Miami continues to buck the national trend of an office market in crisis.
The project is slated for nearly 370,000 square feet of offices, 558 residential units, and a hotel.
From 2010 to 2020, the metro region’s population rose by more than 660,000, creating intense demand for offices, stores, hotels, and homes.
“Depending on how much they’re willing to implement, they could save between 5 and 20 percent” of their energy bill, said Ramin Moghaddass, an associate professor of industrial and systems engineering at UM and the director of the Industrial Assessment Center.
The 1.24-acre site is now home to a 13-story office building, which was completed in 1981.
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.
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.