01 Aug UPDATE ON THE REVITALIZATION OF DOWNTOWN MIAMI
August 1, 2018 – Earlier this spring we wrote about the revitalization of downtown Miami. In just a few short months, many of these plans have come to fruition, progress is well underway and even more projects are in the works.
In June, we introduced you to the Okan Tower, the $300 million mixed use development by the Turkish billionaire businessman Bekir Okan. Located at 555 North Miami Avenue, Okan has announced that the building will rise to 70-stories and 890-feet, just slightly surpassing the almost-complete Panorama Tower. This will make the Okan Tower the state’s highest skyscraper.
Slated to take the shape of a tulip to pay homage to his Turkish roots, the development is being heavily marketed towards foreign investors – as much so that there is a dedicated sales center in Turkey.
“I started looking for a traditional symbolic reference I could incorporate into the building without being so literal,” he said. “The tulip was the most powerful graphic I could use … leaving a lasting impression on the skyline.”
While Miami Beach’s ultra-exclusive nightclubs seem to be closing down and popping back up as pharmacies, the downtown former Walgreens on East Flagler Street is being redesigned as a multi-level entertainment complex. Stambul, a Miami-based, family-owned development and construction firm recently purchased the iconic building for $19.75 million. Looking to play an active part in the rebirth of downtown Miami, Stambul will redevelop the Art-Deco space to attract high-end retail, dining and entertainment-oriented tenants.
Speaking of entertainment… if you thought NetFlix would be putting an end to the movie theater experience, Silverspot Cinemas begs to differ. They have just opened a 70,000-square-foot luxury dine-in movie theater in Met Square at 300 S.E. Third St. Looking to capture the audience that wants to enjoy movies in style, Silverspot will offer a full bar and dinner menu in nine auditoriums that have as few as 30 – 130 reclining seats. Brickell City Centre recently welcomed the opening of the new CMX Theater, but this is the first new movie theater to open in downtown Miami since the Omni opened 40 years ago.
One of the largest commercial deals to take place downtown was the sale of the SunTrust International Center tower located at 1 SE 3rd Avenue. The building was bought by Boca-Raton based Crocker Partners in 2011 for about $80 million. After seven years of renting the 439,848 square feet, and completing a $13.5 million renovation to the grand lobby, tenant floors, elevators and outdoor terraces, Crocker inked a deal with LA-based investment firm Pacific Coast Capital Partners for $127 million.
If it sounds to you like downtown Miami is going through one of the most formative transformations in decades, you’d be right. And if you recall our report from earlier this week, if you want to be a part of the action and live downtown, but aren’t looking to rent an entire apartment, you can now rent a single bedroom at downtown’s X Miami. The new ‘social community’ rental project developed by PMG brings the WeWork shared office concept to residential living. With pools, lounges, dog parks, game rooms and gyms, X Miami is banking on the fact that ‘life’s better with company.’
With new places to live, expanded shopping and entertainment options, thriving enterprises and now high speed train service to Ft. Lauderdale, West Palm, (and soon Orlando and Tampa) this might be the right time to look into living or investing in downtown Miami.