The Real Deal | Focus on developing downtown Miami intensifies: ULI event
UPDATED Dec. 12, 3:30 p.m.: Downtown Miami, traffic-clogged by day and deserted at night, could soon be transformed into a pedestrian-friendly urban dining and entertainment hub, say planners, brokers and local business owners.
Sandwiched between Northeast Sixth Street to the north, Biscayne Bay to the east, and the Miami River to the south and west, downtown Miami has lagged as development has boomed in nearby Brickell, Wynwood and Edgewater.
But participants at a seminar last week, sponsored by the Urban Land Institute and Akerman LLP said a mix of public and private development is about to bring about big changes to downtown Miami.
Mika Mattingly, executive vice president of Colliers International said, “downtown is finally going to move.” Over the past two years there have been $1.8 billion in transactions in the downtown area with prices per square foot increasing from $82 to $500, she said.
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