Midtown 5 to Finally Begin Construction by End of the Year

Categories: Unreal Estate

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It seems a bit odd that in light of Miami's out-of-control condo boom, the full plans for midtown Miami still have not come to fruition. This despite the fact that it was one of the few development projects that really thrived during the valleys between the booms.

Well, according to exMiami, Midtown 5 is set to break ground later this year after the property was bought by Chicago-based Magellan Development Group.

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Could Miami's Condo Boom Actually Help City Battle Effects of Climate Change?

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Photo by Kyle Munzenrieder
Seemingly every discussion of Miami's recent development boom includes someone sneering, "Yeah, and all those condo lobbies will be underwater in 100 years."

And every discussion of the potentially devastating effects of global warming on South Florida comes with someone quipping, "And yet they keep building towers down there."

But a University of Pennsylvania professor Robert Meyer is now making the counterintuitive argument in Bloomberg Businessweek that Miami's condo boom may actually help the area prepare for the effects of climate change.

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Every ZIP Code in Miami Ranked From Best to Worst by a Real Estate Blog

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Rankings-happy real estate site Movoto pulled out all the stops this week. It ranked nearly every ZIP code in the nation from best to worst. Of course, it's a real estate site, so the criteria for "best" really means something more like "nicest to live in." It also means the rankings tend to favor richer areas.

What's interesting, though, are the wild fluctuations in the rankings of Miami ZIP codes, reminding us once again of the inequalities that plague Miami-Dade. While one Miami ZIP made the top 50 (out of 28,061), several others landed near the bottom. In fact, ZIPs in Miami's top ten border ZIPs that landed in the bottom ten.

See also: All 34 Cities in Miami-Dade County, Ranked From Worst to Best

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Miami Is a Cheaper Place to Live Than Detroit, Feds Say

Categories: Unreal Estate

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In Miami, construction cranes are multiplying like late-summer swarms of mosquitoes, and every week it seems a new luxury high-rise hits the marketplace. Only New York has more million-dollar listings than the Magic City. And residents without the wallets to drop a few mil on a condo with a Ferrari garage are beginning to feel the pinch of skyrocketing rents.

So try not to do a spit-take with your coffee when you read the latest news from the U.S. Bureau of Labor Statistics. The feds say Miami is actually a cheaper place to live, on the whole, than 16 other big cities, including unlikely candidates Phoenix, Philly, and, yes, Detroit.

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Downtown's Latest Megaproject, 350K-Square-Foot Convention Center, Faces Vote Today

Categories: Unreal Estate

via Nichols Brosch Wurst Wolfe & Associates
A rendering of the Marriott Marquis Miami World Center.

Update: The project has passed the city commission with a unanimous vote. Now, developers will turn to the local CRA to negotiate tax breaks for the convention center space.

Life as a City of Miami commissioner must be confusing these days. After years of post-property-bust austerity and solemn promises to heed the dangers of overdevelopment, 2014 has suddenly found local leaders tossed back into a full-fledged downtown megaproject fiesta. Hard hats for everyone!

Just one week after greenlighting the massive Miami Worldcenter development, city commissioners have the chance today to approve key zoning exemptions for its neighboring superproject -- a $600 million deal to build a 350,000-square-foot convention center topped by a four-tier, 1,800-room hotel.

See also: Massive Miami Worldcenter Project Passes Key Commission Vote


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Cape Romano's Abandoned Dome Homes Are a Snapshot of Florida's Possible Future

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Photo: Marco Island Rentals Instagram
Just beyond Florida's Ten Thousand Islands in Cape Romano sits a collection of odd white-domed structures in the middle of the water. They look like Miami's Stiltsville meets some postapocalyptic sci-fi movie. The uninformed have spread a lot of rumors about what the domes could possibly have been: abandoned cult headquarters, evidence of ancient aliens, the scene of some ghastly crime, or a failed eco-experiment in living at sea.

The truth is much more mundane, abeit still scary. The domes once sat on land and were the vacation home of an oil magnate, but they were abandoned in the '90s and have since been claimed by the sea. They paint a picture of what might eventually happen to much of Florida if nothing is done about rising sea levels and the attendant threat that hurricanes and beach erosion pose to the state's coastline.

See also: Study: Miami Beach Will Experience 45 Floods a Year by 2030, 260 by 2045

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Miami, Miami Beach Have Second and Third Most Million-Dollar Listings in the U.S.

Categories: Unreal Estate

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The recently sold penthouse of Faena House in Miami Beach was listed for $50 million
How high are prices is Miami real estate? Well, only overpriced, densely packed Manhattan has more listings on the market priced at $1 million or more. The city of Miami comes in second, while Miami Beach has the third most. Though, Miami Beach has far more listings in the $5 million and $10 million-plus echelon than its mainland sister.

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Massive Miami Worldcenter Project Passes Key Commission Vote

Categories: Unreal Estate

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It took more than six hours, a frantic round of last-minute backroom negotiations, and dozens of speeches from backers and lobbyists, but the massive Miami Worldcenter project passed one of its last remaining roadblocks at the city commission last night.

The commission eventually voted 4-0 to approve key zoning agreements for the $1.5 billion project to create an oasis packed with condos, shops, and dozens of bars and restaurants in an impoverished block of land just west of downtown.

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Sci-Fi Fortress Coming to Biscayne Boulevard in Edgewater

Categories: Unreal Estate

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This thing definitely looks like it belongs in some superhero or dystopian sci-fi movie. We just can't tell if it's the secret headquarters of the good guys or bad guys.

Fairholme Fund, an investment fund worth $17 billion and run by Bruce Berkowitz, is moving into Edgewater, further signaling the neighborhood's gentrification, and it's bringing this interesting building with them.

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Wynwood Is Getting a New Park and It Looks Like a Greenhouse

Categories: Unreal Estate

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via wynwoodgreenhouse.org
A rendering of Wynwood Greenhouse Park.
Wynwood is getting a new park, and it will look kind of like a greenhouse. The plan, for a well-manicured space with grass and trees covered by a thin, translucent structure, was the winner in an international competition sponsored by Tony Cho, CEO of Wynwood real estate firm Metro 1.

"We hope that our park will be a place where people come together with nature and art in an urban environment," the winning team, comprised of artist Jim Drain, landscape architect Roberto Rovira, and architect Nick Gelpi, said in a release, "where everyone can feel at home and where people and nature thrive together."

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