Posts filed under 'CBD: Financial District'
The New Landlord of Parkwest
Under normal circumstances, Falcone’s plans for Parkwest would be astounding, but in Miami, normal circumstances are hard to come by. There are other projects that resemble Falcone’s vision for a city-within-a-city nearby: CitiSquare, Omni, and Midtown. In fact, his vision is simply the latest of Miami’s mega projects. This does not change the fact that his vision is unprecedented in scale and scope…
Continue Reading November 6, 2007
I have spent a considerable amount of time evaluating Parkwest’s prospects. Its location in the heart of the CBD, proximity to the proposed Museum Park, new ultra-luxurious condos, among other things, makes the neighborhood an important piece of Miami’s urban puzzle. Boca Raton builder Art Falcone, the latest billionaire in the Miami development mix, has, according to the latest Herald article…
Continue Reading November 5, 2007
Image: The empty gap between Parkwest’s towers on the right and the Financial District to the left (Firefox users right click to view larger image).
In 2005, the Parkwest side was flat. Today, four towers are jutting into the sky. Most skyscraper enthusiasts have been envisioning this “Parkwest Wall” since the towers were announced, but now that they are a reality, there is a pronounced gap between Everglades on the Bay and Marina Blue…
Continue Reading September 10, 2007
Continued from Part II of Under Utilization in the CBD
Historic but not Designated
In the last Under-Utilization post I discussed buildings that are designated as historic by the HEPB and the set of eight criteria used to officially distinguish them. It was noted that there are a few examples of impressive and well-known antiquated buildings that are not officially designated historic. In considering these un-designated but old structures, I will only refer to those that either are being well utilized or demonstrate favorable utilization/restoration conditions. Let’s consider some of them.
Continue Reading July 17, 2007
Are vacancies keeping you down?
Continue Reading July 3, 2007
Image: The Related Group’s Loft II (left) and the historic Congress Building (right)
Continued from Part I
Historic Designations
Since the CBD is filled with antiquated structures, there are many that stand no hope of restoration and rehabilitation, but there are some examples of historic buildings with potential for adaptive reuse. I’ll defer to Chapter 23 of the City Code, which sets forth a set of 8 criteria for the designation of a historic structure/site worthy of preservation:
Continue Reading July 2, 2007
Continued from the introduction.
The Central Business District of a metropolis is expected to have an abundance of modern high rises. In Miami, only the basic requisites of that are satisfied. The impressive high rises are mostly concentrated along Biscayne Boulevard, near the bay, and intermittently within the Central Business District’s interior. For the most part, the CBD of Miami is a compilation of early twentieth century-built, mostly under-utilized, structures–few of them with restoration potential. However, the CBD Interior is gradually being surrounded by new construction on all sides except west. Restorations are already taking place in the heart of the interior, and new developments have penetrated deeper than ever into it. The status quo is going to change, but how will it with so many under utilized structures in the way?
Continue Reading June 26, 2007
Image: Under utilized buildings near the BOA tower are highlighted.
The Purpose
Boom or Bust focuses much of its efforts on tracking the new construction that has consumed Miami. But, what about the older, neglected, and under-utilized properties in the Central Business District? No one seems to care about them unless they’re being demolished to accommodate a new tower or revamped in grand style, yet knowing the level and forms of under-utilization is vital in helping to understand the development challenges facing Downtown. This week’s aim is to demystify under-utilization in the urban core by answering these fundamental questions:
- What constitutes an under utilized building?
- What current uses are derelict buildings lending themselves to?
- What are the use alternatives?
- What is the effect of under-utilization in the CBD?
- What role do these buildings play in shaping the social and economic environment of the CBD?
- What is the current proportion between vacant land, new construction, and under utilized properties?
- What are the under-utilized structure age patterns?
- How many of them have restoration potential?
These are just some of the questions that are to be addressed this week as we delve into the nitty gritty of the matter. I have developed a color coded chronological development map to assist in the study.
Image: Portion of the Chronological Development Map. The color codes will be explained in the 2nd installment.
The chronological map, which will be explained later, will be used to illustrate when certain areas of the CBD were built out. In the end, the Central Business District’s historic nature, restoration potential, and level and effects of under utilization will be addressed and tied into surrounding new construction trends and Miami 21 zoning.
(To be Continued)
Continue Reading June 25, 2007
Houston-based Hines has developed world class projects in twelve countries and four continents. The firm’s project portfolio boggles the mind in its use and design versatility. For 19 years two buildings dominated the Miami skyline. Both were built by Hines:
Continue Reading June 22, 2007
Image: Flagler First
The vicinity around the intersection of Flagler Street and N.E. 1st street and 1st Ave has good examples of vintage or restored urbanism.
Images: Flagler First
- The first example, Flagler First, is the most notable and expansive in the area. It involves the restoration for the historic First National Bank. It is being developed by Sergio Rok. The project is striking in that it looks like a more traditional representation of urbanism with brick walls and intricately etched columns. It lends a sense of dynamism to Miami’s mostly new construction-oriented skyline.
Continue Reading June 18, 2007
Image: Site of the canceled Lynx project
Although it’s old news, every time I pass by this property I think of what could have been. Chad Oppenheim would have been proud. The CBD would have been bolstered. Instead, we have a parking lot. Damn shame.
June 17, 2007
Image: St. Martins Lane Hotel, London (exterior)
South Beach is familiar with the Ian Schrager effect: having elaborately thought-out forward-thinking luxury hotels (Delano and Shore Club) that add to the Beach’s mystique. One cannot appreciate Schrager-inspired creativity until you, not just enter, but stay in one of the hotels he founded. Although the Delano and Shore Club are no longer associated with Ian, the resonance of his style, organization, and hospitality philosophy remain. If South Beach is familiar with the Schrager effect, then NYC is the epicenter of it. In the Big Apple Schrager founded (currently owned by the Morgan Hotel Group):
Image: Macy’s in downtown Cincinnati
Federated Department Stores, the nations largest operator of department stores, as recently as December of 2006 was threatening to pull its massive Macy’s out of Downtown Miami. The DDA and City officials intervened and the move has been halted for now. As Transit Miami had pointed out in late last December, the threat to pull out made no sense, because after a long period of neglect, Downtown is finally seeing a major surge in construction activity and infrastructure improvements. Now, 
in a move to further solidify its position in the Miami retail market, FDS is investing in its Lincoln Road Macy’s. It seems FDS made all the noise about leaving Downtown to get concessions from the City of Miami–at a time when the City is seeing a boost in tax revenue. The concessions seem to have been provided to FDS, quietly, since no more fuss has been made about the issue.
So, in consideration of the current news out of South Beach, I see it fit to make a prediction: FDS will revamp its Downtown Miami Macy’s store (the largest it has in S. FLA) within the next three years and will make it their flagship Miami store–similar to Macy’s on 34th street in Manhattan, Union Square in San Francisco, and Marshall Fields on State Street in Chicago. This revamp will follow the completion of the nearby Wind, Mint, Ivy, Epic (Dupont towers), Metropolitan Miami towers, and Icon Brickell towers–among others. The over sized and old department store is due a revamp as it is, and FDS cannot expect for the urban store to enjoy profitability in its current overall physical state. It is ideally positioned to capitalize off of Downtown’s rapid development and FDS is sure to plan for it–as they did in Cincinnati. To further speculate, it could be that FDS put pressure on the City for concessions back in December of 06′ to lay the groundwork for a large investment in the Downtown location down the road. The CBD’s existing and incoming residents will benefit most if BoB’s prediction is right.
March 27, 2007
According to Riptide 2.0 (The Miami New Times blog), Museum Park plans (Miami Art Museum and Museum of Science and Planetarium)are getting complicated by diverging viewpoints. At Wednesday’s public meeting in the PAC, a group called Neighborhoods United claimed that the plan did not include enough open park space. This was reiterated by several people in the crowd, including a group called Citizens Against Everything Bad. Some concern was based in part on an initiative that was voted on by City residents in 1974 that would ensure green space at Bicentennial Park.
Continue Reading March 22, 2007
Several people were handing out cupcakes to drivers and pedestrians in Downtown Miami to protest the city’s plan to replace Biscayne Boulevard’s numerous Royal Palms with Live Oak trees. This has to be the most absurd piece of news I’ve heard in a long while.
Continue Reading February 13, 2007
There has been much speculation concerning the construction of a Bay/ River walkway from the Miami River north to Margaret Pace Park. It was said that funding would come from the half-penny sales tax as well as a government bond. However, little has been published that would indicate that the project has gone past a feasibility study. Miami’s Downtown Transportation Master Plan makes reference to the walkway and extends it to Margaret Pace Park. Developers in the North Bayshore Drive area have told prospective buyers that the walkway would reach the park, but there is no confirmation that the walkway will be built—even less reach Pace Park, which would be the ideal scenario. This is important because the city may cut back funding and possibly reduce the scale of the walkway—in consideration of the looming property tax crisis.
Continue Reading December 18, 2006
With banks tightening the screws on new development financing, it is nice to see one of the most important projects in Miami get their money. The project has been seeing construction activity, which may mean that the developers used their own capital or a credit line to initiate the development. This site, the old Flagler Hotel property and later DuPont Hotel, symbolizes Miami’s transcendence from it’s hey day of popular resort town to global urban eminence. Continue reading for more information regarding the project’s financing from Globest.com
Continue Reading November 14, 2006
The Charts below are designed to track both the distribution of density and height of Miami’s proposed, under-construction, and recently topped off high-rise developments among three urban neighborhoods: Brickell Village, the Central Business District, and Uptown. Chart A, below, includes 97 of the newest and tallest projects in Brickell Village, Uptown, and the Central business District (CBD).
Continue Reading November 8, 2006
Data can be misleading at times, whether it is in this case will soon be determined. I have employed the use of bar graphs that are designed to visually represent new building density in three neighborhoods, which will be the subject of this analysis: Brickell Village, CBD, and Uptown. According to the bar graphs (scroll down to view all), the current CBD seems to be in for an uphill battle, especially versus Brickell Village. BV has more new development taking place. The neighborhood’s newest buildings are going to be averaging the mid-500ft. level in height. There will be 7 buildings at, near, or above 800 feet in height. To put that in perspective, the once city’s tallest Wachovia tower is shorter than all of them. Already, the city’s current tallest, the Four Seasons is in Brickell Village. Density is spreading west from Brickell Avenue towards South Miami Avenue and west along the Miami River. There are impediments to the growth, however.
Continue Reading October 31, 2006
The 549 foot ft. 50 biscayne is located in a very conspicuous spot right on Biscayne blvd. The One Biscayne Tower, once the tallest in Miami, is now going to be overshadowed by this new 54 floor neighbor. The building’s design is a simple rectangle. Jorge Perez hired Sieger-Suarez for the architecture and the Rockwell Group for the interior. It has a unique crown similar to Jade Brickell
Continue Reading October 30, 2006
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