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Downtown Miami is simply bursting at the seams with new residential, retail and mixed-use real estate developments, making it the fastest growing area within South Florida. Due to limits on physical space, developers are literally taking to the skies, planning elaborate high-rise projects with limited vertical restrictions. Prospera Realty knows that the rise has been swift and the benefits great, with Miami cementing its place as the new mecca for investment, entertainment, business and lifestyle.
THE FACTS
In terms of new buildings, out of the 255 preconstruction condo projects across the entirety of South Florida, 60 of them are located within Downtown Miami. This is the highest number of buildings (as well as units) followed by Hollywood/Hallendale Beach at 19 condo projects. This means that Downtown Miami currently has an incredible 51.5% of the total new Unit Share.
TRANSFORMING NEW NEIGHBOURHOODS
As Downtown Miami grows, so too are the surrounding areas and districts. Over the past 5 years, areas such as Wynwood, the Design District as well as other large sections of Midtown have undergone massive transformations. It is this momentum, seen clearly in the gentrification of once underdeveloped areas that continues to push Downtown Miami property figures up to new heights.
Events such as Art Basel have brought international acclaim, cash flow and a new set of cultural values to the city, helping to convert areas that were once dangerous and rough into highly desirable places not only to visit, but also to live.
In the case of Edgewater, located just north of Downtown, in 2013 the average price of condos located east of Biscayne Boulevard doubled since the downturn from approximately $230,000 to $460,000. As a waterfront neighborhood sporting views across Biscayne Bay, current demand within the area is incredibly high- not to mention its rapidly increasing quirky art scene, prestigious shopping hub and close proximity to the Design District. Because of this, Downtown Miami condominiums are hotter than ever, as their location offers homeowners not only the best in business access, but also provides ultra-close contact with the trendy Art and Lifestyle scene.
As the wave of investor confidence appears to spread over Miami, more and more people are feeling self-assured with the security of the city’sreal estate. Those looking to protect their money within hard assets are turning to Downtown Miami real estate, which in turn, further drives the forward motion of the condominium boom.
A COOPERATIVE COUNCIL
With the recent implementation of Miami 21 building codes, developers currently have a great incentive to build within Downtown Miami. As part of the zoning code, Miami 21 will establish a program to allow bonus building capacity in exchange for the developer’s contribution into the Miami 21 Public Benefits Trust Fund. With information sourced from the City of Miami Planning Department, the trust fund will provide a funding source for projects that will benefit the public including subsidizing affordable housing, creating and maintaining parks & open spaces, preserving historic structures, redeveloping previously contaminated land, and promote green building standards. As for multi-storey projects within Downtown Miami under T6-60 and T6-80 zones, developers will also benefit from bonuses to unlimited storeys. Because of this, developers will be able to maximize profits per square footage by increasing the height and units available within their buildings. Such highly ‘developer friendly’ city planning regulations are not often seen; therefore it is no wonder why Downtown Miami construction is shooting onwards and upwards.
Securing your piece of Downtown Miami’s evolving skyline has never been more desirable, and as Miami continues to thrive, Prospera Realty will provide an inside track on the latest projects and available properties.
