Miami’s real estate market has stayed hot due to a combination of factors, such as wealthy buyers and an influx of businesses. The city has become a prime destination for affluent individuals, particularly those seeking second homes or relocation opportunities. South Florida’s tax-friendly environment, sunny weather, and lifestyle opportunities have attracted high-net-worth buyers, further driving up demand in both residential and commercial sectors. Miami is now a growing global business hub, especially in finance, tech, and trade, and many companies and entrepreneurs are continuing to relocate to the city. The ongoing expansion of mixed-use developments, which combine residential, retail, and office spaces, are meeting the needs of this growing corporate presence.
Here’s a closer look at some of the projects driving the growing economy of Miami, Florida:
Upland Park Transforms West Miami-Dade
Terra celebrated the groundbreaking of Upland Park, a $1 billion mixed-use development in West Miami-Dade. This development will transform the Dolphin Park-and-Ride Transit Terminal into a 47-acre, transit-oriented community with over 2,000 residential units, 282,000 square feet of retail, and 414,000 square feet of commercial space. The project is a public-private partnership and is intended to boost transit ridership and enhance the area’s economic growth by creating jobs and generating tax revenue. Upland Park is a significant part of Miami’s growing demand for transit-connected, mixed-use communities, making it a key contributor to the city’s booming real estate market. The project is part of a broader trend of revitalizing urban areas to attract both residential and commercial investments in Miami. The development’s proximity to major transportation routes will further enhance its appeal as the city continues expanding.
One Island Drive Offers Luxury Options in Brickell Key
The South Florida real estate market is witnessing an unprecedented surge in ultra-luxury home listings, with several properties priced over $100 million. This trend is attributed to the influx of wealthy buyers seeking sunshine, low taxes, and the instant gratification of turnkey luxury homes. Luxury condos are also seeing strong interest, with prime developments like The Residences at Mandarin Oriental offering residents indoor and outdoor amenities. The towers, perched atop Brickell Key, are a new addition to the Miami skyline and fuse hotel and residential space. This continued demand for upscale properties highlights Miami’s status as a booming luxury real estate market.
Massive Miami-Dade Mixed-Use Project Enters Phase 2
CRE firm Terra recently secured $291 million in financing for a massive mixed-use project in West Miami-Dade. The permanent financing means the project can continue past the first phase, which included three eight-story residential buildings, with 350,000 square feet of new and improved retail space. Moving forward, the full 38-acre development in multiple phases is expected to include up to 1,200 market-rate apartments, a Class A office building, green space, and a Mater Academy K-8 Charter School. Phase 2 of the project will begin in 2025 and include 518 apartments, all located close to Miami International Airport and local business hubs. The project’s multi-phase success shows the city’s continued economic growth.
