As a native New Yorker, it's impossible to resist drawing parallels between the Manhattan and Miami real estate markets: both are land constrained (one is literally an island, the other is basically a peninsula between the Atlantic Ocean and the Everglades); both have an extremely strong financial sector (Brickell is no Wall Street, but it is the focal point for banking in Latin America); and both are international gateway cities. And for those of us who remember what Manhattan looked like 20 years ago - before the Disneyfication of Times Square, when the meatpacking district and SoHo were too dangerous for even the bravest citydweller, the similarities sometimes even seem uncanny.
Miami has come a long way in just the past few years, and I've said many times, those who are investing in Miami or moving here now, are going to benefit from a region that is set for a decades-long expansion. Here are just a few of the large-scale projects underway that will radically transform the Magic City in the next five years:
* Brickell City Centre, Swire's $1.5 billion investment to build a mixed-use development in the heart of the city's financial district, is the single largest development project in Miami's recent history. It marked a turning point - signaling to other investors that Miami is poised to become a vibrant world-class metropolis.
* David Beckham's Major League Soccer Stadium - With the selection of a waterfront site in Museum Park- adjacent to the American Airlines Arena and the new Perez Art Museum Miami- Miami's downtown may soon have one of the richest cultural, entertainment and arts sectors in the country.
* All Aboard Florida - The $1 billion commuter rail line will connect Miami to Orlando, with stops in Fort Lauderdale and West Palm Beach. In the mold of "Grand Central Station," the Miami rail terminus will include office, residential and retail components, and is expected to see roughly 12 million commuters pass through each year.
* Midtown and the Design District - Nicknamed Miami's "SoHo," Midtown Miami is a 56-acre urban redevelopment on a former railyard that has become the social epicenter in the area north of Downtown Miami. It's one of the city's few self-contained walkable communities and it's close to the Design District, which is undergoing a $312 million redevelopment into a luxury retail neighborhood, and the Wynwood Arts District.
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.
Follow CBRE on Twitter: @cbre_Florida