With Bal Harbour as the high-end retail destination of Florida and Lincoln Road being its equivalent for international high street retail hub, Miami has built a comfortable nest for the retail market. Following that boom, downtown Miami is ready to welcome luxury shoppers within its new developments: Miami Worldcenter, Brickell City Centre, Met Square, the Design District and All Aboard Florida.
Thanks to the opening of Saks Fifth Avenue’s 107,000 sqft store, downtown Miami is on its way to turn into a real world-class shopping haven. It is following in the footsteps of Macy’s and Bloomingdale’s that appeal to numerous Latin American shoppers who are on holidays and buying condos in downtown Miami.
Tourists and businessmen coming in have been a great growth driver for the real estate and hospitality sectors. As compared to the rest of Florida, Downtown hosts the highest number of 4 and 5 star hotels. Moreover, about 30 luxury condominium constructions are under development to welcome even more people in the years to come such as http://www.condoideas.com/condo/1010_1418-ion-miami.htm
For now, 200,000 people live in the urban heart of Downtown Miami without including all the South Floridians coming over week-ends or for night outs. It is the Floridian city center where the population grows the fastest. We notice indeed a great suburban sprawl and residential growth.
10 years earlier, nobody would have expected that Downtown Miami would now host 2 malls as a flourishing nest for retailers! Indeed, built-in projects multiply, with the support of the public sector, as the demand increases. Billions have been dedicated to creating new transportation links and infrastructures to respond to the needs of a growing population.
It is the true illustration that public investment in infrastructure development and quality of life enhancement boosts investments in the private sector as well.