One can see some interesting patterns when map-plotting developer activities. The purpose of this map is to identify which developers are the most influential in the different areas of Miami’s urban core. This map has several colored placemarks. Each one represents a project either built, under construction, or planned by one of four (4) developers:
- RED Jorge Perez (Related Group)
- GREEN Tibor Hollo (Florida East Coast Realty)
- YELLOW Swire Properties
- BLUE Pedro Martin (Terra Group)
- In looking at this map there is no doubt that Jorge Perez’s Related Group is the dominating force on all fronts except Uptown/M&E. For whatever reason, The Related Group has stayed away from the area north of the I-395. The Map clearly displays how the Related Group dominates high density development in South Beach.
- Pedro Martin’s Terra Group activities are mostly in and around the M&E District and Park West. In the absence of the Related Group’s presence in the area, the Terra Group is moving to cement their role as the dominant force there. The Omni and Midtown developments dilute their influence a bit but not much.
- The map shows the heavy influence of Tibor Hollo’s Florida East Coast Realty in the M&E/Omni area. FECR has a diverse land portfolio that covers the M&E, CBD, and Brickell Village. Their most ambitious project to date, One Bayfront Plaza (1000+ footer) is in the heart of the CBD.
- Lastly, Swire, the Hong Kong-based conglomerate’s near monopoly of Brickell Key development is clearly illustrated, as is their joint venture project, Jade, onBrickell Village. This goes back to the question: will Swire remain on Brickell Key for long or will they delve into the mainland on a similar scale to their Far East projects?
Only four developers are covered here. Including too many would have made the map too cluttered, but pinpointing developer activities is one way of seeing how the market is physically changing and which firms and individuals are most dominant in specific areas.
- Brickell is represented in a green outline
- CBD is represented by a red outline
- Uptown/M&E District is represented in a dark blue outline
- South Beach is represented by a light blue outline