Boom or Bust: Miami

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.

A Global Neighborhood
Miami’s Jewelry District is not often talked about. Considering how important a hub for jewelry it is throughout the region, it probably should. Miami-based international jewelry distributors supply jewelry stores in St. Maarten, the U.S. Virgin Islands, Puerto Rico, the Dominican Republic, Aruba, Mexico, North, Central and South America. Miami’s Jewelry District is one of the most important in the country due to its influence throughout the Caribbean and Latin America. In the neighborhood, you can find loose rubies, emeralds, peridots, aquamarines, and tanzanite at, for example, Ruben’s House of Stones or Royal Gems, in the Seybold Building. In the Jewelry District, Lebanese, Iranians, and Syrians do business with Jews from around the world. English, Spanish, Hebrew, Russian, Arab, Farsi, Urdu, Mandarin and Hindi are spoken by business owners. Vendors from throughout Asia fly-in and meet with existing and prospective clients. Everyday, FedEx, UPS, and DHL trucks clog up the streets due to the heavy volume of jewelry exports and imports from throughout the world.

Everything Jewelry
You can find coral strands, South Sea, Tahitian, and Akoya pearls, Cartier watches, diamond tennis bracelets, natural fancy colored canary diamonds, and just about any other rare stone or material used in jewelry. A Hip-Hop producer or professional athlete can buy himself a 32-inch diamond tennis chain with 155 individual ½ carat diamonds set on platinum. Gold is prepared in labs at places like Atomic Gold in the old Foremost Building, now One Flagler. There is more silver in A.G.M. Mfg. than anywhere else in the Florida, at least. Gold chains hang from racks by the hundreds and look like cascades of gold. The entire jewelry industry is represented in the District. There are stone setters, gold mixers, diamond vendors, mold-makers, engravers, polishers, casters, gemologists, watch-makers, pearl stranders and they all do business for the jewelers. There are suppliers for neckpieces , gift boxes, jewelry trays, diamond paper, scales, tweezers, testers, loupes, and just about any piece of equipment or tool related to jewelry. The Miami Jewelry District is the primary supplier for jewelers in Florida and the Caribbean. OroGemma, Accar ltd., Nemaro, Coral and Stone, Michael’s, Ely-M, Metro Gold, Haimov, A.G.M., Diamond Club, Freddy’s Diamonds, Carrion, and Hidalgo are among the most important jewelers in the Southestern U.S. The area, although not large, is filled with activity and is commercially well-established. Not all stores sell to the public.

Neighborhood Composition
The Seybold Building, built in the 1920’s, is the most popular shopping venue with over 280 jewelry businesses and serves as the center of Miami’s Jewelry District. Other establishments to note are Metromall, the International Jewelry Center, the Flagler Jewelry Center, Dupont Building, and there are jewelry stores throughout the area. The Seybold Building has valet parking. There is a garage on N.E. 3^rdstreet. The neighborhood is three blocks east of Biscayne blvd. 50 Biscayne, Everglades on the Bay, the Lofts I and II and Met 3 are a short walk away. Capitol Lofts at the Security Building and Flagler First are in the center of the District and are both historic restorations being converted into condominiums. The area will probably become more upscale and retail-oriented as time passes. As it is, the neighborhood is no Fifth Avenue, but given the amount construction, diamonds, jewels and gold present in the area, the District will rapidly evolve and draw more attention than ever before.

The Ifs and Buts
If the Marlins stadium gets built north of the Stephen P. Clark Center, then it will create a hugely positive effect only a few blocks away from the Jewelry District’s heart. There are plans for City Tower on N.E. 3^rdStreet. Lynx is two blocks south, but the project is up for sale. There are some Jewelry shopping facilities that were planned but never opened (The Jewelry Center at 1st and 1st) , there is a new one that was opened but is still mostly vacant (International Jewelry Center), there are several that are a bit old and under-maintained (Metromall and Commonwealth Building) . Flagler One, the old Foremost, is now selling office/condos. The new developments on the north of the Miami River (Mint, Wind, and Ivy) are about two and half blocks south. There are rumors that Jorge Perez’s Related Group has plans for the parking lot west of the Metromall on N.E. 1^st street, which if proved to be true, would mark his most interior development in the CBD; a sign of major progress for the neighborhood. Currently, no Related Group acquisition has been entered into the books, but given his Loft I and II projects and the potential Marlins Stadium in the far west interior, it wouldn’t be surprising if Mr. Perez did spearhead a more westward development effort in the CBD. It is important to note that Macy’s has their largest Miami store in the Jewelry District. Although it isn’t new, it is huge with multiple floors and can be easily revamped to become its flagship Miami store by riding the neighborhood’s development wave. All the new projects within and around the Jewelry District will provide more shoppers for the District. The sidewalk and street improvements are already benefiting the area as is the new landscaping and palm tree lighting. Currently, the area has no nightlife whatsoever. Maybe that will change after buildings nearby get topped off, new residents occupy the area, and stores and restaurants stay open till later.

Map of the area:

Location of randomness: N.E. 1^st Street across from the Seybold Building in the Jewelry District

Logical explanation: None

Significance: Less negative than the insane guy spitting at and kicking cars on N.E. 1^st avenue.

Central Business District:
Empire World Towers I 110 floors 1124ft Residential—Proposed
Empire World Towers II 110 floors 1124ft Hotel/Residential—Proposed
600 Biscayne 62 floors 649ft Residential—Proposed (Park West)
Met 1 40 floors 400ft Residential—Construction
Met 2 40 floors 400ft Residential—Approved
Met 3 74 floors 866ft Residential—Approved
Paramount Park 68 floors 756ft Residential/Hotel—Approved (Park West)
Lynx 75 floors 745ft Office/Hotel/Residential—Proposed
900 Biscayne 63 floors 740ft Residential—Construction (PArk West)
Marquis 63 floors 679ft Residential/Hotel—Approved (Park West)
Marquis West 41 floors 496ft Residential—Proposed (Park West)
330 Biscayne 56 floors 659ft Residential—Proposed
Marina Blue 57 floors 615ft Residential—Construction (Park West)
Dupont Plaza 60 floors 609ft Residential/Hotel—Construction
Dupont Plaza II 60 floors 609ft Residential—Construction
50 Biscayne 55 floors 554ft Residential—Approved
Everglades 49 floors 538ft Residential—Approved
Everglades 49 floors 538ft Residential—Approved
Island Gardens 48 floors 535ft Hotel/Residential—Approved
10 Museum Park 48 floors 528ft Residential—Construction (Park West)
Riverfront West 1 630ft Residential—Approved
Riverfront West 2 533ft Residential—Approved
Riverfront West 3 512ft Residential—Approved
Riverfront West 4 384ft Office—Approved
Riverfront East 1 601ft Residential—Approved
Riverfront East 2 501ft Residential—Approved
Riverfront East 3 500ft Residential—Approved
One Miami I 45 floors 480ft Residential—Construction
One Miami II 44 floors 460ft Residential—Construction
The Loft 23 floors 274ft Residential—Construction
Loft II 35 floors 433ft Residential—Construction
City of Miami Development 33 floors 357ft Residential/Parking—Approved
1001 Center 27 floors Office—Approved
Mirasol 24 floors 255ft Residential—Proposed
NeoLofts 21 floors Residential—Completed 2004
U.S. Courthouse 14 floors Office—Construction
Chanticleer 21 floors 196ft Residential/Office—Proposed
Riverview Square 8 floors 136ft Office—Completed 2005
Transit Village 17 floors Office—Construction
Galardi South 10 floors Retail/Nightclub—Proposed
City View 41 floors 418ft Residential/Parking—Approved
The Promenade
Downtown Overtown
Crosswinds 1,000 units

Civic Center:
Seybold Pointe 11 floors Residential—Completed 2005
Riverside 18 floors 190ft Residential—Proposed
Terrazas Park 20 floors Residential—Approved
Terrazas River 27 floors Residential—Approved
Miami Rivertown 35 floors 368ft Residential—Approved
Riverhouse 25 floors 299ft Residential—Approved
Brisas Del Rio 20 floors 247ft Residential—Approved
1690 North River 22 floors 240ft Residential/Office—Approved
Hidden Harbor 20 floors 200ft Residential—Proposed
Urban River 19 floors 197ft Residential—Proposed
Urban River II 19 floors 197ft Residential—Proposed
Miami River 16 floors 178ft Residential—Proposed
Wagner Place 17 floors 174ft Residential—Proposed
Miami CityView 13 floors 149ft Residential—Approved
Tuscan Place 13 floors 130ft Residential—Approved
Coastal I 12 floors 120ft Residential—Proposed
Coastal II 12 floors 120ft Residential—Proposed
North Riverview 10 floors 109ft Residential—Proposed
Amber Garden 10 floors 100ft Residential—Approved

The Grove:
Mercy Hosp. 33 floors 389ft Residential—Proposed
Grovenor 33 floors 341ft Residential—Construction
Gateway to the Grove 12 floors Residential—Approved

Airport:
River Rapids 1 17 floors 200ft Residential—Proposed
River Rapids 2 17 floors 200ft Residential—Proposed
River Rapids 3 17 floors 200ft Residential—Proposed
River Rapids 4 17 floors 200ft Residential—Proposed
River Rapids 5 17 floors 200ft Residential—Proposed
Blue Lagoon 17 floors 215ft Residential—Proposed (7 towers)
Mediterranean Tower, 15 floors, Lejenue Rd and n.w. 2 nd st., airport area.

Little Havana:
Capital Place 19 floors 181ft Residential/Office—Proposed
Capiro Tower 15 floors 150ft Residential—Approved
1377 Condo 15 floors 149ft Residential—Approved
VOA 12 floors 132ft Office—Proposed
Palma 14 floors 124ft Residential—Approved
Latin Q Tower 14 floors 122ft Residential—Approved
Ehden Place 13 floors 121ft Residential—Proposed
1800 Club 14 floors 120ft Residential—Approved
Nuevo Centro 11 floors 117ft Residential—Approved
San Lorenzo 10 floors 110ft Residential—Approved
Brickell West 10 floors 105ft Residential—Approved
216 SW 12 AVE 8 floors 100ft Residential—Approved
Brickell Vista 17 floors Residential—Construction
Douglas Place 14 floors Residential—Construction
Diamond 10 floors Residential—Proposed
Altos De Miami, 16 floor condo tower, Flagler st. and 22nd Ave
Capital Place 17 floors 167ft Residential—Proposed
World Crystal 12 floors 150ft Residential—Proposed