No-bid government land deals are typically justified in emergency situations, such as post-disaster recovery. However, when there is no emergency and without a competitive process, Miami-Dade county can’t be sure it’s getting the best deal possible.
Additionally, it led the nation in net international migration, gaining 123,835 people from abroad.
Construction is scheduled to begin in January 2026, with an expected completion by 2028.
Developers Ellen Buckley, Gaetano Caltagirone and Jeffrey Adrizon discussed challenges in the year ahead at annual Miami commercial real estate conference.
Zoning allows for over three million square feet of development.
Being one of the fastest-growing property markets within the U.S., Miami offers an array of opportunities for both domestic and international investors, solidifying its reputation as a dynamic and diverse destination.
The planned development will feature 517 apartments, 9,700 square feet of restaurant space, and a six-level parking garage with 506 spaces.
The prime location offers the potential for constructing a supertall building.
Both projects will be reviewed by the Wynwood Design Review Committee on Nov. 18.
As borrowing becomes more affordable, construction costs stabilize, and market liquidity improves, many investors, currently sitting on significant dry powder, are eager to re-enter the market.