Miami

Miami’s Short-Term Rental Condo Boom: A Paradigm Shift in Urban Living

By Columbus International,12 February 20249 November 2024

Miami’s real estate landscape is undergoing a profound transformation, driven by a surge in short-term rental condos that are reshaping the dynamics of urban living across Downtown Miami, Brickell, Edgewater, and beyond. According to a report by the South Florida real estate firm ISG World, a staggering 8,467 short-term rental condos are planned across 26 projects in these areas, constituting a significant portion of the region’s development pipeline.

The rapid growth of short-term rental projects can be attributed to various factors, including economic and political uncertainty in Latin America. Craig Studnicky, CEO of ISG World, notes that developers are capitalizing on the influx of foreign buyers seeking to invest capital outside their borders, particularly amid volatile conditions in their home countries. With international buyers accounting for nearly half of home purchases in South Florida, these projects serve as attractive investment opportunities for individuals looking to diversify their portfolios. Studnicky highlights the exponential growth of short-term rental units in Miami-Dade and Broward counties, with developers seizing the opportunity to cater to the rising demand for flexible accommodation options. This surge in development underscores a “carpe diem” moment for developers, who have capitalized on the convergence of favorable market conditions to meet the evolving needs of residents and investors alike. Alicia Cervera, Chairman of Cervera Real Estate, emphasizes the increasing interest from American buyers in these projects, citing the affordability and flexibility offered by short-term rental condos compared to traditional housing options. With Miami’s population and property prices on the rise, there is a growing demand for smaller, more affordable housing solutions, making short-term rentals an attractive proposition for urban dwellers. Indeed, short-term rental condos are filling a void in the market by providing transitional homes for new arrivals to Miami, as well as serving as investment vehicles for those seeking to monetize their properties. With a wide range of amenities catering to both residents and travelers, these units offer a blend of convenience and luxury in prime urban locations.

Developers are responding to this demand by proposing a diverse array of projects with varying degrees of rental restrictions, catering to different preferences and investment strategies. From fully furnished turn-key residences to condo-hotels with limited occupancy rules, these developments offer options tailored to the needs of various buyers. One notable project, 600 Miami Worldcenter, has sold out its fully furnished units ahead of groundbreaking, underscoring the heightened demand for such offerings in prime locations like Downtown Miami. Similarly, the expansion of the Natiivo concept to Broward County reflects the broader trend of extending the reach of short-term rental condos beyond Miami’s borders.

While there may be some fluctuations in market demand, Studnicky remains optimistic about the future of these projects, citing the resilience of Latin American buyers and the allure of pre-construction investments. With interest rates becoming more favorable and construction financing more accessible, developers are poised to break ground on numerous projects, further reshaping Miami’s skyline and urban landscape. In conclusion, the proliferation of short-term rental condos represents a paradigm shift in Miami’s real estate market, offering investors, residents, and travelers alike a new way to experience urban living in one of the nation’s most dynamic cities. As these projects continue to evolve and expand, they are not only reshaping the physical landscape but also redefining the very essence of urban life in Miami.

Source: Bisnow

Barbie Cafe Buzz to Booming Developments: Wynwood’s Real Estate Rise

By Columbus International,8 February 2024

California-Miami Real Estate, a golden ticket!

Introducing the new Malibu Barbie Cafe, a lively pop-up restaurant in Wynwood, Miami, celebrating the spirit of 1970s Malibu Barbie. You can immerse yourself in a nostalgic culinary adventure, carefully crafted to honor the legacy and influence of the iconic Mattel doll.

Conceived through a partnership between Bucket Listers and Mattel, the giant behind Barbie, this collaboration is led by Derek Berry, a Miami native and president of Bucket Listers experiences. Following the success of previous pop-ups like Saved by the Max and the Peach Pit, this collaboration promises a unique culinary experience, following in the footsteps of previous Malibu Barbie initiatives in New York, Chicago, and the Mall of America.

You can then be transported to the sun-drenched beaches of 1970s Malibu, where every detail reflects the glamorous era of the doll. Designed by Master Chef semi-finalist Becky Brown, the menu boasts a fusion of flavors from Southern California, with delights such as rainbow pancakes, avocado toast, and cauliflower bowls, ensuring an enticing experience for all palates, including children with a dedicated menu.

The atmosphere is Instagram-worthy, complete with giant Barbie boxes, retro furnishings, and the signature pink shades synonymous with the brand. Interactive experiences await, from skating to disco-themed evenings, for guests of all ages.

Meanwhile, if after enjoying your Mattel-branded coffee you decide to buy a house in Miami, developers seem to all agree: Wynwood is a winning bet. Similarly to other areas of Miami, developers are descending on the neighborhood and have over a dozen projects in various stages of development. An analysis by The Real Deal has found that over 2,200 apartments and condominiums are coming to Wynwood. A number destined to increase.

Developers have spent just under $300 million solely on land acquisitions between March 2021 and May 2022. By comparison, approximately $366 million was spent on land in Brickell and $555 million in Edgewater.

Here are the planned projects in Wynwood:

Ironstate Development and Brookfield Properties, 26 Northeast 27th Street

Ironstate Development, based in Hoboken, New Jersey, led by brothers David and Michael Barry, along with Brookfield Properties, have proposed a complex of 289 apartments on the former Art by God site. Last year, they paid $15.6 million for the entire assemblage at 26 and 60 Northeast 27th Street, and 25 and 61 Northeast 26th Street.

Gamma Real Estate, 2825 Northwest Second Avenue

Gamma Real Estate from New York took control of the site from The Collective, after making a credit bid. Current plans for the property include 180 units, ranging from studios to six-bedroom apartments.

Clearline Real Estate, 2000 and 2021 North Miami Avenue

Clearline, led by Jenny Bernell, envisions a mixed-use project, likely including rentals. The undeveloped property is zoned for over 300 units.

Fifield Companies, 37 Northeast 27th Street

Fifield plans an eight-story residential building with 210 units and approximately 10,000 square feet of commercial space and a pedestrian walkway. The Chicago-based developer paid $19.5 million for the property in January. Construction is expected to be completed in 2024.

L&L Holding Company and Carpe Real Estate Partners, 31 Northwest 29th Plaza

New York developers L&L Holding Company and Carpe Real Estate Partners plan a mixed-use project that would span over 1 million square feet and include 509 units.

Rilea Group and Promanas Group, 94 Northeast 29th Street

Rilea Group and Promanas Group plan to build 127 rentals at 94 and 100 Northeast 29th street. Plans call for a 12-story project with a rooftop restaurant and a pool bar. The developers bought the properties for $12.2 million last year.

TriStar Capital, Related Group, Lndmrk Development, Tricera Capital, 2700 Northwest Second Avenue

TriStar Capital, Related Group, Lndmrk Development, and Tricera Capital plan to build more than 300 units. The developers paid $26.5 million for the 1.3-acre development site last year. Construction could begin in August.

PMG and Greybrook Realty Partners, 2431 Northwest Second Avenue

PMG and Greybrook Realty Partners secured a $142.3 million construction loan last year for their planned 318-unit, 10-story mixed-use project.

Related Group, 2130 North Miami Avenue, 38 Northwest 22nd Street

Related Group plans to build a pair of 12-story buildings with 317 apartments and 534 parking spaces.

Kushner Companies, Block Capital Group, 127 Northwest 27th Street

Kushner Companies and Block Capital Group are building a project that will have 152 apartments and 232 parking spaces, an outdoor pool deck, and a lounge. It’s expected to be delivered in the third quarter of this year.

Sources and Photos: Eater, The Real Deal, Instagram

From Bulgari to Porsche: Branded Residences Are Flooding the Prime Market – and Selling

By Columbus International,30 January 202430 January 2024

In 1927, the Sherry-Netherland apartment hotel marked a milestone as the world’s first “branded” residence on New York’s Fifth Avenue. Leveraging the reputation of the popular Sherry’s restaurant, the property, with its Gothic minaret and elegant apartments, made waves in the realm of luxury real estate. Fast forward almost a century… and here, the category of “branded” residences has experienced a significant increase, growing by about 150% in the last decade. Today, the landscape boasts over 700 branded residential developments, totaling over 100,000 homes in various stages of completion or planning globally, according to WATG Strategy. And a doubling of the sector’s size is expected by 2027, fueled by increasing interest in established markets like New York, Miami, London, Dubai, as well as in emerging markets like Oman, Poland, and Guyana.

What distinguishes recent years, besides the exponential growth of the sector, is the variety of brands eager to participate, particularly in the luxury segment. In addition to traditional hotel companies, fashion and jewelry houses like Armani, Roberto Cavalli, Fendi, and Bulgari, along with car manufacturers like Porsche, Bentley, and Aston Martin, have entered the arena. Chris Graham, founder of Graham Associates, defines a home with these designer labels as a “trophy purchase.” For both consumer companies and real estate developers, such collaborations prove advantageous for both parties. Recognizable brand names can command premiums on high-end developments, even in the most competitive markets. Edgardo Defortuna, president and founder of Fortune International Group in Miami, emphasizes the tangible impact of these brands, not only in terms of premiums but also in accelerating the sales processes. Historically, hotel companies have dominated the development of branded properties, constituting approximately 84% of the sector.

The expertise of hoteliers in the development and management of properties aligns well with the concept of residences as long-term versions of short-stay hotel rooms. Hospitality brands continue to be attracted to real estate, with Peninsula, Aman, and Rosewood making significant strides. Peninsula Residences London, with a reported sale of a penthouse for around $123 million to hedge fund magnate Ken Griffin, showcases the allure of these developments. Aman reported sales of branded residences totaling $2.4 billion in 2022, and Rosewood Residences has expanded its pipeline by over 200% in the last two years. Contributions are also expected from Mandarin Oriental, Six Senses, Equinox, and Faena. However, the shift to branded residences without adjacent hotels is not without challenges, as providing exclusive services and amenities solely for residents can result in higher maintenance costs. The market becomes more intricate for non-hospitality brands venturing into residential development. Companies like Jacob the Jeweler, Nobu, and Casa Tua, originally renowned for their expertise in jewelry, sushi, and Italian cuisine, are becoming lifestyle brands with real estate projects. Miami, a hub for international buyers and a city ranked among the top for branded developments, is experiencing an eclectic boom. Luxury automobile brands like Bentley Residences, Aston Martin Residences, and Porsche Design Tower are making significant strides, offering unique amenities like the futuristic “Dezervator” elevator in the Porsche tower.

Porsche and Aston Martin are targeting their enthusiasts, offering exclusive deals like a limited-edition Aston Martin Vulcan race car with a $59 million penthouse in Miami. As these brands enter the residential development space, they emphasize maintaining the aesthetic and craftsmanship associated with their luxury vehicles. Bentley’s first residential project, scheduled to open in 2026, aligns with the brand’s commitment to sustainable luxury. By 2030, Bentley aims to sell 100% electric cars, targeting a more progressive audience interested in sustainability. In New York, the third-largest market for branded residences globally, Aman exemplifies the trend with ultra-luxury residences, a five-star hotel, and a private club within a beautifully restored Art Deco building. This integrated approach, offering top-end buyers every imaginable indulgence under one roof, indicates a growing desire for security and confidence in markets where wealth is still relatively new.

Source: Robb Report
Photo: Bentley Residences

Chef Bottura Brings Culinary Masterpiece to Miami with the Opening of Torno Subito

By Columbus International,18 January 202418 January 2024

Chef Massimo Bottura and his wife Lara Gilmore know how to blend real estate and taste, given the imminent opening of their restaurant. It’s called Torno Subito and will be located on the rooftop of Julia & Henry’s in Miami. The opening is scheduled for 2024. We are still awaiting the completion of construction at the historic building located at 200 E. Flagler St. This establishment will add vibrant colors and classic Italian cuisine to the renowned Julia & Henry’s, a gourmet food hall and seven-story entertainment complex. In a recent interview with New Times, the couple, known for their acclaimed three-Michelin-star restaurant, Osteria Francescana in Modena, Italy, shared details about their culinary journey.

They were in Miami to promote their third collaborative book, “Slow Food, Fast Cars: Casa Maria Luigia – Stories and Recipes,” published by Phaidon. Osteria Francescana has been ranked first on the World’s 50 Best Restaurants list twice and is currently part of the Best of the Best list. The couple has also made a mark through collaborations with prestigious brands such as Gucci and Ferrari. In 2019, they opened Casa Maria Luigia, a hotel villa near Modena, and their latest book narrates its stories, provides regional recipes, and explores the inspirations behind their creative projects.

Torno Subito originated in Dubai in 2018, filling a void in the city’s culinary scene. The concept bridges the gap between contemporary fine-dining Italian restaurants and rustic pizzerias, infusing the atmosphere with the vibrant and colorful elements of 1960s Dolce Vita and Italian design. Miami became the chosen location for Torno Subito as investors, captivated by the Dubai restaurant, believed it was an ideal fit for South Florida. Lara Gilmore emphasizes the readiness of the space, filled with color and life, as the original chef from Dubai, Bernardo Paladino, works on refining the recipe concept in Miami. Massimo Bottura’s inspiration for Torno Subito draws from his childhood spent in Rimini, the hometown of acclaimed Italian director Federico Fellini.

Fond memories of summer by the seaside with family serve as the foundation for creating joyful experiences through the restaurant. Torno Subito in Miami will stand out with its focus on authentic Italian dishes prepared in a wood-burning oven, echoing the culinary style of their Italian guesthouse, Casa Maria Luigia.

The menu, featured in “Slow Food, Fast Cars,” showcases specialties unique to the Emilia-Romagna region, ranging from roasted vegetables to baked ricotta and warm focaccia. The book also captures the essence of Casa Maria Luigia, a 12-room villa, highlighting its distinctive features such as cuisine, contemporary art, interior design, music, and the presence of cars and motorcycles. The villa is available for rent as a whole or as individual rooms, offering guests a glimpse into the charm and allure of this idyllic retreat.

Source: New Times

Miami is much more than just a bubble. It is a journey towards technological and real estate innovation

By Columbus International,17 January 2024

In recent times, Miami has emerged as a beacon of potential, drawing attention from global investors, particularly those from Italy seeking promising opportunities. The city’s transformation into a burgeoning tech hub has captured the imagination, prompting discerning investors to explore the possibilities that extend beyond mere hype. Once renowned as the capital of Latin America and a thriving hub for tourism and real estate, Miami has swiftly evolved into one of the fastest-growing tech ecosystems in America. This seismic shift began in 2020 when influential Silicon Valley executives like Keith Rabois and Jon Oringer chose to relocate during the pandemic, attracting interest from other major players. The turning point occurred with a tweet from Mayor Francis Suarez in December 2020, responding to the prospect of moving Silicon Valley to Miami with a simple question: “How can I help?”

This enthusiastic embrace from Miami’s leadership signaled a commitment to facilitating relocations, conferences, and other essential elements for fostering innovation. Initiatives like Venture Miami have contributed to the city’s success, resulting in a surge in startup creation and tech job growth. The financial landscape attests to Miami’s tech momentum, with startups securing record-breaking financing in 2021 and continuing to flourish in 2023. The region attracted $5.8 billion in venture capital in 2021, with over $300 million invested in the first quarter of 2023 alone, surpassing the total for all of 2019. Miami now stands as the fourth-largest recipient of VC funding nationwide, trailing behind established coastal hubs like San Francisco. This surge in investment has not only propelled Miami’s tech sector but has also ignited a boom in luxury real estate, with high-net-worth tech leaders like Jeff Bezos and Citadel’s Ken Griffin acquiring multimillion-dollar properties. The emergence of $50 million-plus luxury towers and penthouses exceeding $100 million signifies an expectation of substantial future wealth creation.

Beyond the glamorous headlines lies the real narrative of everyday Miamians building startups focused on Latin America, blockchain, climate tech, health innovation, and more. The foundation for broader transformation is laid in local coworking spaces and small seed deals, reflecting a diverse and sustainable tech ecosystem. While discussions about the possibility of a bubble persist, Miami’s intrinsic strengths, including accessible capital, a supportive government, and access to Latin American markets, remain steadfast. The city’s tech sector, with over 10,000 jobs added last year, continues to exhibit favorable momentum, defying concerns of a mere hype cycle. Investors contemplating Miami’s potential need not fear irrational exuberance; the city stands on solid ground with genuine prospects for long-term success. As Miami cements itself as one of the country’s preeminent emerging tech ecosystems, the convergence of lower costs and strengthened ties between North and Latin American businesses ensures a promising future. While the tides of growth may fluctuate, the foundation laid ensures that Miami’s tech evolution is far more than a fleeting bubble – it’s a sustainable and exciting journey toward innovation.

Foreign Buyers Dominate Condo Sales in South Florida: Report Reveals Surge to 56%

By Columbus International,19 December 202319 December 2023

Foreign buyers accounted for 56% of all condominium sales in South Florida over the past year, a significantly higher figure compared to the rest of the country. Nationally, foreign buyers constituted 15% of condo purchases, while they made up 36% of condo sales elsewhere in Florida, according to the Miami Realtors Association. The sales volume attributed to foreign buyers in South Florida for the 12 months ending in July, covering single-family homes, townhouses, and residential condos, amounted to $5.1 billion, as indicated in the association’s annual international homebuyers report. Interestingly, the majority of buyers managed to navigate the challenges of higher interest rates, with 69% of residential purchases in South Florida being completed as all-cash transactions during that period, according to the report.

South Florida’s proportion of foreign buyers for all residential purchases stands at 18%, nine times larger than the rest of the country, where foreign buyers account for 2% of residential purchases, and twice as large as the rest of the state, where foreign residential purchases make up 6% of sales. Across the tri-county area of South Florida, the majority of buyers hailed from Latin America. In Miami-Dade County, the top five countries of origin for buyers were Argentina at 17%, Colombia at 14%, Venezuela at 13%, Brazil at 8%, and Mexico at 5%. In Broward County, buyers from Colombia represented 19% of purchases, followed by Argentina at 17%, Canada at 14%, Peru at 8%, and Venezuela at 4%. Palm Beach County saw Brazilian buyers make up 18% of purchases, followed by Costa Rica at 10%, Spain at 10%, Trinidad and Tobago at 10%, and Venezuela at 10%.

“Increasing global sales continue to be led by Miami,” stated Ines Hegedus-Garcia, chair of the board at Miami Realtors. She added that Miami’s unique combination of a vibrant lifestyle, cultural diversity, a burgeoning financial tech scene, modern architecture, eclectic shopping, proximity to Latin America, and iconic beaches were key factors driving the region’s sales among foreign buyers. In terms of dollar amount, Miami-Dade County accounted for $3.67 billion in sales, followed by Broward County at $1.07 billion, and Palm Beach County at $270 million. Overall, buyers from 52 countries participated in South Florida’s residential real estate market during the period covered by the report. While the total of $5.1 billion in South Florida falls short of the previous year’s $6.8 billion in sales, it remains consistent with figures from 2021.

Source: CoStars News

Miami Art Week Draws a Wave of Affluent Visitors, Prompting Vigilance in the Real Estate Sector

By Columbus International,4 December 2023

The Miami Art Week has attracted a flood of affluent visitors, prompting heightened vigilance in the real estate industry. Numerous potential homebuyers have already scheduled visits to sales galleries and opulent residences, while others plan to explore properties while participating in Art Basel, Art Miami, and various affiliated art fairs scheduled for the week. Developers and real estate firms are actively supporting these events, with some scaling back their involvement this year. Nevertheless, prominent agents and firms are organizing private dinners, networking events, and even boat tours to capitalize on the presence of wealthy clients.

This year, Sotheby’s International Realty, based in Coconut Grove, is the sponsor for Art Basel Miami Beach at the Miami Beach Convention Center, taking over from Douglas Elliman. Under the umbrella of Anywhere Real Estate, Sotheby’s International Realty secured a multi-year deal with the art show, intending to showcase new developments and luxury homes within the Collectors’ Lounge. While firms like Cervera Real Estate and Elliman are not sponsoring fairs this year, prospective buyers primarily attend art-related events, and the impact on real estate brokers is typically felt weeks later. Nevertheless, brokers proactively seize the opportunity to capture their attention. It’s noted that real estate agency clients are scheduling appointments well in advance for in-person showings of homes on the Venetian Islands, along North Bay Road in Miami Beach, and on Fisher Island. Several Miami real estate agents are organizing networking events, private brunches, and open houses during Miami Art Week to showcase their portfolio.

Additionally, various developers are unveiling new art installations, especially in neighborhoods like the Miami Design District, with figures like Craig Robins and Jorge Pérez showcasing art from their personal collections. Pérez, the owner of Miami-based Related Group, the largest condo developer in South Florida, revealed a new exhibit at his private gallery, El Espacio 23, in Allapattah in early November. As the high season for South Florida real estate kicks off, new listings are emerging on the market, including the waterfront island estate Tarpon Isle in Palm Beach, reintroduced by developer Todd Glaser and partners at a reduced price of $187.5 million with Suzanne Frisbie of the Corcoran Group. “One Sotheby’s Lena Johnson described Art Week as the ‘it’ cultural moment,” emphasizing its growing significance in the cultural calendar.

Source: The Real Deal

Miami’s Italian Renaissance: A Cultural Infusion in the Magic City’s Lifestyle and Real Estate

By Columbus International,29 November 2023

Miami has long been celebrated as Latin America’s informal northern capital, with Latin culture deeply embedded in its vibrant atmosphere. However, the city is now witnessing a surge in admiration for Italian influences alongside its Central and South American counterparts, marking a notable shift in cultural dynamics.

In a recent Forbes article, the transformation is evident not just in language, as Spanish is no longer the sole Romance Language resonating in residents’ conversations. Italian culture is making a substantial impact on the Magic City, leaving an indelible mark on various facets of life, including hospitality, fine dining, and real estate. Prominent hospitality brands like Bulgari Hotels & Resorts have found a home in Miami, while a plethora of exquisite Italian restaurants, including renowned establishments like Carbone, Contessa, and MAMO, have become integral parts of the city’s culinary landscape. Italian design and style have also permeated into the realm of real estate developments, with luxury condominium projects such as VITA at Grove Isle and ONDA Residences boasting Italian finishes and materials. The towering 57-story luxury condominium, Missoni Baia Miami, stands as the world’s first branded residential tower from the iconic Italian fashion house, showcasing its multihued design palette and Missoni Home furniture collection. Cipriani Residences Miami, a ground-up development in the Brickell neighborhood, is another testament to the Italian influence. Developed by South Florida’s Mast Capital in collaboration with the illustrious Cipriani family, globally renowned for their restaurants and nightlife venues, this 80-story-tall residential tower will feature 397 luxury condominium units, resort-style amenities, and classic Italian cuisine. Noteworthy in this cultural renaissance is VILLA Miami, a 55-story boutique residence crafted by TERRA and One Thousand Group.

Partnering with Major Food Group (MFG), the hospitality firm behind Carbone and Contessa, VILLA Miami promises a unique residential experience. MFG will curate the tower’s lifestyle offerings, incorporating Italian design into every aspect, from dining to leisure and wellness. Ugo Colombo, CMC Group founder, emphasizes the authenticity of Italian design brought by born-and-bred Italians involved in these projects. Colombo, alongside Onda Residences co-developer Valerio Morabito and their design partners, Molteni&C and A++ Human Sustainable Architecture, aims to create timeless, quality residential developments deeply rooted in the principles of fine craftsmanship and elegant architecture. “At both ONDA and Vita, we are creating timeless, quality residential developments,” says Colombo. “We have translated what it means to live in true luxury for the modern buyer, showcasing all aspects of ‘La Dolce Vita.'” These Italian-inspired developments present Miami residents and potential buyers with a taste of the good life, eliminating the need to travel to Rome to experience La Dolce Vita. The city’s western outpost has become a cultural melting pot, where the influences of Latin America and Italy converge, offering a unique blend of lifestyles and experiences. As David Martin, CEO of Terra, affirms, “VILLA’s Italian DNA is infused throughout all aspects, from the design to programming, amenities, and services,” making it an instant point of interest for those seeking a touch of Italian elegance in the Magic City. [Source: Forbes]

The Evolution of a Grand Playground – Unveiling the Cultural Renaissance of Miami Beach

By Columbus International,13 November 2023

Miami Beach, the sun-kissed real estate paradise on Florida’s southeastern coast, has long been synonymous with luxury, excess, and a vibrant scene. Behind its glamorous façade, however, lies a city that has undergone a fascinating series of transformations throughout its history. From its origins as a playground for the wealthy elite to social challenges and subsequent rapid ascent, Miami Beach has consistently demonstrated resilience and adaptability. Today, as the city faces new challenges, it prepares for a fresh reinvention, one that embraces cultural enrichment and redefines its very essence.

Miami Beach: A Journey Through Time
Nearly a century ago, in the roaring ’20s, Miami Beach experienced its first real estate boom. Millionaires like Harvey Firestone, J.C. Penney, and Rockwell LaGorce flocked to this three-mile stretch of paradise known as Millionaire’s Row. It was during this period that Art Deco architecture began to take shape, leaving an indelible mark on the city’s identity. The bubble burst with the onset of the Great Depression, plunging Miami Beach into a severe economic crisis. Nevertheless, the city found a way to bounce back.

Revival and Reinvention
In the ’40s and ’50s, Miami Beach witnessed a revival fueled by an influx of retirees and post-war economic boom. The construction of numerous hotels along Collins Avenue propelled the city’s tourism industry. As the ’50s approached, the so-called “Miami Beach experience” was packaged and marketed to the American middle class, losing some of its authentic charm in the process. Nevertheless, Miami Beach pressed on. The city maintained a busy schedule of events, attracting prominent artists like Sinatra’s Rat Pack and the newly discharged army man, Elvis Presley. However, with the rise of countercultural movements and shifting social attitudes, Miami Beach found itself disconnected from the evolving times. Over time, historic communities established themselves, and by the late ’70s, its decline was marked by crime and deteriorating infrastructure. Yet, as in every cycle of transformation, Miami Beach had its moment of rebirth.

Preservation and Passion
In the ’80s, the groundbreaking TV series Miami Vice entered the scene. Debuting in September 1984, it portrayed an exaggerated and glamorous version of the city, showcasing its vibrant energy and enveloping atmosphere. Miami Vice not only saved South Beach from demolition but also played a significant role in shaping Miami Beach’s image. Activists fought passionately to preserve the decaying Art Deco hotels that emerged in Miami Beach towards the end of the Depression era, providing affordable accommodations to snowbirds. Led by Barbara Capitman, these activists succeeded in getting the Art Deco District and its Tropical Deco building inventory listed on the National Register of Historic Places in 1979. This listing ensured the protection of the city’s unique architectural heritage. Additionally, artists, designers, and entrepreneurs recognized the potential of Miami Beach and flocked to the city during its ’90s renaissance. In particular, the fashion industry fell in love with Miami Beach’s dynamic atmosphere and vibrant colors, solidifying its status as a global hotspot for nightlife. During this era, Miami Beach became a magnet for celebrities seeking a subtropical vacation spot away from the spotlight. Icons like Madonna and Gianni Versace were drawn to the allure of this sensual paradise, embracing its vibrant lifestyle and contributing to its aura of mystery. The late ’90s and early 2000s marked the peak of Miami Beach’s transformation. Its reputation as a playground for the rich and famous was solidified, becoming a global hotspot for nightlife. Celebrities and jet-setters from around the world flocked to Miami Beach, attracted by the lively entertainment scene, luxury hotels, and world-renowned restaurants.

Glamour and Sophistication
Over the years, Miami Beach faced the challenge of maintaining a delicate balance. The city had to reconcile its image as a glamorous entertainment hub with the desire to cultivate a more refined and inclusive atmosphere. High rents and the departure of distinctive merchants led to vacant storefronts, especially in coveted areas like Lincoln Road. This departure of small businesses disrupted the city’s unique charm, diminishing its appeal for European and South American visitors who once sought longer vacations with more disposable income.

Cultural Renaissance
Today, Miami Beach stands at a crucial moment, ready to redefine its identity once again. The city aims to shed the reputation of a lawless spring break destination and embrace a cultural renaissance. A recent bond issuance, totaling $97.6 million, is funding improvements to cultural projects like the Miami City Ballet and the Bass Museum of Art. These bonds are secured by property taxes, which have increased in recent years due to Miami Beach’s appeal to the wealthy. The bond issuance represents a significant effort by Miami Beach to transform its image and pivot towards a cultural landscape. The city seeks to attract “cultural tourists” rather than crowds of young vacationers. Miami Beach has seen an increase in residential property values, with nearly a 125% growth in the last decade. The arrival of high-income individuals, including billionaires like Puerto Rican entrepreneur Orlando Bravo, H.I.G. Capital Co-Founder and Co-CEO Sami Mnaymneh, and hedge fund executive Ken Griffin, has led to the development of modern office buildings, new restaurants, and success in hosting international events like Art Basel. Miami Beach has always had a rich cultural base, boasting institutions like the New World Symphony and the Miami Beach Botanical Garden. The recent bond funding will build on this history, promoting the city’s arts and cultural offerings. Investments aim to create an unprecedented growth in museums, theaters, and public performance spaces, further enriching Miami Beach’s vibrant community. As Miami Beach embarks on its latest chapter, the delicate dance between growth and preservation will shape its future, a narrative that carries the potential for enchantment and cautionary tales. The city’s transformative journey serves as a compelling reminder that reinvention is a nuanced dance, requiring a delicate balance between progress and respect for its unique identity.

Jeff Bezos’ bold move: Miami beckons as he leaves Seattle behind (Source: People)

By Columbus International,3 November 2023

The Amazon Titan, Jeff Bezos, is trading the rain-soaked Pacific Northwest for the sun-drenched allure of Miami’s real estate scene. The 59-year-old tech mogul made a splash on Instagram when he unveiled his plans to relocate to Miami in the near future. In his social media announcement, Bezos shared a nostalgic clip from the early days of Amazon, reflecting on his roots in Seattle. “Seattle has been my home since 1994 when I started Amazon out of my garage,” he fondly reminisced. Notably, Bezos revealed that his father, Miguel Bezos, played the role of the cameraman in the video, adding a personal touch to the post.

“My parents [Miguel and Jacklyn] have always been my biggest supporters. They recently moved back to Miami, the place we lived when I was younger (Miami Palmetto High class of ’82 — GO Panthers!).” Bezos went on to explain the driving force behind his upcoming relocation, stating, “I want to be close to my parents, and [fiancée] Lauren and I love Miami.” He also highlighted the shifting focus of his aerospace company, Blue Origin, towards Florida’s Cape Canaveral. While expressing his deep attachment to Seattle, Bezos acknowledged the bittersweet emotions surrounding the move. “As exciting as the move is, it’s an emotional decision for me. Seattle, you will always have a piece of my heart.” In the video clip from 1994, a young Bezos guided a tour of Amazon’s early headquarters in his three-bedroom Seattle home. The scene showcased a cluttered yet promising office space filled with papers, books, fax machines, and dated computers. Bezos humorously quipped, “That’s about it. It doesn’t take long to tour the offices of Amazon.com.”

This monumental decision to relocate follows Bezos’ recent acquisition of a luxurious seven-bedroom mansion on a private island in Miami’s Biscayne Bay. The opulent property, nestled on a man-made island, was secured in September for an impressive $79 million, according to Bloomberg. This purchase came on the heels of Bezos’ earlier acquisition of a neighboring home in June, which he acquired for $68 million.

Together, these two properties span approximately 1.8 acres on the exclusive Florida island, marking a significant footprint in Miami’s real estate landscape. Before embarking on this real estate adventure, Bezos took another significant step in his personal life when he proposed to his girlfriend, Lauren Sánchez, in late May. Friends close to the couple expressed their excitement, describing it as “her dream come true.” Bezos and Sánchez made their relationship public in 2019, following Bezos’ divorce from his wife of 25 years, MacKenzie. Miami is now poised to be the backdrop for the next chapter in Bezos’ extraordinary journey.

Source: People