Valued at more than $115 million during the boom, a prominent Hong Kong-based developer has bought the unbuilt Brickell CitiCentre development site for $41.3 million. Similar transactions are happening on other key properties in Miami's downtown.
"Swire Properties, the Hong Kong company that turned a ragged island off downtown Miami into tony Brickell Key, is placing its next South Florida bet.
The developer has snapped up nearly six acres of prime downtown land west of Brickell Avenue. The price tag for the two vacant parcels straddling S. Miami Avenue: $41.3 million.
As many builders and bankers struggle to survive amid the downturn, others are now laying the groundwork for the next upturn -- at cheaper prices.
'While we may not be at the bottom of the market, we felt the discounted pricing made it a good opportunity,' said Stephen Owens, the Miami-based president of Swire Properties. 'A site of this size and scale that's strategically located in the urban area is hard to find.'
Swire's purchase is one of a string of recent deals for raw land in the Brickell area. An Alabama developer recently paid $6.27 million for about half an acre across from the Brickell Metrorail stop with plans to build an Embassy Suites hotel. Separately, a Miami group spent $22 million for another roughly half-acre parcel next to the Four Seasons Tower on Brickell Avenue."
FULL STORY: Brickell Key developer buys up more prime land
'Climate Gentrification' Is Exacerbating Economic Inequality in Miami
A new study shows that over the last several decades the price of real estate has been heavily influenced by the actual and anticipated effects of climate change.
Money Versus Public Space in Miami's Booming Brickell Neighborhood
The rapid development of Miami's Brickell neighborhood has left many residents without proper access to open space, a circumstance some are trying to remedy, despite astronomical land costs.
Not In My Back... Balcony?
Despite it's inherent legality, lit signage atop a high-rise condominium in downtown Miami is causing many a neighbor to complain.
Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
San Francisco Suspends Traffic Calming Amidst Record Deaths
Citing “a challenging fiscal landscape,” the city will cease the program on the heels of 42 traffic deaths, including 24 pedestrians.
Adaptive Reuse Will Create Housing in a Suburban Texas Strip Mall
A developer is reimagining a strip mall property as a mixed-use complex with housing and retail.
Study: Anti-Homelessness Laws Don’t Work
Research shows that punitive measures that criminalized unhoused people don’t help reduce homelessness.
In U.S., Urban Gondolas Face Uphill Battle
Cities in Latin America and Europe have embraced aerial transitways — AKA gondolas — as sustainable, convenient urban transport, especially in tricky geographies. American cities have yet to catch up.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Heyer Gruel & Associates PA
JM Goldson LLC
Custer County Colorado
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
Jefferson Parish Government
Camden Redevelopment Agency
City of Claremont