7 Real Estate Projects That Will Forever Change the South Florida Landscape
By: investUSA360 •
The building boom rages on in South Florida, and it won’t be ending anytime soon. In fact, there are eight new real estate development projects in the works that promise to keep the real estate industry steaming ahead at full speed and could change the landscape of South Florida forever.
Project 1 – American Dream Miami
At their May of 2018 meeting, Miami-Dade County commissioners approved plans to build American Dream Miami. Once completed, American Dram Miami will be America’s largest mall.
This enormous mall is planned to host not only 3.5 million square footage of retail shops but also a 2,000 room hotel, waterpark with 20 slides, a theme park, a 3D cinema, and dozens of dining spots. Total square footage will total 6.2 million square feet. The commissioners approved construction on a currently empty 174-acre lot near I-75 in northwest Miami-Dade.
While developers planned to complete construction by 2023, the South Florida Regional Planning Council, who has final approval, rejected the current plans. The developers will review the comments, revise the plans, and resubmit in 2019 in order to move forward.
Project 2 – Freedom Park
Voters of Miami have spoken, and Freedom Park, the home of David Beckham’s MLS Stadium, is approved to move forward. In July of 2018, Miami-Dade commissioners decided to add construction of the professional soccer facility to the November ballot. On November 6th, voters supported this megadevelopment.
This 73-acre complex will be built near Miami International Airport on the former Melreese Country Club property.
Beckham’s group will pay up to $5 million in rent to Miami as well as a total of $44 million in total taxes. The development plans include the MLS stadium, greenspace, a lake, shopping, and entertainment facilities.
The Freedom Park complex will bring professional soccer back to Miami for the first time since the Miami Fusion team left in 2001.
Project 3 – SkyRise Miami
SkyRise Miami, slated to begin construction in the middle of 2019, will be 1,000 feet when completed. That will make it one of Florida’s highest buildings.
Since 2013, developers have been fighting to get this project underway amid community opposition. The developers won the battle in the state’s Supreme Court, and the megadevelopment can begin.
Developer Jeff Berkowitz envisioned this tower as an iconic structure that makes Miami’s skyline as easily identifiable, just as the Eiffel Tower defines the skyline of Paris or the Empire State Building defines New York.
From the tower, visitors can do more than take in the sweeping 40-mile views. They can also indulge in attractions that thrill:
- A free-fall sky plunge
- The SkyDrop ride which climbs 600 feet and then drops back to the ground
- A 4D flying theater ride with special effects
- An observation deck that rotates 360°
- Simulated skydiving in a simulated tunnel
SkyRise Miami will be adjacent to downtown’s Bayfront Park. Developers plan to finalize construction in 2023.
Project 4 – Magic City Innovation District
Revitalization is coming to Miami’s Little Haiti neighborhood from the Magic City Innovation District. The development lot is situated from Northeast 60th to 64th streets.
This $1 billion massive mixed-use 20-building development will cover seventeen acres and will house Magic City Studios, a 30,000 square foot facility. It will also host retail space, warehouses, offices, co-working spaces, and apartments. The total square footage of the project will be approximately 45,000.
The plans have not been met with open arms by the local community. Traditionally a neighborhood populated by Haitian and other Caribbean immigrants, those residents oppose the plans that could raise their home rental fees.
While some oppose the project, others see a silver lining. The project also brings with it jobs and much-needed revitalization to the Little Haiti community.
Project 5 – Metropica
The developers of Metropica, a mixed-use development in west Broward County’s Sunrise community, should give the county a big boost.
The Metropica megadevelopment has a price tag of $1.5 billion. While phase one includes the completion of a 170,000 square foot office tower that will be ready in 2020, it offers much more to come.
Phase two of construction plans indicate the following projects:
- A 500,000 square foot office complex
- 2,250 homes
- Retail shopping
- Dining, including coffee shops and upscale restaurants
- Park space
The first project that should reach completion during phase two should be residential apartments.
Project 6 -- Miami Worldcenter
Real estate developers of Miami Worldcenter, a mixed-used megadevelopment, plan a spend of approximately $4 billion on their project.
The plans span 27 acres and consist of 300,000 of high-end retail shopping, a convention center, a 1,700 room hotel, 500 upscale condominiums, apartments, and office space. The building will rise to a height of 60 stories.
Located in the Park West neighborhood, Miami Worldcenter enjoys a prime location. Nearby is access to the MetroRail, Miami International Airport, Biscayne Boulevard, and the Port of Miami as well as Miami’s cultural centers.
Project 7 – SoLe Mia
For almost 20 years, officials thwarted developers in their efforts to develop a 184-acre Super Fund dump site. However, real estate investors and developers finally broke through in 2017 and began construction on SoLe Mia, a mixed-use residential-retail-office space in North Miami.
Planned for the space is 37 acres of greenspaces that surround world-class amenities. Developers plan a cinema, 500,000 of retail space, entertainment, restaurants, and 4,390 residential units in apartment towers. Retail giant, Costco, has already committed to retail space in the complex.
The total spend on this project will top $4 billion.
The Bottom Line
Development is booming in Miami and the surrounding South Florida communities. As the region continues to grow into its new role as a center for high-tech industry, you’ll find abundant opportunities. Those who invest now should be able to make money on the coattails of these megadevelopments.
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