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Consider the source, but I like what Perez has to say. He's not unbiased, but he does seem to have his finger on the pulse of South Florida. I just wish more people realized what' he's saying. This isn't the Miami of 30, 15 or eve 5 years ago. This is a new Miami so you better get used to it.

From the Herald
http://www.miami.com/mld/miamiherald/news/opinion/14511393.htm

The new Miami is almost here
By JORGE PEREZ

Below are excerpts of a speech that developer Jorge Pérez, CEO of Miami-based Related Group of Florida, delivered to the Greater Miami Chamber of Commerce during its Miami 2020 event on April 25.

In most American cities following World War II, there was a huge suburban expansion that was highly detrimental to downtowns. For Miami this was even worse, as historically, a livable downtown had never developed, and our modern downtown became a collection of office buildings that brought thousands of people in during the day who went back out at night leaving a deserted space.

The little retail and restaurant space available serviced the office workers at lunch and provided inexpensive shopping to lower-income, generally minority households and South American tourists. Residential construction, and the amenities and services that it requires, never occurred.

During the last 10 years, American cities have experienced a great resurgence due to people tiring of ever-longer drives, greater consciousness of our dwindling resources and the baby boomers adopting urban lifestyles from their increased travels to European and other great cities.

In Miami, the only viable development around the urban core had occurred along Brickell Avenue, long associated with high-end living but in buildings that were not urban in nature. These buildings were set back from the street; entrances were gated and there was no ground level retail component. All these characteristics did not promote an urban, pedestrian friendly environment.

In the last few years four factors occurred that lead to the development of downtown Miami:

• An incredibly strong housing market, particularly in South Florida, led primarily by historically low interest rates.

• A willingness and desire of a large component of the population to consider downtown as a viable housing alternative.

• A development community willing to take a risk in previously uncharted territory.

• A local city government with the vision and political will to promote and invest in inducements necessary to attract private investment into the downtown area.

Starting with the partnership between the city of Miami and Related Group that produced One Miami and the Art Riverwalk, an unprecedented catalytic expansion has taken place. We now have probably the most market-rate residential development in any urban core of the United States. From Brickell to 36th Street and beyond, dozens of urban high-rise residential structures are under construction with many more announced. The corridor between the new Four Seasons Hotel and Northeast 36th Street will be fully lined with new, beautiful high-rise residential and hotel towers.

A city that previously had no luxury hotels, now has five with a few more under construction. Quality restaurants, which previously rejected the urban core, are now competing for locations on Brickell and Biscayne boulevards.

In less than five years, a new downtown Miami, with two grand boulevards -- Brickell and Biscayne -- will be lined with shops, restaurants, cultural facilities and new buildings that will completely change the look of present-day Miami. And whether a bubble is ready to burst or not, the development that I am alluding to has already started, and the new Miami will be in place shortly.

From being a secondary city in terrible financial shape just a few years ago, we have become a model of well-planned downtown development. Cities such as Atlanta, Denver and many others have scheduled visits to better understand and try to emulate our success.

So far, so good. We have definitely been the city to be in over the past five years. Never could anybody have imagined the levels of demand and the aggressive response from the local public and private sectors. So, what's to come and how will it all play out? Is the success we are experiencing enough to get us to become a great urban center?

We are entering a transitional period with great opportunities but also great challenges. On the positive side, Florida and particularly South Florida, is the area in the United States that is experiencing the most immigration from other states. Additionally, Miami continues to be one of the preferred spots globally where people want to come to invest, play, visit and reside. The new buildings and cultural facilities will make it even more attractive to foreigners. Art Basel, for example, made the wise decision to pick South Florida, and its local show is already challenging the Swiss venue in prominence. The design and arts districts immediately to the north of downtown, the new Performing Arts Center, the planned museums of science and modern art in Bicentennial Park will add to our attractiveness and international appeal.

So, what can go wrong when everything seems to be falling in place?

• Despite the huge surge of residential and hotel construction in the past few years, economic development has lagged way behind in attracting medium and large corporations that will lead to an expansion of the downtown office market. And without strong growth in downtown office employment there will be little need for further downtown housing, unless we become a city of second homeowners and tourists.

• We need to seriously invest in our public-transportation systems. It is imperative that we minimize our every-day dependence on the automobile and provide viable linkages between urban nodes. This will again require public-sector vision and strong political will.

• Cities will become the place where the very rich and a few of the very poor will live. Today, we see only condominiums that start at more than $300,000 (and those are fast disappearing). Rental housing in the urban core has almost ceased to exist as it is highly uneconomic to build rental properties, and existing rental buildings are either being torn down or converted into condominiums. With land scarcity and increasing construction costs, housing affordability could become our most pressing problem.

So, while I am very concerned with the oversupply and reduced housing demand that we are experiencing, I believe that urban job growth, transportation and affordable housing are the three issues that will affect our city most over the long run. I hope, as in the recent past, that the private and public sectors can team up to aggressively address these issues.
 

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BryanSereny said:
Perez is biased. He is the largest condo developer in the USA and has the most on the line.

So you're saying that all he said is BS because he's got skin in the game?? :weird:

I, for one, see things moving in that direction...... even before reading this article. Specially the issues that pose a challenge for the next cycle....

We are entering a transitional period with great opportunities but also great challenges. On the positive side, Florida and particularly South Florida, is the area in the United States that is experiencing the most immigration from other states. Additionally, Miami continues to be one of the preferred spots globally where people want to come to invest, play, visit and reside. The new buildings and cultural facilities will make it even more attractive to foreigners. Art Basel, for example, made the wise decision to pick South Florida, and its local show is already challenging the Swiss venue in prominence. The design and arts districts immediately to the north of downtown, the new Performing Arts Center, the planned museums of science and modern art in Bicentennial Park will add to our attractiveness and international appeal.

So, what can go wrong when everything seems to be falling in place?

• Despite the huge surge of residential and hotel construction in the past few years, economic development has lagged way behind in attracting medium and large corporations that will lead to an expansion of the downtown office market. And without strong growth in downtown office employment there will be little need for further downtown housing, unless we become a city of second homeowners and tourists.

• We need to seriously invest in our public-transportation systems. It is imperative that we minimize our every-day dependence on the automobile and provide viable linkages between urban nodes. This will again require public-sector vision and strong political will.

• Cities will become the place where the very rich and a few of the very poor will live. Today, we see only condominiums that start at more than $300,000 (and those are fast disappearing). Rental housing in the urban core has almost ceased to exist as it is highly uneconomic to build rental properties, and existing rental buildings are either being torn down or converted into condominiums. With land scarcity and increasing construction costs, housing affordability could become our most pressing problem.

So, while I am very concerned with the oversupply and reduced housing demand that we are experiencing, I believe that urban job growth, transportation and affordable housing are the three issues that will affect our city most over the long run. I hope, as in the recent past, that the private and public sectors can team up to aggressively address these issues.
 

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miami skyline is what it is becuase of perez

dont be surprised when his next project gets announced soon and he sells out in less then a week. and im not talking about loft 3 this next one will blow you away.

perez is a true player and being that he has made all this money dont be surprised when you see him putting his own money upfront to build one of miami's next iconic tower... we are talking about the signature tower that will make miami symbolic...

look out the man knows what he is doing....
 

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Rx727sfl2002 said:
miami skyline is what it is becuase of perez

dont be surprised when his next project gets announced soon and he sells out in less then a week. and im not talking about loft 3 this next one will blow you away.

perez is a true player and being that he has made all this money dont be surprised when you see him putting his own money upfront to build one of miami's next iconic tower... we are talking about the signature tower that will make miami symbolic...

look out the man knows what he is doing....
YES RX :) ,

Jorge Perez :) is what Tibro Hollo was 30 years ago, a King of High rises !!!

Very true, Mr. Perez is the King of Miami High rises under construction now, or being Built !!!, very true,

50 Biscayne would still be a mini shop city block now without him,

This is no time now for Office high rises,
its still a Office gut out there now, :cheers:
 

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I live in LA but was out in Miami for a meeting two weeks ago and I couldn't believe the changes in the city. I couldn't recognize the place. Looks like Miami is booming.
 

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svs said:
I live in LA but was out in Miami for a meeting two weeks ago and I couldn't believe the changes in the city. I couldn't recognize the place. Looks like Miami is booming.
S V S :) , Its Hot here and getting hotter ,
50 tower construction cranes NOW, and Growing !!!

Its just about at maxium pace of construction , now, and
we still have MET 3 starting next month, Wow,

I say it again,
Go Cranes !!! :cheers:
 

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Chuck, there are four cranes at the colonnade now. That might add to your count. Plus another one is going up at the new datran. Oh and there are two by baptist where a massive parking garage is going up. Hopefully this means theyll develop the huge surface parking lot next door. If I remember correctly, someone wanted to put a condo there a few years ago but it got shot down by nimbys.
 

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also theres midtown 4 new crane, infinity is about to put up a crane, ivy just put up its crane,marquis soon is also going to jack up its crane....while a few are going to start coming down ten museum, midtown 2,onyx etc
 
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Im not sure where to post this but what is up with our lighting on our bridges. 395 bridge to Miami use to be purple and the bridge to the port blue and they havent been lit in I dont know how long? They really had to our skyline and I hope someone does something about this soon!!!
 

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umiami305 said:
Im not sure where to post this but what is up with our lighting on our bridges. 395 bridge to Miami use to be purple and the bridge to the port blue and they havent been lit in I dont know how long? They really had to our skyline and I hope someone does something about this soon!!!

Been wondering the same thing for a bit now.
 

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In the latest Ocean Drive there's an interview with the CEO of Prodigy which I found very encouraging. He said that while doubtless most current propsals will never get out of the ground, stronger developers will continue to churn out their projects as the Miami's 'fundamentals are there', basically that Miami can't be stopped.

Oh yeah, he said Solis is launched, Paramount Beach is soon to get underway and Paramount Park will be launced later this year. Also, Beach House is moving ahead.
 
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