Zabezhinksky: Yes, occupancy in new condominiums now exceeds 80%. We worked through about 30% of the unsold inventories last year. Sales and prices were up last year. The greatest challenge has always been that there weren’t enough residents. Obviously the retail follows the rooftops and the commercial recovery is following employment. It all works together.

LeClaire: What’s the latest on retail in Downtown Miami?

Zabezhinksky: As all of these new residential buildings have been completed over the past five to six years, new retail has been opening up to meet pent-up demand in Downtown Miami. It’s predominantly restaurants. In 2010, we saw 34 net new businesses. This year, the momentum continues. So the retail story is very positive.

LeClaire: What about the office market in Downtown Miami?

Zabezhinksky: Activity is picking up. There are a handful of small users in the market looking for space. There are a handful of large users in the starting to look ahead and making plans. And companies that are in the suburbs are now looking to come back to Downtown Miami because they realize a lot of their workforce is living in the Brickell and Downtown areas, office rents have come down, and now is a good time to be a tenant.

LeClaire: So you expect the momentum to continue into 2012?

Zabezhinksky: I really do. When you look around at the major projects that are happening right now, private development is really sparse. But the Miami Art Museum has started construction. The Port Tunnel is under construction. You see the baseball stadium being built. The Metro Rail connection will be open in 2012 and offer the direct line from Downtown to Miami International Airport. That’s going to be very important as a vital link for commercial real estate as well. My point is that 2011 and 2012 are the years of infrastructure.

LeClaire: What’s the tipping point for Downtown Miami?

Zabezhinksky: New businesses coming back to the urban core. This shift is in the early stages. As confidence comes back into the business cycle, we certainly feel that Downtown Miami is well-positioned with the private and the public investment that’s taking place right now to attract more corporate businesses and create jobs. It is a self-perpetuating cycle. It’s nice to see it all working together.

LeClaire: What do you see as future catalysts for the area?

Zabezhinksky: What’s happening on the periphery of the Downtown area, like the University of Miami Life Science and Technology Park, is exciting. That’s three stops away from Downtown Miami on the Metro Rail and I think that will be a catalyst for the area. There is also a spillover effect in terms of the life sciences as the cluster with patent attorneys, accounting firms, and other support services. The amount of investment that will go into the life sciences park bodes very well for Downtown Miami.