MIAMI Association of REALTORS

     

                

News

Downtown Miami’s Population Boom Attracting Major Commercial Projects

by | Mar 12, 2016
An unprecedented population boom in Miami’s urban core is fueling significant retail and commercial growth. Downtown Miami — which includes the area from Brickell through the Midtown Miami and Wynwood neighborhoods— now boasts 6.5 million square feet of retail, with nearly 1.43 million square feet under construction.

Print Version: English | Spanish

Maria G. Juncadella, CCIM, MBA
2016 Commercial President
MIAMI Association of Realtors®

An unprecedented population boom in Miami’s urban core is fueling significant retail and commercial growth. Downtown Miami — which includes the area from Brickell through the Midtown Miami and Wynwood neighborhoods— now boasts 6.5 million square feet of retail, with nearly 1.43 million square feet under construction.

Brickell City Centre, a $1.05 billion mixed-use project, and Met Square, a 43-story tower, are under construction. The Miami Worldcenter,a27-acre project with residential, hotel, retail and other uses planned, recently reconfigured its design from an enclosed mall to open-air “high street” retail. Developer Moishe Mana is proposing major projects in Wynwood.

The Panorama Tower, the Miami Central/All Aboard Florida station, the new Frost Science Museum and the proposed 1,000-foot SkyRise observation tower are just some of the other downtown projects in the works. The Panorama Tower will feature 821 luxury apartment for rent. All Aboard Florida is a planned Downtown Miami-to-Orlando rail system.

The flurry of projects highlights the growth of a downtown area that once had a small group of year-round businesses and restaurants. Today, downtown is a vibrant area with full-time residents, new companies, state-of-the-art office buildings, world-class cultural institutions and entertainment.

In 2000, there were 40,466 residents lived in downtown. Today, more than 80,000 residents call Downtown Miami home, according to the Miami Downtown Development Authority. Brickell has seen the largest increase, growing from 12,904 residents in 2000 to 32,489 today. The population increase has led to healthy business activity. About $4.47 billion in grosssales occurred in the downtown area in 2013-14, a 3.45 percent year-over-year increase, according to a recent report commissioned by the Miami Downtown Development Authority.

Print Version: English | Spanish

Market Focus

Media Contacts

Lynda Fernandez,
SVP of Public Relations
lynda@miamire.com 
(305) 468-7040

Teresa King Kinney
Chief Executive Officer
tkinney@miamire.com 
(305) 468-7000

Chris Umpierre
Director of Communications
chris@miamire.com
(305) 468-7047


State &
National News

National Association of REALTORS®
National Association Press Releases, Statistics, and other Media Resource.

Florida REALTORS®
Florida Association Press Releases, Statistics, and other Media Resources.