Overtown, North Beach in Miami Beach, the Arts and Entertainment District and Coconut Grove are among several areas that have emerged as Miami’s hottest real estate submarkets.
North Beach
Quiet community with detached houses and low-rise apartment buildings. It is about to undergo a significant transformation with Tera Group’s new 20-story, 64-unit luxury condominium project at 8,701 Collins Avenue, Zylbergait said. “In the coming years, they aspire to continue building mixed-use projects in North Beach.”
Guy Smilovich, a New York investor is quite optimistic about the North Beach area he bought into because he saw a “long-term value.” Smilovich is moving forward with the renovation of his Art Deco building at 8200 Harding Avenue. It will be connected via a courtyard to a new 13-unit luxury apartment building rising on vacant lot at 8204 Harding Avenue, with a mechanical lift parking system.
Design District
Three years after NR Investment launched its tent in the Arts and Entertainment District, which connects Wynwood and the Design District, the neighborhood is well positioned for significant growth, Nir Shoshani’s parent company said.
In 2012, NR acquired the Filling Station Lofts at 1657 North Miami Avenue to transform it into an 81-unit rental tower. His company also owns a 1-acre parcel on North Miami Avenue between northeast NE 14th and 15th streets, where NR hopes to build a mixed-use project with hotel, office and residential components.
Other top developers are also betting on the Arts and Entertainment District. The Related Group is planning a project of three mixed-use towers on 2.7 acres at 1400 Biscayne Boulevard that it purchased for $57.7 million last year. The residential element will be managed by luxury company Auberge Resorts.
Shoshani said the neighborhood has all the key attributes for creating an urban village, such as being close to public transportation and high-density areas. “In four or five years, it will be a neighborhood with a whole new identity.”
Midtown
Nearly a decade later, developers Joe and Jack Cayre have dedicated themselves to transforming a 29-acre former railroad yard into Midtown MiamI – an independent neighborhood with four residential towers and a shopping center anchored by large retailers – some new developments are on the list to introduce the image in the coming months. In September, Related Group and Dezer Properties began construction on the Hyde Midtown Suites & Residences after selling 70 percent of the 410 residential units. Just east of the abandoned railroad tracks near Midtown Miami. Developer Alex Vadia has unveiled plans for the city of Miami for a massive residential, retail and restaurant complex. On the other hand, all the activity that Wynwood and the Design District has, benefits the entire adjacent area of Midtown.
Overtown
In the historically African-American neighborhood of Overtown, a pair of mosive mixed-use projects near downtown Miami could serve as catalysts for more redevelopment projects.
Construction of All Aboard Miami Central Florida complex near the Miami-Dade government center is underway. MiamiCentral is where All Aboard, the Miami – Orlando train line, will make its last stop. The site will include five railroad tracks, a train station, four towers, a garage, nearly 1 million square feet of office and retail space and more than 1,300 apartments, flats and hotel rooms.
Developers of the $1.7 billion Miami Worldcenter are preparing the 27-acre site for construction of the mega project scheduled to begin later this year. The project includes the Paramount World Miami tower, a 500-square-unit residential center, a 765,000-square-foot entertainment center that includes stores such as Macy’s and Bloomingdale, a 1,800-room Marriott Marquis hotel and convention center, as well as a tower by Orlando-based developer ZOM, with 429 luxury rental apartments, are also part of the project.
Miami Worldcenter is receiving $88 million in tax refunds over 12 years for job creation for local residents of Overtown and other Miami neighborhoods.
The potential of Overtown It’s generating a lot of excitement, Paramount developer Daniel Kodsi said during a September real estate forum on Asian buyers, noting that 40 percent of the 60-story tower’s 513 units have been sold and 13 percent of buyers are from China, an emerging market for condo developers from China. Miami.
Affordable housing developers are also breaking ground on projects that cater to working-middle-class professionals.
Little Havana
Last year, the market value of commercial construction was over $605,000, according to Miami-Dade County property appraisal records. The value of this market has almost doubled. The market value for several neighboring properties has also skyrocketed from $200,000 to approximately $500,000.
Further east, near the neighbor Brickell, Megacenter Brickell, a company listed by Pablo Wichmann and Patricio Ureta as managers, bought nearly three-quarters of an acre on Seventh and Eighth Street on Fourth Avenue for $7.93 million, or about $253 per square foot. The previous owner, based in Key Biscayne London Real Estate Co., had paid $1.2 million for the two lots in 2011. Scott C. Sandelin, a national retail specialist for Marcus & Millichap who co-negotiated the Eighth Street market deal, said the supermarket was the fifth property in nine months his firm had managed in the market. little Havana. The demand for properties will continue to increase with new developments.
One developer already moving forward is Astor. Cos., which recently received $46.7 million of bank financing for its now-under construction InTown mixed-use project in 1940 of Southwest Eighth Street. The site, which includes a 312-unit condominium tower, eight homes and 18,000 square feet of ground floor retail, is expected to be completed by the end of 2016. In June, Astor founder Henry Torres said he is marketing the condo as affordable luxury units. Historic preservationists, however, have been lobbying the city of Miami to halt rezoning efforts in the highest-density area to attract new development. They claim that the proliferation of skyscrapers in Little Havana would destroy the character of the neighborhood.
Coral Gables
For many years, the city of Coral Gables had avoided the kind of developments that have spread across Miami and Miami Beach. But that’s no longer the case, said Masoud Shojaee, president of development company Shoma Group, which joined forces with developer Ugo Colombo’s CMC Group to build the Collection residences, a 128-unit, 10-story luxury condominium in the heart of Coral Gables. The Collection joins a number of high-density projects that are under construction or in the planning stages.
In July, the Coral Gables city commission gave the green light to the Villa Mediterranea project at Ponce Circle, billed as the largest development in the city’s history, with more than 1 million square feet of hotels, condominiums and retail on 6.7 acres. Other projects include an Aloft hotel being built at Le Jeune Road and 33 Alhambra.
Coconut Grove
With developers Terra Group and Related Group partnering to create Park Grove, a three-tower luxury condominium project, as well as Terra Group’s 90-unit Grove at Grand Bay, Coconut Grove is preparing for a “wonderful comeback,” said W. Allen Morris, director of the Allen Morris Co.
A rendering of the Grove at Grand Bay
In March, an entity controlled by famed Miami architect Bernardo Fort Brescia, renovated the Engle Building at the corner of McFarlane Road, and announced a list of new tenants including Harry Pizzeria, Panther Café and Clyde Butcher Gallery.
And in May, a Maryland-based partnership, Federal Realty Investment Trust, Grass River Property and the Comras Co. purchased the Cocowalk shopping complex in an $87.5 million deal and unveiled plans to rebuild the center and include a new retail mix.
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