The complex is expected to trigger at least $1 billion in new retail, office, residential and restaurant development around the center's 5.9-acre location at 1300 Biscayne Blvd., area brokers and developer representatives tell GlobeSt.com. The original development budget was $170 million.
Parker Thompson, a long-time Miami lawyer and chairman of the Miami-Dade Performing Arts Center Trust, calls the $461-million development cost a bargain for the city, even with an overrun of $291 million.
University of Miami economist Michael Connolly says nearby property values have risen 6% more than the rest of the Miami area since 2000. He predicts the rundown area will be turned around in two years.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
