Where the Smart Money is Investing
Miami, Florida may one day be flood-prone to rising sea levels, argue climate change experts. But real estate investors don’t seem worried, flocking to the region for the latest surge in real estate construction, as I noted in December 2014. The national climate report believes that “although rapidly melting Arctic ice is threatening the entire American coastline, Miami is exceptionally vulnerable because of its unique geology. The city is built on top of porous limestone, which is already allowing the rising seas to soak into the city’s foundation, bubble up through pipes and drains, encroach on fresh water supplies and saturate infrastructure,” reports The New York Times.
Again, though, many aren’t concerned. In fact, the city continues to attract buyers from all over the world, which will fuel even more growth and create massive opportunity.
In just the last few years, the area has added 20,000 condo units, in addition to commercial, retail and entertainment properties “at a dizzying pace,” notes Central Coast Public Radio. There’s another massive $1.5 billion Brickell City Centre project that will include two residential condos, office space, a hotel, and retailers, spanning more than nine acres with 565,000 square feet.
And construction is just about to begin on the $2 billion Miami Worldcenter, as well.
Sitting in the heart of Miami, the 10-block project will be home to retail, residential towers, an expo center, and hotel. The Forbes Company and Taubman, according to World Property Journal, will bring a 765,000 square-foot shopping mall with Bloomingdales, Macy’s, restaurants and entertainment, for example.
“Miami-based MDM Group will develop a new 54-story, 1,800-room JW Marriott Marquis hotel and expo center set to feature 600,000 square-feet of meeting and event space.”
That’s explosive. Miami may one day be underwater, if we believe the latest reports, but it won’t stop the near-term boom.
Nowadays, according to the Miami Herald, “Led by Mayor George Vallejo, the city of North Miami Beach adopted a strategic plan in September that sets guidelines for real-estate development, design and zoning for the next 15 years. The “visioning” framework, which was guided by two consulting firms, encourages new mixed-use projects and high-end residential towers in appropriate locations. It also includes funds for a comprehensive parks master plan, which will make the city an even more appealing place to live.”
“Already, a new wave of commercial development is under way, including plans for new high-end restaurants and a hotel along West Dixie Highway south of the roadway congestion in Aventura. Gil Dezer, president of Dezer Developers in Sunny Isles Beach, purchased the Intracoastal Mall for $63.5 million last year and plans to open a luxury iPic theater in the mall this summer.”
“With its new strategic plan in place and a growing flow of commercial and residential real-estate investment, North Miami Beach is entering a new era, just as other Miami-Dade communities have evolved in the past.”
“Now the world is about to discover the new “hidden gem” in South Florida's real-estate market. It’s an exciting time to participate in the transformation process, which will create a bright future for North Miami Beach and its residents.”