Earlier in June, investors from Argentina commenced plans to build boutique retail on a triangular strip in Brickell. After a $6.5 million sale, the new build is expected to bring more traction to the financial hub of Miami. The development sits at 1101 S. Miami Avenue, and will be built over former CMC Group’s one-story Burckell Flatiron sales center.
Retailers and restaurants are expected to flock to this development, and restaurants from as far as London, Mexico, and Colombia are already making claims to space. The unnamed Argentinian investors will announce the official list of tenants by the end of the year and plan on having their grand opening in late 2023.
Brickell, one of Miami’s fastest-growing communities, currently has 52,000 residents and hundreds of remote and in-office workers who come to the area daily. The neighborhood has long been popular for office workers and corporate employees for the close proximity to great restaurants and shopping centers.
Commercial real estate in Brickell, including business deals that need a corporate law firm in Miami, are at the head of the commercial real estate boom in South Florida. Asking rates for office, industrial, and retail spaces have gone down, while multifamily asking rates stabilized over the last year.
The overall population growth in Miami is another contributor to the current corporate real estate boom. Florida is ranked number four in the nation for the fastest growing population and is projected to reach 23 million residents by 2025. Miami is in the top 50 fastest-growing cities in the country, and its urban area in its entirety is 5.5 million.
For more information on commercial real estate or for an M&A attorney in Miami, please visit Alvarez & Diaz-Silveira online.