The economic growth on Miami Beach has not been restricted to tourism. Miami Beach real estate is hot and getting hotter with plenty of new business opportunities to be had by potential investors. A key indicator of the increase in opportunities in real estate is demonstrated by analyzing property values and building activity. Construction and building activity has continued to increase throughout the city. As more homes, condominiums and apartments are renovated, property values have increased at an unprecedented pace. As of July 1, 1998, the taxable property value for Miami Beach was $6.96 billion, more than doubling since 1983. Furthermore, the estimated value of building activity has remained steady over the last five years, between $150 and $200 million with over 3,000 permits being issued. This represents an investment of over $1 billion in residential building activity in the 1990’s.
Major projects are also underway with large public involvement. Examples of these can be seen in the two major convention center hotel projects (Loews Miami Beach and Royal Palm Crowne Plaza) and the two-parking/office projects (Lincoln Place and Lincoln Plaza).
In addition to South Beach, investors are now on the move in the city’s northern region, "North Beach," which is the primary focus of the city’s latest revitalization efforts. Long overlooked, North Beach is experiencing a boom in luxury condominium development with half a dozen projects now underway, along with the recent $25 million renovation of the Radisson Deauville Resort. Quality of life improvements are ongoing, including street improvements, landscaping, upgraded lighting, infrastructure improvements, as well as economic improvements through multi-family building activity and hotel renovation. Additionally, the City is currently in negotiations for the development of The Point @ North Beach, which will be constructed on a city-owned parking lot at 72nd Street and Collins Avenue. When complete, this project will include a 55,000 square foot Publix supermarket, a 2,200-seat cinema, and approximately 35,000 square feet of pedestrian level retail. The project will also employ over 450 people.
Miami Beach’s stock is clearly on the rise as investors from around the world buy into this remarkable value and fashionable lifestyle. The world’s financial eyes focus on Miami Beach.
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