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New Miami River Development Niche Opening

MIAMI-Nearly $400 million in commercial developments are either planned or proposed along a 5.5-mile stretch of the river in anticipation of an $80-million plan to readjust the depth of the main channel and abate environmental contamination.

By David R. Corder | Updated on May 07, 2001

MIAMI-Dredging work on the Miami River isn’t expected to begin in earnest until early 2002, but it’s apparent commercial real estate interests already are sensing new development opportunities. The potential for redevelopment along a 5.5-mile stretch of the river appears fairly lucrative, with one survey estimating that about $400 million in developments are either planned or proposed along the shores of this mostly industrial waterway that flows into Biscayne Bay.

“There are some very good opportunities here from a standpoint of pricing,” Lewis Goodkin, a Miami-based commercial real estate consultant, tells GlobeSt.com. “All it’s going to take is a few success stories, and there will be those, to set the wheels in motion.”

It will cost about $80 million to complete the five-year dredging project, which would restore the main channel’s original depth and abate years of industrial environmental contamination. City and county taxpayers would pay about $20 million of the cost, with the US Army Corps of Engineers picking up the difference.

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