MIAMI | Downtown, Brickell, Omni, Edgewater

[Brickell]

from the redrockglobal site.

this looks to be what they're going to replace the parking garage with. it looks much bigger and nicer than anything i was expecting.

see: http://www.miamitodaynews.com/news/050526/story5.shtml

I'm really starting to warm up to Midtown. Love the designs they're coming up with.

[Aessotariq]

Posted on Thu, Jun. 02, 2005

DEVELOPMENT

Sales and the City

AMID THE CONDOMINIUM BOOM, A SECOND BIG-BOX RETAIL PROJECT IS APPROVED FOR CONSTRUCTION IN DOWNTOWN MIAMI

[email protected]

BY MATTHEW HAGGMAN

For years, Miami residents have had to drive south to Kendall or north to Aventura to shop at big-box retail centers with stores like Target or Best Buy. Now the city is set for two such developments.

The newest, a five-story complex located blocks from the under-construction Performing Arts Center, received final approval last week from city officials. Plans for the project -- called Bayview Market -- include 24 residential units wrapped around 580,000 square feet of space for four large retailers along with smaller, ground-floor shops.

If built, Bayview Market could transform Miami from a city with virtually no large-scale retailers to a municipality with potentially too many. A large big-box retail project is currently already under construction at Midtown Miami, a development on the former Buena Vista Rail Yard...

more: Miami Herald

[Urban_Legend]

Does anyone think Bayview Market is too close to Midtown Miami to support all this retail? I'm not familiar with that area, so I don't know just how many retailers will be close to each other.

[streetscaper]

will there be an end to this flow.....not just yet:)....I would skip 6 months of my life just to see everyhting rising at once, I really would!!

[Aessotariq]

Does anyone think Bayview Market is too close to Midtown Miami to support all this retail?  I'm not familiar with that area, so I don't know just how many retailers will be close to each other.

<{POST_SNAPBACK}>

Initially I would say yes, but think about this: not the best example, but: in some parts of Dade and Broward, there seems to be a Publix on every corner. Some are less than two miles apart along the same boulevard... Now at first I would initially say that's oversaturated, but they're always busy. That leads me to believe that if the density is there to support certain types of retail in the suburbs, certainly there is or will be enough to support it in the inner city, especially in an area that currently has zero retail, no malls, etc.

[Toucano]

The only question I have in My mind about everything going on still is if it is speculative puchasing or seasonal purchases or if we are actually going to see a vibrant Urban Revitalization like we are all hoping for....

If it becomes a Vibrant downtown Urban area, then I see both big Box retailers becoming a huge success...

[up+down=midtown]

Does anyone think Bayview Market is too close to Midtown Miami to support all this retail?  I'm not familiar with that area, so I don't know just how many retailers will be close to each other.

<{POST_SNAPBACK}>

well i'm probably the best person to answer this question since i lived in that area for 5 years of my live and hated every minute of it,and now wished i could move back(getting tired of the city of laws-coral gables) .right now i say no because people who live in that area are struggling just to pay rent and don't have the luxury to go and buy expensive things.with that being said my sister is a sales person at Braman motors which is a couple of blocks away from bayview and lets just say braman sells tons of cars including bentley's,ferrari's etc. so i'll say for right now we'll have to wait and see how many people are actually living in these units. also one more thing the city of aventura has millions and millions of square feet of retail within miles of each other and no matter at what time you go to shop every store you see is packed.

furthermore theres another upside to bayview and midtown both are creating atleast 2000 jobs and both will have access to the streetcar...also the survival of both of these malls will be dependent on what tenants they have and on what is developed at the herald and omni........

[Brickell]

i think being close to the streetcar will be pushes the retail over the top in the area. people will be more willing to hit both malls (that's basically what they are) if travelling on foot and transit. It will also bring in people from the far reaches of miami, not just those living in the immediate vicinity.

[pawnmaster]

On the note of two competitors for every market, it depends on what is placed in either location. I noticed Circuit City being built and said, shucks too bad it couldn't be a Best Buy since I must travel past Aventura for one.

Therefore, I for one would go to say Best Buy all the time if it were built on that location. Selection is critical

[Aessotariq]

Posted on Sat, Jun. 04, 2005

Click to learn more...

MIAMI | PRESERVATION

Rise of condos threatens Miami Circle, some fear

Fearing that a mammoth condo project will overwhelm the ancient Miami Circle, preservationists push for design changes and a 'dignified' portal to the site.

BY ANDRES VIGLUCCI

[email protected]

It took a public uproar and $26.7 million in taxpayer money to save the Miami Circle, the ancient stone carving at the mouth of the Miami River, from being bulldozed for a condo tower seven years ago.

Now those involved in preserving the circle fear it may have to be saved again -- this time from a three-tower, 1,600-unit condominium project a developer plans to build next door.

Although there is no direct danger to the circle, its advocates say the Icon Brickell development's sheer size threatens to overwhelm the sacred Native American site, slicing off bay views and relegating the ancient relic to the status of ``an urban pocket park.''

More: Miami Herald

Related UrbanPlanet.org topics: South Florida P&C: ICON Brickell

[Aessotariq]

Posted on Thu, Jun. 02, 2005

DOWNTOWN MIAMI

Two new downtown condos approved

The Miami City Commission has approved two new condominiums and one new retail facility for downtown.

BY JASON JEFFERS

[email protected]

Faced with a lengthy agenda at its meeting last week, the Miami City Commission briskly approved three new projects that will add more than 600 residential units, 120 hotel rooms and 650,000 square feet of retail space to the Downtown Miami and Edgewater areas. [...]

The projects unanimously approved at the May 26 meeting are:

[Urban_Legend]

I like how the Miami City Commission gets things done relatively quickly. With all these projects coming in, it's good to see that they don't get held up at the approval stage.

[Brickell]

I guess we missed the Front Page headline story (saturday print edition) about the vulture capitalist waiting for the Miami bubble to pop. Typical paranoia in my opinion. The article offered little evidence of a pop outside of quoting a few people.

I'm probably one of the more nimbyish miami people on these forums but the complainsts against Icon are a little empty in my opinion.

Also, 68 stories??? It keeps going and going and going...

edit: I found it.

Betting on a fall

While real estate investors continue to bet on the success of South Florida's condo boom, an increasing number are making a different type of wager: They're betting the boom will bust.

Even as construction cranes rise over the Miami skyline, skeptics anticipating a market dive are stashing cash in what some call ''vulture funds'' to snap up condo units or entire condo projects at bargain-basement prices.

Their view: Developers are building more high-rises than the market can bear, at least in the short run. They expect some buyers won't be able to close on their units and will sell cheap rather than lose their down payment. They also anticipate some buyers who close won't be able to resell or find renters for their units....

http://www.miami.com/mld/miamiherald/business/11812197.htm

[Topher1]

Quote from TheLakelander's thread (Here Comes the FAA!):

"In some cases, developers have reduced projects or negotiated with the FAA for compromise heights. It is uncertain what the outcome will be for Leviev Boymelgreen's Marquis or Fortune Development's application to build a 950-foot office tower. "

Has anyone heard anything about this 950 ft. office tower????!?

[up+down=midtown]

no i just saw this at ssc and the only lot that i remember that is owned by fortune would be 1100brickell which has about a 10story office tower with about 100,000sqft of office space

[up+down=midtown]

http://gisims2.co.miami-dade.fl.us/myhome/...sColorphoto=YES

[mercator]

Brickell,

I think taking a broader view, the existence of the "vulture fund" is actually a good development in the current frenzy. It suggests that while there may be some overpricing/overbuilding (debatable point), the longterm fundamentals for Miami are good in the eyes of investors (you don't hear of vulture funds in the rustbelt).

It also provides some measure of psychological security for current investors. It indicates there may be sort of safety net below them that may make the difference between losing some cash and losing your shirt.

I myself wouldn't mind the prices coming down a good 20-30% across the board. It would be good for the new neighborhoods being created as we speak. We don't want Worth Avenue on Byscaine Blvd, or anything approaching it.

And mind you, I dont relish the prospect of my condo on Miami Beach depreciating somewhat. But if it's good for the city, then that's fine.

What do you think?

[Brickell]

Brickell,

I think taking a broader view, the existence of the "vulture fund" is actually a good development in the current frenzy.  It suggests that while there may be some overpricing/overbuilding (debatable point), the longterm fundamentals for Miami are good in the eyes of investors  (you don't hear of vulture funds in the rustbelt). 

I think that's a good assesment. These vulture funds are still betting on the long term future of Miami it seems, they're just counting on a short term depression. My big complaing was the Herald placing such an article front page when it's really a non story. Typical fear mongering on their part.

I myself wouldn't mind the prices coming down a good 20-30% across the board.  It would be good for the new neighborhoods being created as we speak.  We don't want Worth Avenue on Byscaine Blvd, or anything approaching it.

What do you think?

<{POST_SNAPBACK}>

I don't know that a 20-30% drop would be good for neighborhoods. Most of these place are sparce, even with all the new development. We need to reach a better building density first. If it takes turning biscayne into worth avenue than so be it.

The market will eventually mature. The average person may not be able to buy along biscayne, but smaller, more affordable projects will emerge in my opinion.

[mercator]

I would argue that with 20-30% lower price, you'd be seeing a lot of middle class and ESPECIALLY more locals getting into the action. On a gorgeous tower like Paramount for example, at those prices, it is just going to sit mostly empty all the time, since by design those types of buildings are appealing to the international moneyed crowd, not the working class folk and not even primarily to locals. I am not saying you can't have luxury towers...in fact a few of those add lots to the mix. However, for every luxury tower, a dozen reasonably priced ones should be getting approved. I hope (and trust) they are.

Same thing at the Beach. As much as I like the Setai tower easthetically, it will add very little to the vitality of that portion of the beach for being so high priced and exclusive (and obscenely snobbish as well).

Let me also ad "mea culpa." My condo on the beach sits empty most of the time as I live up North. Hate to admit it; but that's not really good for regular neighborhoods (of course MIami beach is far from regular).

[mercator]

Another thing: I would not tolerate anything like Worth Avenue on Biscayne Blvd. First of all, places like that are pretty repellent IMO (they trade on nothing more than exclusivity). Moreover, it would be rather despicable considering ten blocks or so away you'll find as much poverty as anywhere else in the US. Sorry, that would be too much like the stereotypical banana republic for my taste. And just bad all around for Miami.

[Brickell]

That's exactly what we'll have if the boom stops suddenly. Any drop in prices will cause the bottom fall out of the development market. I'd prefer to see biscayne built out, especially to the west. Unfortunately it'll take those exclusive buildings to do it. I still think cheaper housing will emerge after the prime lots are built on.

[Brickell]

Members overturn sale of woman's club

Members of the Miami Woman's Club have reversed a controversial sale to a developer who wanted to build condos on the club's land.

BY DAVID OVALLE

[email protected]

The Miami Woman's Club won't be sold after all.

Members voted overwhelmingly on Tuesday to void the sale of the club's bayfront property to a developer who wanted to restore its historic building and construct a 320-unit condo building.

''This was a gift. We're giving back to those who have been members for a long time,'' said Kathryn Kassner, one of the members who sued developer Haim Einhorn, club president Betty Lasch and the club's board of directors.

The sale of the property at 1737 N. Bayshore Dr. spawned a bitter battle among members of the 108-year-old club. In March, just 16 of the club's 58 members took part in the vote to sell the 1.78-acre property to Einhorn for $15 million. The sale carried, 9-7...

http://www.miami.com/mld/miamiherald/11839560.htm

[Aessotariq]

I'm glad it's being saved.

[Aessotariq]

Posted on Thu, Jun. 09, 2005

BRICKELL

Park to be declared condo-free oasis

Development would be banned from most of Miami's Brickell Park under a legal settlement city commissioners are expected to approve today.

BY MICHAEL VASQUEZ

[email protected]

Only a few years after it nearly became another concrete high-rise, Brickell Park -- one of Brickell Avenue's few remaining open green spaces -- would be largely preserved under a proposed legal settlement being considered today by Miami city leaders.

If approved, the settlement would end a bitter legal dispute between City Hall and the pioneer Brickell family, who willed the 2.4-acre park to the city nearly a century ago. That gift came with a catch -- that the land would forever be a park. Lawsuits began flying in the mid-1980s when the descendants of Mary Brickell sued to get the land back, arguing Miami had not adequately maintained the property. ...

More: Miami Herald

[miamistreets]

I think thats good.Thats going to leave some nature in downtown without it being artificial.Its good,although,i think itd be better if it was bigger and more interesting like the New York City park.