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Miami City Commissioner Manolo Reyes, chairman of the Miami DDA, said the slow progress of the Flagler Street project has harmed downtown area businesses.

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If the investor group does formally submit an application, commissioners could, under city procurement rules, elect to open up the property for competitive bids or go to voters with investor’s solo bid.

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Miami continues to show strong trends regarding flight-to-quality as both new-to-market and existing tenants seek new Class A and Trophy product space with focuses in Brickell, Miami Beach, Coral Gables and Wynwood submarkets. That is according to a recent quarterly report from JLL.

The report notes that Miami’s development pipeline remains robust–with some proposed projects stretching out to 2028–offering room for continued growth over the next five years. Many new plans and renderings are concentrated in Brickell and Wynwood, Miami’s most sought-after submarkets, the report says.

According to the report, this quarter, Miami recorded approximately 700,000 square feet of leasing activity, down -30.8% from 12 months prior.

“Though activity slowed relative to last year, this quarterly volume is only slightly less than pre-pandemic averages, signaling a return to normal, rather than a drop in demand,” the report says.

Overall, net absorption was positive this quarter, posting just shy of 60,000 square feet. Miami Beach, Wynwood and Aventura accounted for the bulk of positive absorption.

Unlike other Florida markets, office development remains robust in Miami, the report explains with nearly 220,000 square feet of new space delivered across two buildings – Eighteen Sunset (81% occupied), and 601 Miami in downtown, which remains vacant and available to lease. An additional 2 million square feet remains under construction, with 75% of new product located in Brickell and Wynwood. Miami Beach also remains an area of interest, the report notes, with three projects totaling over 288,000 square feet under development.

 

Source:  GlobeSt.

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The three towers will have 1,342 multifamily units, 264 apartment-hotel units, 615 hotel keys, 100,000 square feet commercial, and 1,180 parking spaces.

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Developers are offloading parcels for mixed-use, condo, townhome and multifamily projects, as some struggle to land equity investors or bank financing.

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The new development will include both market-rate and workforce housing apartments, along with parking facilities for residents and visitors.

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Plans for the Class A tower include 750,000 square feet of creative offices, structured parking for 1,000 vehicles and 7,500 square feet of ground-level retail space.

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The county’s robust film industry went into decline in the past decade after the state discontinued its film incentives program, with films and industry professionals leaving the state for areas with higher incentives.

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The historic Trinity Episcopal Cathedral that has stood on the property since 1923 will be preserved and enhanced.