About 2.3 million square feet of retail space is set to deliver in Miami by 2018. What will a massive influx of retail supply mean for the overall market?

Jason Shapiro, managing director at Aztec Group, has some opinions. First, he tells, it’s noteworthy that the vast majority of that space—approximately 1.4 million square feet—is located within Brickell and Downtown Miami with major mixed-use projects such as Brickell City Centre, Miami Worldcenter and Met Square fueling this new development. That’s according to a Miami Downtown Development Authority.

“While the delivery of over 2 million square feet of retail space by 2018 may sound like a huge number, it is not necessarily an oversupply,” Shapiro says. “Historically speaking, the Miami’s Central Business District has been underserved in terms of access to high quality, international retail brands.”

As Shapiro sees it, substantial residential growth in the Downtown Miami area, along with organic employment growth and increased visitation, have all contributed to improved retail fundamentals. The DDA report found that over 30% of tourists to Miami in 2014 visited the downtown area. That’s a record-breaking number.

“As our city’s demographics evolve and neighborhoods such as Downtown Miami and Wynwood continue to build up and grow more sophisticated, the stronger market fundamentals support the fact that the additional supply will meet demand,” Shapiro says. “Most of the new product coming down the pipeline is luxury, high-street retail that will serve new demographics that live and work in those key urban areas.”


Source: GlobeSt.

Miami-Dade has long been a place of varied styles, each city within the County bringing its own special flare to the mélange.

The different neighborhoods have experienced their own evolutions since Miami’s inception in 1896. Coconut Grove has had its own unique evolution.

ULI SE Florida/Caribbean will be hosting an event focusing on the latest transformation of one of Miami’s most storied neighborhoods with its residents, architects, investors, developers, and historians.

On Tuesday, November 4, 2014, from 5:30 PM – 8:30 PM, panelists will discuss how it will continue to remain ahead of the curve. A new standard has been applied to the quality of housing and retail uses in The Grove.

The event will take place at Park Grove, located at 2701 South Bayshore Drive.

Confirmed speakers include:

  • Bernardo Fort-Brescia, Principal, Arquitectonica
  • Ezra Katz, Chairman/CEO, Aztec Group, Inc.
  • Justin Kennedy, Co-CEO, Grass River Property
  • David Martin, President, Terra Group
  • Commissioner Marc Sarnoff, City of Miami
  • Moderator: Dr. Paul George, Ph.D., Professor, Miami Dade College

Additional panelists to be announced.