The intersection of good passenger rail service and major real estate development

October 1, 2015

Note: From the beginning of modern Florida, passenger trains and real estate development have been partners in growth. The article below from South Florida publication Ocean Drive demonstrates how one helps the other. – editor

How Billion-Dollar Developments Are Building Miami Upward

From the rooftop aerie of the highly anticipated Sugar, the East Hotel’s restaurant in the almost-complete billion-dollar Brickell City Centre (BCC), which will include high-end retail, condos, offices, and the tallest building in Miami, you can easily see over to Brickell Key, another megaproject from the 1980s. Real estate developer Swire Properties Inc. built both.

Technically, however, Swire is still building both. There’s one development site left on Brickell Key, now used as a park, and the majority of BCC’s first, and largest, phase will be completed in December.Website Insert Fleet for Sale or Lease copy

Big real estate developments with hundreds or thousands of new residential units such as BCC are nothing new in Miami. Today’s biggest projects are comparable in size to mega projects built decades ago, like Brickell Key and the Turnberry developments in Aventura, or eight decades ago, like the boomtowns of Coral Gables and Miami Beach. But one striking difference stands out: The projects being built today are more urban, more dynamic, and more vertical than anything that came before them. There are also a lot of them, with at least five active projects costing significantly over a billion dollars each, and many more costing only slightly less (for now). They represent a Miami that is graduating from being a horizontal, garden city with towers sprinkled around, to a metropolis. And they represent a Miami that, instead of growing out, is now mainly growing up.

Read the full story from writer Sean McCaughan in Ocean Drive by clicking here.



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