Wednesday July 19, 2006
Some interesting developments (ha!) in the last couple of days. Over at Transit Miami a guest writer points out that downtown needs more office buildings. And the Herald suggests that more office buildings we shall have:
Currently 1.5 million square feet of office space is under construction—including the University of Miami’s 350,000-square-foot Clinical Research Institute in Miami’s newly named Health District. Another 6.4 million square feet have been proposed, according to the city’s Planning Department.
In some ways this is a perfect compliment to the glut of condos springing up. But keep in mind that part of the reason for the cool off are worldwide skyrocketing prices for construction materials. They may put a damper on some of those proposed projects.
Particularly foreboding is that the developer of Midtown Miami wants to sell. Midtown is that huge development in Wynwood in what used to be a shipping yard: probably the biggest construction project in Miami right now. The owner is claiming that he wants to sell “for tax reasons,” and that he’ll make about the same amount of money selling now as if he held on until construction was finished and sold the finished units. Which idea the article pretty well refutes, suggesting the obviousness of the assumption that he’s trying to sell now because of low and dropping demand for residences. Maybe someone else can “buy the risk” and get hosed down the line.
Or maybe not. Over at Blueprint:Miami, we get Gary Hennes’ 10 reasons why Miami will keep booming. Not uninteresting, and quite plausible:
4. New luxury hotels and restaurants bring new visitors each day, many who explore possibilities of owning something here.
5. Continued low crime rates, expansion of cultural institutions and sports venues make the quality of life better each year.
Go read the rest. What to do with all these contradictory messages? Maybe just to hang on for a bumpy ride.
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