The residential real estate market in South Florida has been on a steady rebound over the past several years, but to say that the market in the City of Doral is “improving” at this point in time is no longer accurate – it is nothing short of booming!
Reminiscent of the bustling construction scene in the eastern part of Miami-Dade County in the early 2000s, new projects abound in the City of Doral. Among the projects in the works are Oasis Park Square, a luxury single-family residential project being developed by a joint venture partnership formed by the Related Group and Shoma Group that offers opulent amenities such as glass enclosed wine cellars and rooftop Jacuzzis; Midtown Doral, a condominium project being developed by Optimus Developers, featuring European-style kitchens and baths and a myriad of high-tech features; Modern Doral, a Terra Group single-family community highlighted by its modern style, wide living spaces and contemporary details; and Downtown Doral, a huge mixed-use project spanning 120 acres that is being developed by Codina Partners and features several luxury condominium towers, townhouses, apartments, office buildings, shops, restaurants, a charter school, a park with a public art pavilion and a government center.
A major factor behind the significant increase in residential related development activity in Doral has been the City’s growth. As the home to major employers such as Univision, Carnival Cruise Lines, the Federal Reserve Bank of Miami, the U.S. Southern Command, Blue Cross Blue Shield of Florida and the Miami Herald, Doral is both the workplace and home to a huge number of daytime workers. As Armando Codina, Executive Chairman of Codina Partners observed, “If you look at growth in [Miami-] Dade County, no place has grown as much as Doral.” The over $1 billion dollars invested by Codina Partners in its Downtown Doral project, including a 180,000 square foot retail component to be developed through a joint venture partnership with Lennar Corporation, clearly shows Codina Partners’ confidence that growth in Doral will continue in future years. Of his company’s Doral-based projects, Codina remarked, “To me, this was a no brainer.”
Beyond the continuing growth of Doral, another impetus behind the significant development activity in Doral is the relative affordability of housing product that developers will be able to deliver to the market in Doral compared to eastern areas of Miami-Dade County. The affordability of housing in Doral results, in large part, from the lower cost of land in Doral versus neighborhoods located on or close to the water. As Jack McCabe of McCabe Research & Consulting in Deerfield Beach observed, “A unit that costs $370 per square foot in Downtown Doral might cost between $550 and $600 per square foot on Brickell.”
Will projects like those mentioned above result in the City of Doral stealing the limelight from other popular Miami-Dade County neighborhoods such as Brickell and Miami Beach? Will Doral become the next new hotspot for international residents? Will the same huge gains enjoyed by South Florida developers of eastern Miami-Dade County neighborhoods such as Brickell a decade ago be experienced by those developing the City of Doral today? Only time will answer these questions, but all signs thus far indicate that the future of Doral is bright.