After having spent 6 months in Miami, I thought it was about time to get a little acquainted with its history. To my biggest surprise, it has not always been the attractive city that I now enjoy on a daily basis.
In the 1900’s there were only 1000 inhabitants living here and the only things that were related to Miami were criminality, hurricanes and alligators! Good at that time I wasn’t born yet ….Now the city counts 2.5 million people, is famous for its luxury market and attracts tourists from all over the world.
So what is the success story behind this magnificent evolution?
The majority of Miami’s transformation occurred during the 2 past decades. Indeed 20 years ago you wouldn’t see any gallery, high rise condos or shops in Downtown Miami. It was a creepy place to avoid. On the contrary Downtown, Brickell and Wynwood were the first places I was told to go for cool events and trendy restaurants.
Tony Goldman, the famous New York developer, always saw potential in these areas and considered Downtown Miami as the new Soho. He had a great vision to bet on this area and to invest in it when there was still nothing around. Indeed, now the area is filled with high rise condos like 4 Midtown.
Miami’s development is also indubitably linked to the real estate market which, despite the 2008 crisis has been trending upwards since the 80’s. The demand has in majority been driven by South American but the market is diversifying and now attracts other buyers: Europeans, Asian and Russian. The city has become an international magnet!
Now let me continue my investigation during the weekend and – Part 2 _ for next week –