The Miami River – Miami’s next residential and commercial real estate boom
The Miami River Area- Miami’s newest investment hotspot
A few weeks ago the David Siddons Group already reported on the Miami River area being the next best thing for real estate investors. Today, the Miami River is on everyone’s radar and a hot investment spot. As international investors are eager to get a piece of Miami’s hot investment pie and waterfront lots in the rest of Miami are getting scarcer, all eyes are on the Miami River.
Why the Miami River area?
Because of the water!
As waterfront land dries up, developers rush to Miami River
The demand for Miami River is actually quite simple. This area has what is getting scarce in the rest of Miami, which is waterfront land.
“It’s the new waterfront for Miami, if you want to be near the urban core of Miami, it’s becoming impossible to find waterfront properties.”
Nelson Stabile – One of the principals at the developer Integra Investments, which invested in two vacant river lots during the recession and flipped them at a profit of more than $21 million last year.
The uprise of the Miami River – A long overseen area
A young and hip scene is making the Miami River more and more desirable
The Miami River is now attracting more and more high-end restaurants. As a hip, transitional area in Miami, the Miami River is following the steps of neighborhoods like Lower East Side and the Meatpacking District in New York. They used to be no-go zones and now they are a hotspot where everyone wants to be seen. With the arrival of Seaspice (previously Seasalt and Pepper) a new crowd was attracted to the River area who rebranding this area, formerly known for its tug boats and fishing trawlers of the working river, into the place to be.
Other upcoming openings are SushiSamba (with locations in Miami Beach and Coral Gables) and London based and Duck & Waffle. Both establishments will be located in a brand new, funky, 4-story riverfront building near the Flagler Street bridge.
Real estate investments plans in the Miami River area
Real estate investing conglomerates from around the globe are ready to buy waterfront lots in the Miami Area.
The Miami River Commission says that a total of about 4,000 units are slated for development over the next few years, along with new hotels, restaurants and a mega-yacht marina. The promise of Brickell City Centre, a $1 billion mixed-use project with luxury shopping that is under construction between SE 6th Street and SE 8th Street on South Miami Avenue, is also luring developers to the river’s mouth.
Please see below what is coming to the Miami River in the future.
1. The Miami River Mega Project
New York-based Chetrit Group has brought together a cluster of south-bank lots between the 2nd Avenue bridge ant the I-95 for nearly $100 million.
If everything is approved as proposed, the 4-million square foot project will have 2 60-story towers, 1,678 residential units, 330 hotel rooms, 176,350 Sq.Ft of commercial space, and 66,000 Sq.Ft of offices.
The first residential project to be launched within this project is called One River Point. One River Point is an ambitious venture to bring ultra-luxury living as far west on the river as it has ever been with prices starting at $850 per Sq.Ft, and prices ranging from $850,000 to $12 million. The project’s two 60-story towers will be designed by internationally known architect Rafael Viñoly
Luxury features at the 350-unit project will include 10 to 12 foot ceilings, unusually large balconies, private elevators and a robotic parking garage.
One River Point’s second phase, on two lots set slightly back from the river, are slated to include a hotel, less-expensive condos, rental apartments and retail.
2. River Landing.
Andrew Hellinger’s big new River Landing mixed-use project is a mix of residential towers, amenity decks, retail, parking, and big box stores with a river view. Located on the North Bank, near the health district and Jackson Memorial hospital, River Landing will be filling a gap in the health district, which is a massive market that has limited services. Furthermore, the market-rate rental apartments will cater to all of the staff who rotate in and out of the hospital,the medical school and the courthouse.
When completed, River Landing shops and residences will span 8.14 acres with 426,000 square feet of retail and restaurant space, 475 apartments, a supermarket and a riverfront park. Foundation work is expected to begin in April, according to a news release. The $300-million project, located at 1400 Northwest North River Drive, will be complete from the summer of 2017 to the spring of 2018
3. 300 Biscayne Blvd
Major recent land deals include the $125 million that the family of Argentine grocery store magnate Alfredo Coto paid last year for a vacant property at 300 Biscayne Blvd. Way, a record price for a property of that size south of Washington, D.C. Coto’s plans for the site are unclear.
4. 444 Brickell Avenue
Another standout was the Related Group’s $104 million purchase of the office tower at 444 Brickell in late 2013. (Related has said it plans to build three towers on the site, called One Brickell, with 1,200 units.)
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