After a sharp decline brought on by the housing crash, Miami's condo market is experiencing a squeeze on supply and an attendant building boom, reflecting a nationwide uptick in urban real estate markets.
Driven by the $1.05 billion Brickell CityCentre, "a 5.4-million-square-foot mixed-use development that will add about 800 condo units in two 43-story towers to the central business district, a hotel, a luxury movie theater, and a wellness center aimed at tourists from Latin America," developers in Miami are again making big plans to enhance the city's skyline, reports Terry Pristin.
"In the last two years, 25 new condo projects have been announced in the downtown area, although it is far from certain they will all be completed. Within sight of Brickell CityCentre alone, eight residential buildings are under construction, including three being developed by the Related Group, an affiliate of the Related Companies of New York."
“We seem to be on the cusp of another boom,” said Peter Zalewski, a principal at Condo Vultures. “The question is whether this will be a controlled boom or another out-of-control boom, which is what we’re known for.”
FULL STORY: Miami’s Condo Market Rebounds, Stoking a Building Boom
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