Last week I ended the first part of this article saying that Miami has become an international magnet. However the city had nine lives before getting there! Indeed, let me remind you that back in 1970 buildings were run down, inhabited by elderly residents, and the criminality rate was hitting its record.
This is why in 1976 Barbara Baer Capitman and her son founded the Miami Design Preservation League. Their objective was simple: to give a second life to the city. They launched the restoration of the Art Deco architecture and the renovation of the Historic District. This started Miami’s revolution. The other eight lives can be summed up to the world famous Calvin Klein’s Obsession photo shoot which brought the model industry to Miami, or the release of movies as Scarface and Miami Vice and finally the legendary Versace legend.
Of course, the real estate had also a huge influence on Miami’s visibility toward the world. For example the South Pointe project launched in the 90’s by Thomas Kramer was a huge success that brought light on Miami and started the real estate’s gold rush. Just for the anecdote, back then a 1 bedroom cost $59,000. Now you would pay around $500,000 for it. After the economic growth of Miami Beach, developers had to find new neighborhoods to build condos. That’s when areas such as Downtown or Midtown picked up.
Nowadays from what I’ve experienced, it’s the cultural and sportive institutions that are being the focal point in Miami. Art Basel, instituted in 2002, is attracting buyers from all over the world. And professional teams as the Heat, the Marlins, the Dolphins are incredible marketing tools for the city. To be honest, I don’t know anything about basketball but I’m always up for a great Miami Heat game at the American Arena !
Stay tuned for next week, part 3 and the end of our Miami success story!