South Beach is undoubtedly one of the most iconic neighborhoods in the Miami-Dade area. The iconic Miami art-deco architecture, nightclubs, and lengthy expanses of beach are all right here. What the community has not had for many years is a grand entryway — but all that is about to change.
Reclaiming Lost Territory
One of the largest developers in the country has had its eye on a specific plot of Miami Beach real estate for quite some time: the site of the defunct South Shore Hospital right by the MacArthur Causeway. Attempts to revitalize the aging healthcare facility didn't work out, but now there's finally some significant progress in terms of redevelopment.
The proposed tower project will be a welcome change from the remains of the old hospital. Residents are even more enthusiastic about the extensive park the developer has planned. There's more good news for the new high-rise: The city is looking at improving causeway capacity during the same construction timeframe.
Reaching New Agreements
One of the reasons that it has taken so long to agree on this plan is an ongoing debate about short-term rentals. The arguments tend to be especially heated in highly-desirable vacation towns, such as Miami Beach. For or against, there's no argument about the fact that the short-term vacation rental market is hot. The numbers back it up: there's a projected year-over-year growth rate of 7.2 percent.
Looking to the Future
Crescent Heights is the developer behind the tower. The company has properties in Florida as well as across the country: in New York, Chicago, San Francisco and even Honolulu. Miami is no exception, of course. The popular Brickell Heights building at the corner of South Miami and Southwest 9th was also a Crescent Heights development.
Investors interested in getting in on the ground floor of exciting new construction in this world-famous area should keep an eye on the project. Between the mixed-use tower, massive park and proposed pedestrian bridge facilitating access to the beach, units at this site are likely to be snapped up quickly. For a comprehensive list of Miami condos and investment opportunities, check this index.