NIMBYs Sue the City of Miami Over Approvals

Yet again, there are those who are angry at new high rise developments near their homes. This time in the Buena Vista East neighborhood, which frankly could use all the development it can get. Not to mention that it being situated near Uptown, the Design Design District, Midtown Miami, Baypoint, and Morningside means that new developments are bound to spread into the currently obscure yet well situated urban neighorhood. The objects of their discontent are the Gallery (20 stories) and Tiziano (12 stories) projects.

With Office Vacany Low Commercial Real Estate is Primed for Growth

More signs that there will be growth in the commercial real estate sector, which given the current decline in prices and demand in the high density residential sector, may offer a bail out to developers for the current growing residential condo glut—if indeed many opt for office/condo conversions. The trend is national, but Miami is cited as having some of the lowest office vacancy rates, which indicates that there, at one point or another, will have to be an increase in office space supply to compensate for the low vacancy rate. Developments such as Park Place, Met 2, and the second phase of Latitude, are signs that developers in Miami are moving towards commercial developments, but the current trend is minimal in comparison to the multi-family trend. The best outcome for Miami’s development arena is a boom in commercial development—an occurrence the city has never seen, and given Miami’s growing international economic influence, is likely imminent.

New 47-story Project for S. Edgewater

47-STORY TOWER: On the Park Properties wants to build 648 residential units and retail space at 1770 N. Bayshore Drive. The developer is to ask Miami commissioners today (12/14) for a major-use special permit to start work. The 47-story complex would have 859 parking spaces and recreational amenities.

Source: Miami Today

This development is the final one across from Margaret Pace Park. From the bay front park’s vantage point, looking west, there will be an incredible view of 8 major towers (The Grand, Opera Tower, Bay Parc Plaza, 1800 Club, Quantum North and South, Paramount Bay, and now the new On the PArk development). The bay front neighborhood, as recently as four years ago, had little activity outside of Tibor Hollo’s projects, but now it will become one of the most impressive couple of blocks in the entire city. Interestingly enough, it seems that On the Park Properties had begun acquiring units in the existing property under the entity Bad Ass LLC.–not exactly professional, but given the excellent location of the development, the move was, as the name would state, bad ass indeed.

Miami’s Asian Trade Connection

Much has been made about Miami’s Latin American trade connections, but World City has reported some very interesting Miami/Asian trade data in their December 2006 issue—highlighting Miami’s Malaysian connections. The article makes reference to Miami’s growing economic ties to the Southeast Asian peninsular nation, which according to World City is more similar to Miami than most would imagine. Kuala Lumpur, like Miami, is in a subtropical setting, serves as a gateway to several surrounding nations, and is undergoing a building boom. In 2005, Miami officials went on a trade expedition to Malaysia, the results of which are being yielded today. Malaysia opened up its third trade office in the United States in Miami—the other two being in Los Angeles and New York City. From Miami, Malaysian goods are shipped all over the Caribbean and Latin America. In addition to the Miami trade office, Malaysia has trade offices in Sao Paolo, Santiago, and Mexico City. The country ships rubber gloves, furniture, and lumber through Miami to destinations in Latin America. Importantly, the trade ties between Miami and Malaysia are developing and are by no means mature—Malaysia ranks 43^rd in the long list of Miami’s international trading partners (despite a 30% increase in traffic in 2005). Exports to Malaysia from South Florida increased 55% in 2006. Plans for a widening of the Panama Canal, it is argued, will boost trade ties between Asia and South Florida. Malaysia, along with other Asian nations, is positioning itself to take advantage of that. Increased trade ties with Asia will decrease dependence on Latin American economies and help foster more balanced trade ties between Miami and other nations.

Miami Asian trade Stats (through September of 2006):

China: 2.9 billion worth of goods traded (18% increase from 2005)

Japan: 724.2 million in trade (11% rise from 2005)

Taiwan: 421.3 million in trade

South Korea: 355 million in trade (13% increase from 2005)

Hong Kong: 240.9 million in trade (9% increase from 2005)

Thailand: 231.9 million in trade (16.9% increase from 2005)

India: 232 million in trade (71% increase in the value of their trade since 2005)

Singapore: 122.2 million in trade (12.6 % increase from 2005)

Indonesia: 115.9 million in trade

Vietnam: numbers n/a but trade increased 22% since 2005