The Future of Miami is Bright With an Epic Development Boom Currently Underway
Miami was arguably the epicenter of America’s property bubble in 2008, with prices crashing hard during the financial crisis. But now high-end luxury properties in prime locations have seen prices bounce back to peak levels and residential real estate across the city is rebounding. Developers today are protecting themselves from past speculation by requiring larger deposits and tighter control to make certain of closings. The flipper’s are something of the past however there are waiting lists in some cases of buyers wanting what is no longer available. The future of Miami is marked with every last parcel being acquired and luxury residential on the horizon completely transforming the Miami skyline into a megapolitan City within a short span of time. No longer a resort stop on the way to or back from the rest of the world, Miami is becoming the go to destination for the world’s wealth.
Video illustration of ten billion dollar boom coming to Downtown Miami.
A dynamic urban core of diversity and excitement, Miami Worldcenter brings a new energy to Miami with a compelling blend of exceptional retail, hospitality, and residential offerings in one unique location. At nearly 30 acres, Miami Worldcenter achieves the heights of a world-class destination. It is within walking distance of over $3 billion in new public and private projects in mass transit, cultural institutions, recreational parks, and entertainment venues. Miami WorldCenter includes a 765,000-square-foot luxury shopping center to be anchored by a 120,000-square-foot Bloomingdale’s and a 195,000 square foot Macy’s with more than 1,000 residential units. Additional plans include the Seventh Street Promenade, a pedestrian-only block with European-style outdoor cafes, bars, restaurants and boutique stores.
Resorts World Miami
Genting Group Unveils $3 Billion Master Plan. One of the most prized pieces of waterfront land in Florida will soon come alive with Resorts World Miami, a Destination Resort featuring iconic skyscrapers sporting designs inspired by a coral reef and serving as the centerpiece of a new three mile Baywalk that will activate the City’s waterfront. Resorts World Miami will be the highlight of a three-mile Baywalk beginning at the Miami River and running north to Margaret Pace Park. The Baywalk will link Bayfront Park, Bayside Market Place, American Airlines Arena, Museum Park, the Miami Art Museum currently under construction, the new Miami Science Museum currently under design, the Adrienne Arsht Center for the Performing Arts and the Omni Center. All will be connected by new public spaces and pedestrian, jogging, and cycling paths that will activate this stretch of partially completed Miami waterfront making it one of the largest development projects in Florida history.
Brickell City Centre will seamlessly integrate into the city’s existing urban fabric and transportation infrastructure with more than 11 acres of meticulous planning and modern design. Brickell City Centre will connect with every aspect of Miami’s metropolitan lifestyle within a vibrant development. As its multicultural population grows and Miami tourism continues to break records, we are quickly transforming from a beach destination into an increasingly confident metropolis known as The Magic City.
Miapolis will be a metropolis in the sky, self-sufficient, environmental friendly and with a remarkable economic impact leaving no one behind. Miapolis will provide constant worldwide exposure of Miami, increasing tourism, international trade, passengers for the airlines, cargo for the Port of Miami and MIA, and benefiting all Downtown by attracting millions of visitors. Architect and designer Kobi Karp offers a sneak peek into Miami’s proposed $22B Miapolis.
Miami commissioners have unanimously approved a 99 year lease agreement with Bayside Marketplace and SkyRise Miami developer Jeffrey Berkowitz. SkyRise, a tourist attraction that expects to employ about 600 people, still needs to negotiate a grant agreement with Miami-Dade. It only gets the money once the project is up and running. Berkowitz is raising the bulk of the $430 million needed for the 1,000-foot tower overseas through a federal program that grants green cards to foreign investors who put up at least $500,000 for a U.S. project. After the vote, he said having the local government’s backing will be key in recruiting more than 500 investors he’s seeking in Asia and elsewhere. The waterfront tourist attraction planned for city-owned waterfront is billed as the ‘Eiffel Tower of Miami.’
All Aboard Florida
A proposed express passenger railroad running between Miami and Orlando, with stops in West Palm Beach and Fort Lauderdale, is expected to begin operations by early 2016. The transportation hub will include mixed-use development with residential, office, commercial, and a retail concourse, while serving as a connector between All Aboard Florida’s passengers and Miami’s existing public transport systems. The Overtown site will also be a mixed-use development with retail, commercial and parking to support and enhance the transportation hub.
What will the Port of Miami be like a decade from now? In 2035? Watch this video about the master plan to transform today’s Port of Miami into Port Miami — a port of the future. Watch this video about the master plan to transform today’s Port of Miami.
Miami’s Real Estate Story
Miami offers a way for ultra-wealthy citizens from Europe, Russia, China, and Latin America to hedge some of their bets on their still-emerging local economies. Here in Miami, the cultural life is increasingly vibrant with a new symphony hall, a new art museum and still there’s a relaxed vibe that many other big cities cannot offer. So, why not buy a condo? The results can be seen most readily in the frenzy of ultra luxury waterfront condo construction activity. Consider for instance the 60-story Porsche Design Tower in Sunny Isles Beach. Already 85 percent sold, these condos whose price tags start at $6.1 million and range as high as $32.5 million, reportedly count over two dozen billionaires among the buyers.
About 77 percent of investors with at least $1 million in assets own real estate, according to a survey released New York-based investment bank Morgan Stanley’s wealth management unit. Direct ownership of residential and commercial properties was the Number #1 alternative investment pick for 2014, with a third of millionaires surveyed saying they plan on buying this year. Owning real estate is attractive because of the expected appreciation of property value and stream of rental income, as well as better control and supervision over the investments.
UPDATE (January 2nd, 2015): To those many FB comments and those concerned with us drowning.. Miami is currently 6 feet above sea level. A special task force commissioned by Miami-Dade County projects the Southeast Florida region will experience a three to seven inch sea level rise by 2030, with those numbers nearly tripling by 2060. Miami-Dade County in particular should anticipate a 3-foot rise in sea levels by 2100. Locals and those who love Miami are not too concerned! Thank you all for making this post go viral and may great things come to you in 2015. God Bless.
As a Miami area real estate specialist, I have marketed, sold & serviced Sunny Isles Beach to South Beach along with Aventura to Coral Gables since 2002. For premier Miami real estate opportunities, call me at #888.383.7326 or send me a note here!
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