THE BRICKELL BOOM

Miami waterfront skyline at night across Biscayne Bay from the Rickenbacker Causeway

Brickell is deemed the “Soho of the South” due to the city’s high rise buildings and quick access to nearby stores, retailers, restaurants. Most are all within close walking proximity from building to building, much like that of the Soho area in New York City. One resident from the condo Brickell on the River Laura Weiss Martinez says, “I’m from Manhattan and living here reminds me of all the perks I used to enjoy in the city, like the convenience of a café on the first floor of my building. Now I have sunny weather year round and more closet space after I threw away my winter coats.”

According to the Miami Downtown Development Authority (DDA), during the 15 month period from Census Day, April 1, 2010, through the mid-point of 2011 it is estimated that the downtown area gained approximately 3,300 resident households representing a corresponding increase of nearly 6,000 people. The downtown area has become a genuine “live-work” environment attracting a diverse population including an increasing proportion of young working professionals.

Miami’s position as an international gateway and hub of international trade and business attracts large numbers of foreign national visitors, investors and part-time residents, particularly to downtown. The high percentage of foreign national buyers and corresponding high percentage of ‘all cash’ condominium purchases evidenced in the downtown market area during the past several years indicate high net worth individuals are investing in and taking residences downtown. The extensive development of high quality new housing product, recently available at reasonably affordable rental rates and sales prices, have been key factors driving the average annual increase of 2,600 residents and upwards of 1,600 households per year during the past decade.

Increasing employment opportunities in and around downtown Miami will continue to drive
population growth. With clusters in finance, bio-sciences and technology established in downtown Miami, private and institutional entities are employing professionals at the upper end of the pay scale. These important sectors garner employees from the strong downtown resident workforce.

There is a growing demand for commercial retail, restaurants, entertainment and cultural facilities as well as enhancing the area’s drawing power as a destination for business and tourism. The prospect of new private development, from residential to office and mixed-use projects, planned for construction in the next year or two is remarkable testimony to the attractiveness of downtown Miami. Major public infrastructure projects, including museums and parks, roadway beautification and a pedestrian and bike friendly focus will continue to make downtown Miami a desirable place for new residents. The vibrancy of the area is unheralded considering the general state of the US economic recovery. It’s no wonder we are seeing trends of more and more businesses calling Miami their home.

(Information approved and sourced from Miami Downtown Development Authority, Goodkin Consulting, and the U.S. Decennial Census and ESRI).

Source: Goodkin Consulting – May 2016