It's fascinating to imagine what Miami's skyline will look like 5 to 10 years from now with all of the new development underway - so much so that one could easily overlook what's happening along the city's outskirts, which is equally noteworthy. What happened to the Brickell neighborhood during the past decade is now occurring in many suburban areas, neighborhoods like Doral, Dadeland and Pembroke Lines: a trend toward high-density, mixed-use development that is pedestrian-friendly and urban in nature. Welcome to the rise of the "satellite city."
Doral is perhaps the best example of this trend. Miami's resurging condo market, unrest in Latin America (Doral has a large population of Venezuelans), and the availability of flight capital are transforming this former bedroom community and golfer oasis into a city practically overnight. There are currently three massive mixed-use developments underway in Doral, and with the Trump-operated "Great White" golf course now on the market, a fourth may soon follow. The 130-acre golf course site is entitled for over 2,700 residential units and over a million square feet of office and retail combined, plus a school and an amphitheater. A visionary developer would have an opportunity to build a massive, mixed-use community from the ground up in one of the country's fastest-growing suburbs.
By all accounts, the demand is there. Doral's unusually fast population growth - nearly four times the national average - top-rated schools, highly educated workforce and vibrant office market (the second-largest in Miami-Dade) have led to a surge in demand for housing and amenities. And with condominium prices in Miami on the rise, buyers are moving westward for more affordable new construction housing, in pedestrian-friendly, 24/7 environments .
The evolution of the suburbs into satellite cities is one of the notable characteristics of this cycle, and one hopes, a potential antidote to Florida's infamous suburban sprawl.
By: Ken Krasnow
Managing Director | CBRE South Florida
Ken Krasnow is the Managing Director for CBRE’s South Florida offices. In 2013, his region executed over 1000 transactions – 175 sales, and 825 leases – with an aggregate value exceeding $2.8 billion. In addition, CBRE South Florida completed over 1,400 valuation and advisory assignments and $600 million in loan originations.
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