New Miami continues to attract national and international attention, and this past week was no exception. Venezuelans eclipse Brazilians as the largest group of foreign prospective land buyers, Caribbean wholesalers shop in Wynwood’s Korean-American owned fashion district, and the Miami DDA uses restaurants and the arts to entice New York City hedge funds.
Improving economic conditions have prompted a rise in lending to developers and owners of commercial real estate properties, The Wall Street Journal reports.
It is estimated that the stores along the western edge of Miami’s Wynwood neighborhood bring in about $100 million in revenue each year. Most of them are wholesalers, and most of their customers travel from the Caribbean to shop there, the Herald reports.
Top restaurants and an emerging cultural scene are some of the perks that Miami’s Downtown Development Authority hopes will help to woo New York City-based hedge funds and private equity firms.
Surpassing the Brazilian community, Venezuelans were the largest group of foreign prospective land buyers in Miami last month, according to data on web visitors from the Miami Association of Realtors’ site.
By the time the canal expansion is complete, Miami will be one of only four East Coast cities capable of receiving post-Panamax ships.