dredge, combined with a $2 billion infrastructure upgrade, will make Miami one of the first and only U.S. ports capable of housing the larger “Post-Panamax” ships, that carry two to three times the load of standard freighters.
The 1 Billion Port of Miami Tunnel – Now Open
The Port of Miami Tunnel is a 0.75 mile (1.21 km) highway tunnel under Biscayne Bay connecting the MacArthur Causeway on Watson Island with the Port of Miami on Dodge Island. Located in Miami, Florida, the project—which had an estimated cost of 1 billion US dollars—included the 3/4 mile (1.1 km) long split portal automotive traffic tunnel, as well as road improvements around the port. The tunnel was dedicated by Florida governor Rick Scott on May 19, 2014, with a public opening scheduled for June 2014.
ALL ABOARD FLORIDA PASSENGER TRAIN
The All Aboard Florida passenger train, which will start offering rail service between Miami and Orlando in 2018, along with The Port of Miami Tunnel project in late 2014, will relieve much downtown congestion and improve traffic in and around the city.
The upcoming high-speed rail service – All Aboard Florida – connecting Miami to other key Florida cities such as Orlando and Tampa, Miami now has the attention of the entire world for its ever-growing diversity, international cuisine, high-end shopping, and world-class entertainment…making Miami synonymous with cosmopolitan city living.
MIAMI ON THE NEWS
Miami as you know it, today!
Miami rates top on the latest Case-Shiller real estate report
Home values in South Florida showed no weakness in November, soaring 17 percent compared to the prior year, according to the latest Case-Shiller numbers.
The closely watched real estate index gave the greater Miami market the largest November increase of any of the 20 metropolitan markets it tracks. Between October and November, the Miami index increased .7 percent, the 23rd straight month of rising values. Taking a 12-month view, the Miami index grew the fastest since June 2006.
With values soaring, industry analysts expect price increases to moderate in 2014. The S&P/Case-Shiller index reports on conditions from several months earlier, so it is considered a lagging indicator. The latest numbers offer more evidence of the real estate market’s quicker pace in 2013. In November 2012, the Case-Shiller Miami index, which includes Broward and Palm Beach, was up 10 percent from the prior year.
“Following the economic downturn, Miami, London and New York came to epitomise the so-called safe haven market, with overseas buyers looking to escape currency, economic, political and security crises by putting equity into tangible assets that appeared safe from government sequestration. This trend gathered pace in 2012. Then Russians, long an important driver of the London market, became a growing force in both New York and Miami, alongside ever-rising demand from Latin America. – Knight Frank Wealth Report 2013″
The best way to predict the future is to create it
– Peter F. Drucker
And never before has a city been so ready to create its future like Miami. We see it all around us: a reemergence of cranes, hard hats, and sexy brochures. And with hi-rises on the rise again, where luxury is as ubiquitous as cafecito, and world-class living is the way of life – there’s no denying that the Future of Miami looks pretty awesome!
Brickell Magazine, January 2014, has put together a concise list of project selling today and about to be released on a map, highlighting a before and after scenario demonstrating the caliber of investment Miami is attracting. This is just Downtown and Brickell neighborhoods but the most sophisticated and luxury projects are located in Miami Beach and Sunny Isles Beach.
This depiction of Miami’s skyline could become a reality sooner than you might think, and what’s on the horizon is sure to forever change the way the world looks at out metropolis.
Click below to view Brickell’s Magazine featured content about Downtown Miami and Brickell, a list of current and upcoming projects to be build in the coming years, although some of these projects are now under construction today. This is to give an idea of the endless opportunities available in Miami.
Click here to preview Brickell’s Magazine January’s edition.
Watch video Illustration of the Ten Billion Dollar boom coming to Downtown Miami and Brickell.
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