MIAMI Association of REALTORS

     

                

News

Major Developers Expanding, Renovating South Florida Shopping Locations

by | Apr 02, 2016
With record numbers of tourists visiting each year and strong year-round demographics, South Florida is attracting some of the nation’s most significant retail developers and mall operators.

Print Version

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

With record numbers of tourists visiting each year and strong year-round demographics, South Florida is attracting some of the nation’s most significant retail developers and mall operators.

In 2014, the Miami metro area registered the most sales per square foot for non-anchor tenants than any metro area in the United States. Miami’s average sales per square foot ($768) finished well ahead of Washington, D.C. ($608), New York ($581) and Los Angeles ($566), according to the International Council of Shopping Centers.

Major developers and mall operators have purchased in Miami with plans to renovate myriad local shopping centers in Miami-Dade, Broward and Palm Beach counties.

Upscale retail is currently being constructed or on its way to Brickell, downtown Miami, North Miami, Lincoln Road in Miami Beach, Miracle Mile in Coral Gables, Doral, Plantation, South Miami, Northwest Miami-Dade, Kendall and other South Florida neighborhoods.

Chris Weilminster, the executive vice president at Maryland-based Federal Realty Investment Trust, summed up the growth of Miami retail during the Greater Miami Chamber’s Real Estate Summit held earlier this month. Federal Realty recently spent $87.5 million on CocoWalk in Coconut Grove and $110 million on the Shops at Sunset Place in South Miami.

“Miami is the American Riviera,” Weilminster said. “We couldn’t be happier to invest in Miami. We are here for the long term. The center of the universe in Florida is Miami.” Miami’s tourism (a record-14.6 million overnight visitors visited here in 2014) and the region’s average age, income and other year-round demographics are spearheading the flurry oflocal retail purchases. Mall operators know they’ll have an internationally diverse population ready to shop when their upscale retail locations are expanded in the coming years

Print Version

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.