Greater Miami covers the hottest current real estate submarkets among which Coconut Grove, Overtown, the Arts & Entertainment District and North Beach are emerging. All of them are undergoing a renaissance of activity where land becomes scarce and pricing goes up.
Overtown is the historically African-American neighborhood where some mixed-used projects are about to act as true catalysts for more redevelopment projects. For example, All Aboard Florida’s Miami Central Complex is the last stop of Florida’s commuter rail line from Orlando to Miami. It will will include 4 towers hosting 1,300 condo units and hotel rooms, 5 rail tracks, a train depot, a garage, and 1M sqft of office and retail space.
A few steps away will rise $1.7B Paramount Miami Worldcenter over 27 acres. It will comprise a 500-unit condo tower on a 765K sqft retail and entertainment center. In addition, a 1,800 rooms from the Marriott Marquis hotel, a convention center and 429 luxury rental apartments are part of the project. This development is getting $88M over 12 years for local job generation. It is also exciting for investors: many buyers from Asia are converging towards Miami and 13% of the buyers at Paramount Miami are from China.
Midtown used to be a self-contained neighborhood with 4 residential towers and a shopping center. The area can now count on the Related Group to launch Hyde Midtown Suites & Residences, where 70% of the 410 condo units are already sold. Considering Wynwood’s activity and the blossoming Design District nearby, Midtown is poised to take profit from that spillover effect.
In between Wynwood and the Design District lies the Arts & Entertainment District in the race for major growth. The most expected 37–story condo tower Canvas is being much advertised by giving access to passers-by and art lovers to its lot, thus setting the tone of the type of residence it aims at being. More than 200 of the 513 units are already sold. The Related Group is also planning a 3-tower mixed-use site on 1400 Biscayne Boulevard to be called Auberge Resorts. With a relevant zoning and well-equipped in public transportation, all attributes are here to create an urban village. Watch out for the neighborhood’s new identity about to arise within the next 5 years.
Little Havana’s market value is ballooning from a $200,000 mark to $500,000. That’s how big “Miami’s new frontier” could become. InTown mixed-use project under construction at 1940 Southwest Eighth Street is receiving $46.7M in financing. It will comprise 8 townhouses, 312 condo units and 18,000 sqft of ground floor retail. In an attempt to save the neighborhood’s character, historic preservationists try to impede the rezoning to halt new development.
For many years, Coral Gables had stayed away from heavy developments. Not anymore with the Collection Residences, a 128-unit, 10-story luxury condominium, in the heart of Coral Gables.
With developers Terra Group and the Related Group partnering to create Park Grove, a 3-tower luxury condo project, and Terra also building the 90-unit Grove at Grand Bay, Coconut Grove is poised for a “wonderful comeback”. Investors think it is going to get better and better.
Known to be a quiet community full of low-rise buildings, North Beach is about to go through a great transformation once luxury condominium Eight Seven Park breaks ground. More higher-density and mixed-use projects are going to blossom in North Beach, also pushing development to the Intracoastal side. Investors see long-term value in the area.