Upcoming Projects in Miami
Just as Miami is known for it's prestige beaches and with a good weather which has indeed enhance its boom in the real estate market. The city is not only offering location advantages, but also the high career opportunities. Thus, more and more investors are trooping into Miami as a hub of an investment, coupled with the availability of fund from this foreign investors which therefore create an optimal environment for large development projects.
Hence, from office complexes to sports stadiums, airports, seaports, luxury condominiums and massive mixed-use developments, Miami is once again in the midst of a building boom. Thus, the entire city of Miami is benefiting from accelerated population growth, strong job growth and record-breaking tourism a trifecta of economic conditions that is generating a great deal of optimism on the part of developers and those in commercial real estate. Hence, as the city is continuously expanding and growing with excellent career opportunities. This is the compelling reason that force investors and builders to make an investment so as to get the best return. However, with its charming arts district, abundant nature preserves and vast cultural offerings, let’s take a look at some of the hottest upcoming projects which are set to further transform Miami in the upcoming years.
American Dream Mall
Among the greatest upcoming project is the 16-year (and counting) journey of a mega-mall in the US called the American Dream is officially coming to Miami, Florida. Spanning 6 million square feet, the $4 billion retail and entertainment complex will be about twice the size of the nation's current largest mall, the King of Prussia Mall in Montgomery County, Pennsylvania. Hence, the American Dream Mall in Miami will look more like an amusement park than a traditional mall. The complex will feature a water park with a giant indoor pool, an indoor ice rink, an artificial ski slope, "submarine" rides, up to 1,200 stores and dozens of restaurants for the foodies.
Formula One Racing
Maybe you're going to Miami for some downtime, and you already know of the theme parks, great beaches, and wonderful climate. But this city offers a multitude of sporting activities that can be found both for the watcher and the participant as one the most loved sport know as formula one racing (F1) is one of the upcoming projects that was formally scheduled to hold in 2019 but was postponed to 2020. According to Bratches “F1 wanted to "deliver the best possible race," adding: "If that meant waiting until 2020, then that was far more preferable than signing off on a sub-optimal race track, just to do a deal." Hence, for those that know the sport very well it is a great upcoming sport that will not only bring in more investors into Miami and also attract a different crowd of sports lovers to sunny South Florida.
Brightline as the United States first privately funded passenger train which debuted in January 2018 is now planning to have new offices and hundreds of apartments near the stations in Miami and West Palm Beach. Thus, the higher-speed train service now runs 11 northbound and southbound trips each day between Miami, Fort Lauderdale, and West Palm Beach. Hence, Brightline added its Miami Central station, at 600 NW First Ave., to its route in May, and new development is underway near the station. Attached to the station, a 12-floor office and retail building opened last fall, and another office building about twice the size in square footage is expected to be complete this summer. Construction on two residential towers, with a combined 816 rental units, will be finished in 2020. Additionally, it was speculated that Brightline is planning on developing grocery store in the Miami station’s retail space, by 2019 it is expected that riders will be able to pick up food and go to the gym before catching a train. As Einstein Bros. Bagels is already serving breakfast there. It is also projected that Brightline will be adding additional stops for travel that can lead passengers all the way to Orlando, FL and back to Miami.
David Beckham Soccer Stadium
Since March 25, 2014, when Beckham announced plans to build a 25,000-seat stadium at Port Miami, adjacent to American Airlines Arena in the Downtown area of the city there have been several hindrances from the city which has led to change of location for the stadium. However, In July 2018, Beckham and Mas unveiled plans for a 25,000-seat stadium as part of Freedom Park, a mixed-use complex at the site of the city-owned Melreese Country Club near the airport.
Although, City commissioners voted to approve a referendum on the November 2018 ballot, ask if the city should negotiate a no-bid lease with the investors. If the measure passes, the agreement would then require the approval by a four-vote super majority of the five City of Miami commissioners. Thus, if everything works well, the stadium will be one the upcoming project to look out for as it will bring more jobs to Miami and be a great way to spend an afternoon with your family watching a soccer game.