Is Downtown Miami the new heart of Miami? Brickell vs Downtown Miami
The Heart of the Miami Condo Market – Which one has better Investment Potential?
Brickell vs Downtown Miami
Brickell has been the center of attention since years. Miami’s Manhattan* has attracted a lot of international investors and a high number of brand new luxury condos are being constructed at the moment. Brickell is home to a large number of young professionals who want to live close to their jobs and within proximity of nightlife and entertainment. With a high density urban core, high walkability scores and an actual city center (Mary Brickell Village) that offers bars, restaurants and shops, Brickell has defenitely created a name for itself.
* Brickell got the nickname “Manhattan of the South” due to its large numbers of international banks
Downtown on the other hand is often seen as Brickell’s little and lesser known sibling. The area “across the bridge” is less walkable, doesnt have an actual core and offers less condos (at this moment).
Although it is true that Downtown Miami is Brickell’s less known little sibling, it is one to watch!
There is no need to compare apples with oranges. While Brickell is already developed and has a variety of condos for sale, Downtown Miami is just starting to develop itself. There are huge changes taking place in this area that had relatively little to offer in the past.
To be able to compare oranges with oranges (its Florida after all) we need to compare Brickell with Downtown Miami taking into account all of Downtown’s future changes.
The future of Downtown Miami
Downtown Miami is growing enormously and the amount of initiatives in the area are plentiful. Luxury residences are still relatively scarce in this neighborhood but change is on its way!
Please have a look at what is coming up.
1. Miami World Center and the Paramount Luxury Condo
Miami Worldcenter is a new mega project and Downtown’s game changer. With nearly 30 acres and an estimated price tag of more than $1.5 billion, Miami Worldcenter will be the second largest urban development in the United States. It will include 765,000 Sq.Ft of signature retail, 4.5 acres of open space, 7,000 new parking spaces, and an ultra-modern Marriott Marquis World Convention Center Hotel with 1,800 rooms, 600,000 Sq.ft of convention space, and an 80,000 Sq.ft outdoor event deck. To top it all off – literally – the Master Plan for Miami Worldcenter will include multiple residential towers with over 1,000 units. Read more on Miami Worldcenter
Miami Worldcenter – The New heart of Downtown
Miami Worldcenter – the Mall
Paramount at Miami Worldcenter will be in the middle of this all. This tower is selling the concept of urban luxury offering high-end finishes and private elevators with all units (This tower will not have hall ways). Besides its excellent location in Downtown’s new ‘urban heart’ and high end finishes, this tower will feature ocean views and a 6 acre amenity deck. The Paramount tower is selling fast as luxury towers in this part of town are still scarce.
2. One Thousand Museum by Zaha Hadid
One Thousand Museum is bring ultra-luxury to Downtown Miami. The type of luxury condo you would normally only find on Miami Beach. 1000 Museum creates a six-star lifestyle within an exceptionally elegant private residential tower and over 30,000 Sq. Ft of beautifully designed venues for swimming, sunning, socializing, fitness and pampering that cater to fewer than 100 residences, offering the luxury of abundant space
Starchitect Zaha Hadid (Pritzker Architecture Prize winnerin 2004 and the Stirling Prize in 2010 and 2011) created this unique tower which offers duplex townhomes, half- floor residences, full-floor residences and single duplex penthouse.
Besides the now famous heli-pad the residences offer multiple oversized balconies in every residence, ceiling heights from 10Ft to 20Ft in main living areas and floor to ceiling windows.
3. The commercial development
Miami’s commercial Real Estate is becoming the next best thing for international investors looking into our city for investment purposes. A recent study concluded that the inventory of Miami’s offices is decreasing rapidly while the construction of new workplaces is slowing down. This together with a rising demand for commercial real estate because of an ever growing population and interest in Miami as a business hub for Latin America can only mean one thing ⇒ An Increase in prices.
Moishe Mana, the Israeli entrepreneur and real estate mogul who owns almost all of Wynwood (and therefore made this area what it is today) is rapidly purchasing large amounts of properties in Downtown (around 200,000 Sq.Ft as of now). Mana told Daily Business Review, he’s looking to take advantage of the area’s visibility and position as a gateway to Latin America and encourages businesses to come to the district from around the world. A few of the properties that Mr Mana acquired in the last year:
- The first two entire floors of One Flagler
- Between Flagler Street and SE 1 Street Mana bought 3 buildings and a parking lot totaling 17,400 Sq.Ft. He bought this for the price of $7.6 M
- 48 and 76 East Flagler where bought (a 1.1 Acre site) for $35M
- In August 2014, a company controlled by Moishe Mana picked up 107,000 square feet of retail space on Flagler Street in three transactions totaling more than $21 million.
- 17 East Flagler was bought for $4.5 million in September 2014
4. The Green Belt / Biscayne Green
The Flagler Street is getting a $12M facelift to keep up with the rest of Miami’s fast development. The City of Miami as well as private investors are lining up to beautify and restore Flaglers 1950s glory.The Plan involves:
- The Improvement of traffic floors
- Expanding and straightening sidewalks
- Adding trees, benches and bicycle racks.
- The sidewalks will also be designed to resemble railroad tracks, harkening back to the days of Miami’s founding father Henry Flagler.
6. SkyRise Miami
7 All Aboard florida
Finally, the “All Aboard Florida”-State of the art passenger train arrives in 2016, connecting Orlando to Downtown Miami will bring new job opportunities and retail to the area.
8. Patricia and Phillip Frost Museum of Science
The Patricia and Phillip Frost Museum of Science (formerly known as the Miami Science Museum) is a brand new attraction to be located in Downtown Miami. The museum is currently working to transplant the museum from its current location to Park West at Bicentennial Park in Downtown Miami, along with the new Pérez Art Museum Miami. In addition to interactive science exhibits, the museum also contains the Space-Transit Planetarium, Weintraub Observatory, a Sea Lab, and the Falcon Batchelor Bird of Prey Center. The museum broke ground for the new museum in February 2012 and the grand opening is expected in 2015.
Comparing the sales prices and rental prices of Brickell and Downtown Miami
Brickell vs Downtown
Whichever of the two is a better investment depends on your individual goals. Do you want to be safe and invest in an area that is already developed, offers an urban core and is on everyone’s radar? Or do you want to invest in the lesser known neighbor that has plenty of new development in the pipeline as well as a few ultra-luxurious new condos? Because Downtown Miami is not completely developed yet, prices might still be increasing.
Please contact me for any additional information on real estate opportunities in Brickell or Downtown Miami
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No generalized opinions but an analytic approach