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Building Boom: Miami Continues to Attract Major Projects, Developments

by | Jun 15, 2017



By Chris Umpierre

MIAMI Staff

America’s youngest major city, Miami evolves with each passing day.

South Florida’s most populous city is home to two of the United States’ largest mixed-use projects (the Brickell City Centre and the Miami Worldcenter) and more significant developments are on the way.

American Dream Miami, which at 6 million square feet would be the largest shopping mall/theme park in the U.S., and the 25,000-seat David Beckham privately-financed soccer stadium are undergoing city and county review. American Dream wants to open by 2022; Beckham hopes to kick off in 2021.

In recent months, developers have also announced plans to significantly remodel Miami’s Jungle Island, a zoological park, and CocoWalk, a top destination for shopping, dining and entertainment. In April, entrepreneur Moishe Mana announced plans for a massive Wynwood redevelopment that would include an 8.5-acre trade center to link Latin America with China and other parts of Asia.

The renovation/building announcements come while projects such as the Miami Worldcenter — one of the largest private master-planned projects in the United States — and 1000 Museum — which will be the late famed developer Zaha Hadid’s first high luxury skyscraper condo in the western hemisphere — are being completed in Downtown Miami.

Developers are proposing and building major Miami projects because Miami has evolved into a top global city with culture, art, name-brand shopping and entertainment. Miami is not only the capital of Latin America, but it is the city of the future with strong population growth, a thriving downtown and diverse employment centers.

A partial list of some of the major projects coming to Miami:

 

American Dream Miami

American Dream Miami is a proposed retail and entertainment complex in Northwest Miami-Dade County covering a staggering 6 million square feet. The theme park would be 30 percent bigger than the largest mall in America, the Mall of America in Minnesota, which is owned by the same developers.

It's not just a mall: Plans call for a skating rink, an indoor ski slope, an aquarium, nightclubs and theater space that can host acts like Cirque du Soleil and the Russian ballet. There’s also plans for 2,000 hotel rooms. A second developer plans apartments, offices and more stores nearby.

 

David Beckham Soccer Stadium

Soccer icon David Beckham wants to build a 25,000-seat soccer venue with an open roof and no parking garages near the Miami River in Miami’s Overtown neighborhood. The soccer stadium would be privately financed with no taxpayer money.

In June, Beckham secured land to build the soccer stadium after county commissioners approved selling him three acres for $9 million. The land completes Beckham’s assemblage of a nine-acre stadium site after his partnership, Miami Beckham United, paid $19 million for six acres of privately owned land in March 2016.

Beckham wants to bring Major League Soccer to Miami because Miami is a top-10 market with incredible diversity. About 51 percent of Miami residents are foreign born. Miami could thrive with an MLS team as soccer is the most popular sport in South America.

Jungle Island Renovation

In April, Jungle Island’s new owners announced plans to transform the 18-acre park into an eco-adventure destination. It would be a multi-million dollar project that would add zip lines, children’s adventures, water slides, a massive lagoon for swimming and water sports and a private beach club.

 

Owners plan to add more than 5,6000 feet of zip lines with drops as high as 14 stories over Miami this summer. Chilean company Crystal Lagoons, which has an office in Miami, will build the man-made lagoon that is the centerpiece of the new project.

 

CocoWalk Renovation

In May, the new owners of CocoWalk announced renderings of a major renovation for the Coconut Grove shopping center.

The new CocoWalk will feature a large open-air plaza, foliage, a mini-waterfall, trees and a modern, subdued design. The new CocoWalk, which is being designed as a continuation of the neighborhood, wants to be home to boutique services you can’t get online.

CocoWalk was sold in 2015 for $87.5 million to Federal Realty Investment Trust, which is headquartered in Rockville, Maryland, and owns a majority share of the property; the Coconut Grove-based developer Grass River Property; and the Comras Company of Florida, which specializes in retail developments.

The new owners say they want the new CocoWalk to cater to people who already live and work in Coconut Grove. The east side of the property will house a five-story office building, One CocoWalk, with 78,000 square feet of Class A office space. The new offices could provide financial stability to the mall.

 

Moishe Mana Trade Center

In April, Miami entrepreneur Moishe Mana announced his plans for a massive Wynwood redevelopment that would include an 8.5-acre trade center to link Latin America with China and other parts of Asia.

Mana proposed the trade center idea after receiving significant interest from China. The trade center would be designed to capitalize on a growing Asian commercial interest in Latin America, connecting investors and producers from each continent in Miami.

Mana, who developed an art center in Jersey City, New Jersey, wants to create cultural and art-focused facilities.

 

Hyperloop One

Miami-to-Orlando is one of 11 finalists to receive a Hyperloop One, an ultrafast futurist transportation system. The system would transport customers from Miami to Orlando in 26 minutes. It takes four hours to drive between the two cities.

Hyperloop One uses huge tubes that stretch over the landscape. It uses electric propulsion to blast and transport people-filled pods.

Of the 11 finalists, Hyperloop One wants to select two or three for further study. A Miami-to-Orlando Hyperloop One would redefine South Florida freight while also transporting tourists back and forth between Disney World and Miami Beach.

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