A townhouse or condominium development could be suitable for the assemblage, which is called The River Line and is in the largely residential Spring Garden Historic District.
Surging housing costs and a fickle labor market, which by one measure still hasn’t recovered from the pandemic are sending many locals packing. Miami-Dade lost 79,535 people through net migration to other parts of Florida or other states between 2020 and 2022. Still, there are reasons for optimism.
The project will include up to 2,346 rental apartments, ground floor retail, amenities, and parking for about 2,078 cars.
A $170,000 study upon which to base the plan won unanimous Transportation Planning Organization approval with aims far broader than the most recent plan for the area, which was drawn in 2003 in vastly different times for a vastly different downtown.
The project changing nearly a full block hugged by West Flagler and Northwest First streets is composed of three buildings.
Sales will launch in late 2023, with prices starting at $3.5 million.
Miami’s office sector saw the greatest dropoff, registering just $6 million in sales in the first quarter of 2023, compared with $226 million in 2022, a 97 percent decrease.
Between August 2021 and July 2022, foreigners invested US$6.8 billion in the purchase of properties in Miami Dade, which implies an increase of 34% compared to the previous twelve months.
Among other things, the bill grants developers the ability to build the maximum amount of units a local jurisdiction allows – and at the maximum allowed height within a mile of a project’s site – on almost any property zoned commercial, industrial, or mixed-use.
The only startup hub worldwide that grew faster than Miami over the past five years was Tokyo, according to the ranking.