NEWS & EVENTS

Text size: A- | A+
Developers Betting on Downtown Miami’s Young Professional Co
PDF
Back to NEWS & EVENTS

11/28/2011

Developers Betting on Downtown Miami’s Young Professional Co

MIAMI-Miami developers built condos—and buyers came. Now, a new demographic study is revealing who turned up: young working professionals seeking an urban lifestyle.

Indeed, the Miami Downtown Development Authority report finds that the urban core is attracting a younger, more affluent residential base in the wake of a building boom that saw 23,000 new residential units delivered between 2003 and 2010. The area’s population stands at about 72,000. That’s a 9% year-over-year increase from 2010 and outpaces the 6.8% growth rate during the previous decade.

"Downtown has grown into a place where young professionals want to live, work and play," Alyce Robertson, executive director of the Miami Downtown Development Authority, tells GlobeSt.com. "With condo inventory more than 85% absorbed and 200-plus new retail establishments opened in recent years, Miami now has a vibrant 24/7 urban center that is both hip and affordable."

According to the study, the area’s per capita income grew by 39%, far exceeding that of the City of Miami and Miami-Dade County. Since 2000, the number of households in the Downtown Miami area has increased by 93%, with 57% of residents falling within the 24 to 44 age range. More than 65% of employed downtown residents work as professionals, with an average household income of $43,992.

All this translates to a growing demand for commercial retail, restaurants, entertainment and cultural facilities. As Robertson noted, retail has flourished. Whole Foods and a movie theater as well as a new Publix that will be the fourth of its kind within downtown Miami's borders, are currently under construction.

Major mixed-use projects such as Genting's Resorts World Miami, Swire's Brickell CitiCentre and Espacio USA's 1400 Biscayne Center project are also currently proposed and are just a few examples of international developers betting big on downtown Miami's future.

With demand outpacing supply, residential developers are once again coming off the sidelines to build. Newgard Development Group announced last week the launch of the $170M, 374-unit Brickell House condo in the upscale downtown neighborhood of Brickell, with an expected groundbreaking in the second quarter of 2012. The Related Group also recently launched MyBrickell, a mid-priced condo set to break ground early 2012.

"Downtown Miami's vibrancy is unheralded considering the general state of the US economic recovery," Craig Werley of Focus Real Estate Advisors, who co-authored the report, said in a statement. "This report confirms the district's long-term viability and role as Florida's most critical economic engine."

"PRIVACY POLICY": Newgard Development Group respects the privacy of visitors to its website and does not generally seek to identify its visitors or to collect information regardingtheir use of this website. Although Newgard Development Group may track thenumber of visits to each of the pages of its website, no Personal Information is collected in the process. The type of information that is automatically collected by Newgard Development Group can include date and time of access of the website, the Internet protocol address of the computer that you are using, the domain and host from which you access the Internet, your browser software and operating system, and the specific activities you are engaged in while visiting the website. This aggregate tracking information is used to help Newgard Development Group improve and enhance the website experience for all of itsvisitors. Newgard Development Group will collect some limited Personal Information that you voluntarily provide such as your name, address, telephone number and/or email address, if you communicate with us via email in response to any prompts on this website. Additionally, any information collected about you from this website may be associated with other information that NewgardDevelopment Group has collected from other sources about you. Under California law, California residents who have provided personally identifiable information to a company may have the right to request a list of all third parties to whom that company had disclosed such information for the third parties' direct marketing purposes during the preceding calendar year, along with a list of the categories of Personal Information that had been so disclosed. However, Newgard Development Group policy, as disclosed on this website, does not currently permit Newgard Development Group to share the Personal Information collected at this website about you with non-affiliated third parties for such third parties' direct marketing purposes. Moreover, even if Newgard Development Group policy permitted the disclosure of Personal Information to third parties for such third parties' direct marketing purposes, because Newgard Development Group provides you with an opportunity to opt out of such disclosure, Newgard Development Group does not have to provide you with such lists. If you are a California resident who would like information on how to exercise your rights concerning third party disclosures, you may send an email to or contact us via postal mail at: NEWGARD DEVELOPMENT GROUP MAKES NO WARRANTY OR REPRESENTATION REGARDING OF CONFIDENTIALITY OF ANY COMMUNICATION OR INFORMATION TRANSMITTED ON THIS SITE OR ANY WEB SITE LINKED TO THIS SITE. YOU AGREE THAT NEITHER NEWGARD DEVELOPMENT GROUP, NOR ANY OTHER PROVIDERS OF PRODUCTS OR SERVICES RELATED TO THIS SITE, ARE RESPONSIBLE FOR THE CONFIDENTIALITY OF ANY INFORMATION, (INCLUDING WITHOUT LIMITATION, PERSONALLY IDENTIFIABLE INFORMATION, EMAIL ADDRESS, PHONE NUMBER, ETC.), AND NEITHER NEWGARD DEVELOPMENT GROUP, NOR ANY OTHER PROVIDERS OF PRODUCTS OR SERVICES RELATED TO THIS SITE, ARE RESPONSIBLE FOR ANY DAMAGES THAT MAY ARISE FROM DISCLOSURE OF SUCH INFORMATION.

Links to Other Websites From time to time, the Newgard Development Group website may contain links to other websites that are not controlled and/or maintained by Newgard Development Group. Please be aware that these other websites may have different privacy policies which may subject you to different privacy practices. Please review the privacy policies of such other websites for information concerning what information is collected on such websites and how it is used.

Changes in Policy This Privacy Policy applies to current and former visitors to the Newgard Development Group website. From time to time, Newgard Development Group's Privacy Policy may change. Newgard Development Group will post changes to the Privacy Policy on this website. Please review this Privacy Policy often so that you will remain abreast of Newgard Development Group's current policies, including its policies concerning the gathering and use of information that may be collected on our website. You are responsible for making sure you are aware of the provisions of Newgard Development Group's most current policy (see date below).

Terms and Conditions of Use Disclaimer None of the information or materials contained on or accessible through this website, including any information or materials accessible in any password protected areas, should be construed as providing any type of investment or other advice to you, nor should you consider it as a solicitation, recommendation, endorsement or offer to you to purchase or sell any investment vehicle, financial security or other financial instrument.

Use of Materials All material on this website, including but not limited to images, logos, trademarks, appearance, graphics and any documentation (collectively referred to as the"Material"), is protected under various intellectual property laws and (except where otherwise stated) owned or controlled by Newgard Development Group, or used with permission of the owner(s) of such Material. Except as otherwise indicated on this website, copying, reproduction, uploading, downloading, transmitting or any other use of this website or of any of theMaterial, in whole or part, without the express permission of Newgard Development Group, is prohibited. You may, however, copy, reproduce, download, transmit and/or print individual pages contained on this website for the purpose of accessing this website under these Terms and Conditions and/or your personal, non-commercial use, provided you agree not to conceal, remove or alter any trademark, copyright or other notice contained on: (i) this website; (ii) any of the Material; or (iii) any such individual pages so copied, reproduced, downloaded, transmitted or printed. Any unauthorized use of this website and/or the Materials may subject the user to criminal prosecution and/or civil liability under applicable law. Limitation of Liability and Use of Disclaimer Newgard Development Group is not responsible for any damages or loss related to the use of this website. THIS WEBSITE, ALL MATERIAL CONTAINED ONTHIS WEBSITE, AND ALL LINKS OR OTHER ITEMS RELATED THERETO ARE TRANSMITTED AND DISTRIBUTED "AS IS" AND WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, THAT THE WEBSITE, ITS FEATURES AND FUNCTIONS WILL BE AVAILABLE FOR USE OR FUNCTION AS DESCRIBED. THERE ARE NO WARRANTIES REGARDING MERCHANTABILITY, ACCURACY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, SECURITY, OR MERCHANTABILITY WITH RESPECT TO THEWEBSITE OR THE MATERIALS CONTAINED HEREON. ANY INFORMATION CONTAINED WITHINTHIS WEBSITE IS SUBJECT TO AMENDMENT, REVISION OR UPDATING. NEWGARD DEVELOPMENT GROUP RESERVES THE RIGHT TO SUSPEND OR WITHDRAW ACCESS TO THE PAGES OF THISWEBSITE WITHOUT NOTICE AT ANY TIME AND ACCEPTS NO RESPONSIBILITY FOR THESE PAGES NOT BEING AVAILABLE AT ALL TIMES. NEWGARD DEVELOPMENT GROUP SHALL NOT BE LIABLE FOR ANY ALLEGED DAMAGE OR INJURY, INCLUDING BUT NOT LIMITED TO ANY COMPENSATORY, CONSEQUENTIAL, DIRECT, INDIRECT AND/OR SPECIAL DAMAGES, THAT RESULT FROM YOUR USE OR INABILITY TO USE OR ACCESS THIS WEBSITE OR ANY MATERIALS CONTAINED HEREON OR FROM ANY COMPUTER VIRUS, MALFUNCTION OR OTHERFAILURE.

>