When most people think of Miami, they instantly think Miami Beach. Well, a quarter-mile stretch on Biscayne Bay that is actually bisected by the causeway that leads into Miami Beach’s South Beach district, is a prime example that the real growth in Miami is occurring on the mainland.
While Miami has done a poor job of creating public spaces along the waterfront, Museum Park (formerly Bicentennial Park and just north of the American Airlines Arena) just had its official opening this past Saturday.This is one of very few public areas on Biscayne Bay and features a broad promenade from Biscayne Boulevard to the bay, paths shaded by massive oak trees, amazing views of the bay and the Port of Miami and even a sandy beach. The 19-acre park comes 14 years after its conceptualization and with a $40 million price tag; however, it boasts the Perez Art Museum Miami (PAMM) which already has attracted over 150,000 visitors in the 6 months it has been open, as well as the under-construction Museum of Science, which is relocating from another location.
Former Miami Herald site
This 14-acre site housed The Miami Herald until the bay front building was bulldozed in April. Genting, the Malaysian gaming operator which made a failed bid to construct a massive mega-project, including a casino on the site, is now in talks with Related Group’s Jorge Perez (yes, the same Perez who donated $20 million to have the afore-mentioned PAMM named after him). In total, Genting controls 30 acres in this general neighborhood at an investment value over $420 million. Whether or not you are in favor of a casino being approved for Downtown Miami, there is no doubt that the energy and capital that is being invested by Genting and partners will continue to spur the transition of the area into the vibrant 24/7 destination that the CBD is becoming. By the way, all of this activity is adjacent to the Adrienne Arsht Center for the Performing Arts.
All world-class cities have beautiful and visited open spaces and parks, and it’s great to see Miami finally making such strides as it too becomes a world-class city. Massive projects such those controlled by Genting, Miami World Center and Brickell City Centre will still take another decade to build out, but will undoubtedly position Miami as a world-class city. From a real estate perspective, if you are a long-term owner, given the growth that lies ahead for this city, it’s still not too late to consider investing in Miami and enjoying the ride.
By: Ben Moss
Estate Agent | ONE Sotheby’s International Realty
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