After showing signs of life in 2012, the construction industry in Miami is scheduled to see the rise of cranes in 2013, and with it various projects. According to Condo Vultures, a firm which tracks the real estate market, there are nearly 100 condominium projects proposed for South Florida. Several have already commenced construction, many in the Brickell and Downtown core and others like Oceana in Key Biscayne. There are many other projects gearing up, some are reincarnations of past developments and others new projects altogether. While most experts agree that only a fraction of those proposed will be built, it nonetheless shows the real estate market trends and strong demand for additional residential condominiums. Even seasoned commercial and industrial developers like Armando Codina are entering the residential market with a multi-family apartment development under construction in the Doral area of Miami-Dade and several others in the planning stages in Miami-Dade and Broward Counties.
Mixed-used developments on the rise
The residential market is not alone; there are also several mixed-used developments that will offer a mix of commercial, office and residential uses. Current projects underway include Brickell CitiCentre, which will include department stores, luxury shops, restaurants, hotels, office space and residential condominiums and the Miami Design District, which will include luxury fashion retailers like Cartier, Hermes and Luis Vuitton, as well as pedestrian promenade, rooftop gardens and public plazas. At Brickell CitiCentre alone there is slated to be 3,500 jobs once the project is fully underway. These projects are not only thoughtfully designed but big creators of both short term and long term jobs for an industry that has reported 62 consecutive months of job losses.
In addition, various industrial projects are proposed for the area west of Miami International Airport, many without tenants in mind. There are also speculations regarding expansion for the Port of Miami, with new industrial, hotel, and commercial uses.
While we are still a ways away from our 2005 peak $7.94 billion construction start for Miami-Dade, it is overall good news for an industry that has been badly pummeled over the past six years.