A new Miami is born from within (MIAMI, Florida) - In a city where cranes and moving beams have been a constant for the past decade, the creation of a new district is brewing. The Miami World Center, a micro-city within the downtown area in one of the most recognizable places in the world, has begun to take shape after decades of being glimpsed.
The road from starting to divide up the land at the beginning of the excavations to the "coming soon" signs - on shop windows in front of pedestrian walkways already adorned with sculptures and palm trees - seems long, but the real estate developers behind the buildings that plan to become emblematic have stepped on the accelerator, mainly after the pandemic, when the now called digital nomads realized that in Miami you could not only sightsee, but live, explains Peggy Olin, CEO of One World Properties, a real estate agency that has sold more than 3,000 units in the city.
However, a piece of the puzzle was missing to make the development a reality. The government's support for the I-95 bridge that will be the landmark was signed, companies like Apple with one of its largest stores in the world had announced their arrival, the art works in the corridor were being installed and unique spaces in the world like Nick Jonas' Villa One Tequila Room were setting aside their premises.
But housing was moving in two extremes: increasingly smaller, luxury units, designed for investors who want to participate in the short-term rental model, and condominiums of hundreds of square meters, with a minimum cost of 5 million dollars, designed for a very limited sector of the population.
The amenity-loving, affluent segment—enough to live in downtown Miami—that is looking for a space large enough to make a home but without wasted space, was short on options. Ironic, when this is precisely the market that the Miami World Center is targeting.
So real estate development has decided to take the lead and is now playing a key role in the transformation behind the scenes, creating spaces that meet the needs of a new generation of urban residents.
A new downtown for a new Miami
The development of the Miami World Center marks the evolution of the city. This ambitious 30-acre (12-hectare) project is transforming what was once considered the "doughnut hole" in the heart of Miami. "Everything was developing around it, yet downtown was being forgotten about, having so many features that could help make it something important in the city," explains Olin.
So the government, businessmen and developers asked themselves, why leave aside the center that is connected to everything else? And so the area, once dangerous and lost to crime, began to be transformed.
Peggy Olin says that it was a couple of construction companies that decided to start the project and, looking at it with little faith, developed the first buildings of a higher category, with a long-term vision and planning.
The idea was to be much more than a tourist destination or a real estate investment hub. It was about creating a true neighborhood, a place where people can live, work and enjoy a wide range of urban experiences, all within walking distance.
With the project further advanced, Naftali Group, famous in New York for owning buildings such as El Plaza, arrived to put the cherry on the cake with JEM Private Residences, a luxury but more “livable” development, which combines amenities designed with well-being in mind, but which do not seek to enclose a resident who will have, around them, all the attractions of the Miami World Center.
This residential building, designed by Arquitectónica, offers larger units than the average downtown building (no more than 70 square meters), with approximately 160 to 170 square meters and spaces ranging from a salt sauna, steam room, gym and pool, with an average price of 1.5 million dollars.
This is a departure from the trend not only in the city or in the world, where cities are looking for more tourist-oriented approaches to boost the economy and real estate developments are created with short-term rentals in mind, with smaller units that have a lower total price, with the idea that the investor can acquire several of them and put them up for rent.
Or the other side of Miami, where stars such as Marc Anthony and Shakira live in properties of hundreds of square meters with a level of luxury that only a handful of people in the world can access.
"We are going to offer affordable luxury, but the units are not just smaller, they are a little bigger, so you can really live in them, you can really enjoy them, and they have a very high level of design," says Peggy Olin, in charge of marketing the project.
This approach responds to a growing demand for spaces that combine the comfort of a home with the amenities of a luxury building and the convenience of urban life.
For the management of One World Properties, the mix has been a success. The apartments began their pre-sale in the first quarter of 2024 and by July they have 20% of the units sold, the majority acquired by the Latin American market and, especially, by the Mexican market, characterized by its search for “making a home.”
Infrastructure and urban development
But there is not enough housing without foundations that allow people to live in the surroundings, so the government of Miami has played a crucial role in this transformation. Investment in infrastructure has been significant, with the creation of new green areas, the improvement of public transport and the renovation of basic services.
The new I-95 bridge will not only improve connectivity and become a landmark for the city, which it has been lacking, but will also incorporate green space, adding approximately three acres of recreational areas to the city.
Miami Central Station is another key element in this urban renewal. "There's no other city where you can walk to a train that takes you to West Palm Beach, you can walk to the airport, you can walk to a basketball game, you can walk to a theater," Olin notes. This improved mobility is attracting both residents and businesses, solidifying downtown as a vibrant and connected urban center.
The district also includes a carefully selected selection of retail, dining and entertainment spaces designed to create a complete urban experience. The decision to abandon the concept of a large shopping centre in favour of a high street retail model, with street-level shops on pedestrian walkways, allows for a more organic integration of retail with public space.
The new target resident, who is arriving with the establishment of companies from around the world, values the possibility of living without depending on the car, of having access to a wide range of amenities and urban experiences, and of being part of a diverse and dynamic community. Developments are responding with designs that prioritize quality of life, incorporating large terraces, common areas for socializing, state-of-the-art gyms and other amenities designed for everyday life.
The district also includes a carefully selected selection of retail, dining and entertainment spaces designed to create a complete urban experience. The decision to abandon the concept of a large shopping centre in favour of a high street retail model, with street-level shops on pedestrian walkways, allows for a more organic integration of retail with public space.
The new target resident, who is arriving with the establishment of companies from around the world, values the possibility of living without depending on the car, of having access to a wide range of amenities and urban experiences, and of being part of a diverse and dynamic community. Developments are responding with designs that prioritize quality of life, incorporating large terraces, common areas for socializing, state-of-the-art gyms and other amenities designed for everyday life. Source: https://www.owpbrokers.com/news/un-nuevo-miami-nace-desde-sus-entra%C3%B1as
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