While the rest of the country is slowly pulling itself out of recession, Miami is in the midst of a building boom that not only signifies its strong recovery, but is putting South Florida on par with New York City as a global power center. At the time of the 2008 economic downturn, Miami had the third largest skyline in the U.S.; now that skyline is set to get even bigger.
With a 40% rise in Miami condo rents since 2009 and a current 97% occupancy rate, there are 186 condo buildings planned in South Florida including 25 in downtown Miami. Though one of those – the Crescent Heights and the Related Group’s 50-story luxury tower – is currently on hold, other proposed and in-progress projects include:
In addition to this increase in residential space are massive commercial projects. There is nearly one million square feet of warehouse space under construction, with another two million square feet planned. Notable commercial projects include:
Along with all of the residential and commercial development is the growth in Miami’s transportation infrastructure, with the current expansion of the Port of Miami and the creation of the privately-funded All Aboard Florida passenger train. It has been reported that this will be an express intercity passenger rail service with connections to Ft. Lauderdale, West Palm Beach, and Orlando, and will be designed to “provide access to international airports, seaports, and existing and future transit systems, such as SunRail in Orange County, and Metrorail and Metromover in Miami-Dade County.”
Miami’s extensive growth and development will not only add to its skyline, but facilitate its role as an international center of business and trade. Now, in addition to being famous for its fabulous beaches and as the cruise capital of the world, Miami will be known as one of the top cities in the world for art and culture, shopping and investment.