Development in both commercial and residential real estate in the Miami area is at best described as “full steam” ahead.
With that bold statement made, a quiet smile was drawn on my face when I read about the folks up in Flushing, New York.
According to a recent real estate blog post, changes being brought about by the development of “Flushing Commons” are causing outrage amongst the local residents.
What will these changes mean for the mom-and-pop shops “selling pork buns, noodle soups, and herbal remedies”? It remains to be seen, of course, but jaded New Yorkers who have already witnessed entire neighborhoods disappear to give way to shiny condos and shinier eateries and bars catering to those with lots of cash may not be too optimistic. People are drawn to the charm and character of neighborhoods like Flushing, only to change everything. As prices increase, people have no choice but to close up shop and move out.
The above article prompted me to address both the residential and commercial development taking place in our fair city, Miami. This week, from August 31 to the day of this posting, September 4, 2015, the following real estate transactions and developments took place.
In Brickell, owners of the Brickell City Center, now known as Three Brickell City Centre took a bold reversal this past week by amending its plans from a wellness center based project to “plain ole, run of the mill “ Class A “ office zone.
Moving on to the Edgewater neighborhood … An “affordable housing” project was announced by the builder of 26 Edgewater. Prices are said to start under $300k for a one bedroom.
Side note about the builder involved in the above condo venture. His recent luxury offerings placed on the market for sale in July 2015 were 80% sold out by the time the project broke ground.
Remember, this all transpired in ONE week… I continue.
In MiMo, the historic district that runs from 50th Street to 77th Street along Biscayne Boulevard sits a 1940’s motel sold in 2009 for a paltry $2.1M . This past week it was reported the same hotel was sold for $5M. Not a bad ROI.
A Chevron gas station and service center on Miami Beach’s Alton Road was just purchased by a development company. Local property records show a sale price of $7.3m. The last and only sale recorded for this property was $1.3 M in 2001. Ditto above, nice ROI. Plans for this half acre include a retail establishment.
And the big kahuna…
On Miami Beach’s Lincoln Road an entire block has been sold for $370 million. This, I may add is one of the largest real estate deals in the history of Miami-Dade. The Spanish owners of the world renown Zara Fashion chain took the keys to the door on this purchase.
And I stress…
The above offerings and transactions took place THIS WEEK in residential and commercial real estate. Miami real estate has much to offer for both residents and commercial real estate investors… and I have not even mentioned our weather.
*Photographs curiosity of Craig Sisson.
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