Experts see investment wave in downtown Miami, Brickell
The Brickell and Downtown neighborhoods are bucking the slow economy and are on the verge of an even bigger wave of development that will present new demands and opportunities for Greater Miami, Miami Beach, Bal Harbour, Surfside, and Sunny Isles.
"We're seeing a wave of investment the quality and size of which we've never seen before in this area," said Neisen Kasdin, chairman of land use and entitlements at the Miami law firm Akerman Senterfitt.
Mr. Kasdin noted his involvement in Malaysia-based Genting Group's plan for a $3 billion-plus casino resort called Resorts World Miami on Biscayne Bay on the west end of the MacArthur Causeway, as well as Hong Kong-based Swire Properties' plan for a $700 million complex of housing, stores and a hotel called Brickell CitiCentre just west of Brickell Avenue and north of Eighth Street.
Also, he said, he is involved with retail expansion in the Design District around Biscayne Boulevard north of Downtown.
"There's also a lot of equally substantial investors looking into [Miami's] urban core," he added. "Miami is doing better than the rest of the country in terms of investment."
Construction of Brickell CitiCentre is expected to start by next year's second quarter, with completion anticipated in 2015. Genting also wants to begin work next year but still needs state and possibly local approval to open two casinos on the site. If the casinos are approved, Mr. Kasdin said, the pace of construction will be faster.
Comments(0)