Office Condo Development Gains Momentum
March 28, 2007
The Real Deal, a New York based real estate publication, has an interesting article regarding office tower development in Miami. I have said in the past that Miami’s current residential boom will likely be followed by a commercial development surge. This seems only natural as, historically, throughout the nation, high density development has been primarily commercial/office. Miami has broken the mold with its mostly residential high density explosion in construction. Now, with the announcement of three new office towers (Brickell Financial Center, Met 2, and 1450 Brickell) the residential status quo could be shifting in favor of office space. The Brickell financial Center has already drawn the attention of MSNBC for its environmental friendliness.
This trend, should it continue and mature into a boom in office development, will likely result in taller skyscrapers than the residential boom has produced thus far. Also, the office towers are all inland and not on the Bay. This is another sign of skyline maturation since Miami’s urban development during its brief existence has been largely confined to bay areas. Two of the three office projects are in Brickell. Again, this signals a potential shift of the Central Business District (CBD) to the south of the Miami River. With so much activity, forecasting urban development patterns becomes rather challenging, but the latest news is good and all should hope that this office-condo pattern continues.
Entry Filed under: BoB Articles, Commercial Developments, The Big Picture. .
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1.
Gabriel Lopez-Bernal | March 28, 2007 at 2:54 pm
The Emphasis on parking and traffic in the first article is really troubling…The article fails to mention proximity to metromover or metrorail, which is absolutely pathetic…The amount of parking in these towers makes it seem like they will have very little street interaction for pedestrians and will continue to degrade the potential Urban Fabric CBD or Brickell…It’s quite disheartening I must add…
2.
BOB: Miami | March 28, 2007 at 3:08 pm
Historically, we’ve had this problem with buildings like the Bank of America tower, One Biscayne, Sun Trust, and to a lesser extent the Wachovia. I do think Met offers some improvement in regards to street interaction for pedestrians. Regarding the public transit aspect, keep in mind that the article is coming from a NYC source, so they aren’t fully informed on the transit layout. Not to mention that real estate publications typically aren’t forward thinking when it comes to these critical matters.
3.
haroll | May 27, 2007 at 1:02 pm
i think these three buildings will define us as a major metropolis not just a beach town we need glass skycraper and these are my three favorities..