Where Bargains May Be in Extinction
The Real Deal released a list of communities being transformed by development and investment capital. Overtown, North Beach in Miami Beach, the Arts & Entertainment District and Coconut Grove are among several areas that have emerged as the hottest real estate submarkets in greater Miami, according The Real Deal article.
“These emerging areas are seeing a renaissance of activity,” said Alex Zylberglait, a senior vice president for brokerage firm Marcus & Milichap. “Pricing is going up as land is becoming [scarcer].”
North Beach
North Beach is about to undergo a significant transformation once developer Terra Group breaks ground on its 20-story, 64-unit luxury condominium at 8701 Collins Avenue, Zylbergait said. “In the next few years, you are going to see more higher-density, mixed-use projects in North Beach,” he said. “You will also see the development push westward to the Intracoastal side.”
The Arts & Entertainment District
Three years after NR Investments pitched its tent in the Arts & Entertainment District, which connects Wynwood and the Design District, the neighborhood is well-positioned for major growth, according to the article.
Overtown
In the historically African-American neighborhood of Overtown, a pair of massive mixed-used projects near downtown Miami could serve as catalysts for more redevelopment projects.
The construction of All Aboard Florida’s MiamiCentral complex near the Miami-Dade government center is well under way. Developers for the $1.7 billion Miami Worldcenter are preparing the 27-acre site for construction, which is scheduled to begin by the year’s end. In addition, Miami Beckham United, led by David Beckham, plans to build a $220 million soccer stadium with 25,000 seats in that community. The stadium is being proposed without parking in order to promote walkability and the use of mass transit.
Midtown
Nearly a decade after developers Joe and Jack Cayre set about transforming a 29-acre former rail yard into Midtown Miami — a self-contained neighborhood with four residential towers and a shopping center anchored by big-box retailers — some new developments are on track to enter the picture in the coming months. In September, the Related Group and Dezer Properties broke ground on the Hyde Midtown Suites & Residences after selling 70 percent of the 410 residential units. Just east of the abandoned Florida East Coast railroad tracks near Midtown Miami, developer Alex Vadia has submitted plans to the City of Miami for a massive residential, retail and restaurant complex, The Real Deal explains.
Little Havana
The July sale of a Little Havana super-market shows how hot properties in the historic Miami neighborhood have become. Last year the commercial building’s market value was about $605,000, according to Miami-Dade County property appraisal records. The property flipped for almost double the price and was sold to Calle Ocho Marketplace for $1.06 million. The market value for several neighboring properties has also ballooned by $200,000 to about the $500,000 mark, according to The Real Deal.
Coral Gables
For many years, tony Coral Gables had avoided the type of heavy development that has swept through Miami and Miami Beach. Not anymore, said Masoud Shojaee, chairman of development firm 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 slew of high-density projects that are under construction or in the planning stages.
Coconut Grove
With developers Terra Group and the Related Group partnering to create Park Grove, a three-tower luxury condo project, and Terra also building the 90-unit Grove at Grand Bay, Coconut Grove is poised for a comeback, according to The Real Deal.