The trendy areas of Edgewater, Midtown Miami, Wynwood Arts District and the Miami Design District, have quickly emerged as the next center of cultural, arts, commercial and residential growth just outside of the Downtown Miami district.
Major construction is already underway to further transform the Miami Design District into a destination for fashion, design and culture. In 2014, luxury fashion brands such as Givenchy, Miu Miu, Tom Ford, Fendi, and Dolce & Gabbana among others, will be opening in the Design District. The new development will also include buildings by renowned architects Sou Fujimoto, Aranda/Lasch, Iwamoto Scott and Leong Leong.
In what used to be the manufacturing district of Miami, over the past few years local developers have rehabilitated warehouses and other unused buildings into the Wynwood Arts District. Today, Wynwood consists of numerous art complexes, galleries, performing art spaces, restaurants and cafes.
Due to its strategic location and availability of waterfront property, Edgewater is currently realizing the largest growth of these submarket areas with over 2,600 new residential units under construction. According to a study released by the Miami DDA, this is a 67 percent increase over the current size of the market. This, combined with the development opportunities surrounding the Arsht Center for Performing Arts, present the most potential for long-term growth in the Greater Downtown Miami Market.
Based on the historical absorption of new residential units (since 2001) and the anticipated annual delivery of new units, we expect that there will still be considerable residual pent-up demand for new construction condos in the area over the next four or five years.
Select a Ross100 Ranked Building in Midtown/Edgewater from the map below or see other neighborhoods.