Miami's New Face

Miami's downtown is on the upswing. While today only about 400 people call the city's Central Business District home, soon over 12,000 people may dwell in new downtown apartments. In addition to new lofts "within walking distance of movie theaters, museums, concerts, Miami Heat games and waterfront parks," a $255 million performing-arts center is under construction, and the city is the new host for Art Basel, "the world's most prestigious commercial art fair." Miami's burgeoning city population is diverse, including "Latin Americans, Europeans and snowbirds looking for second homes or sound investments." In addition, "growing confidence in city government, the lowest interest rates in 40 years and greater Miami's escalating stature in the art world" have contributed to renewed interest in the city. In the meantime though, "some analysts warn that Miami may have a glut of luxury dwellings and insufficient affordable housing..."