Savvy Investors Betting on Miami Construction Boom

21,400 condos out of the 22,000 built in Miami during the boom years are sold courtesy of a great influx of Latin American investors seeking a safe haven for their money.  However, it is not any more only South Americans but European and Asians investors who are betting on Miami.

 Developers are reacting to the unexpectedly swift condo recovery in a predictable way: they are building more condos.

The most ambitious project by far is the Miami World Center - These nearly 30 acres, with up to 20 million square feet of buildable area in the heart of downtown Miami will be transformed into one of the largest private master-planned urban environments in the world.

Another huge project is the $1.05 billion Brickell CityCentre, a 5.4-million-square-foot mixed-use development that will add about 800 condo units in two 43-story towers to the central business district, a hotel, a luxury movie theater, and a wellness center aimed at tourists from Latin America. With the Brickell CityCentre, the downtown neighborhood will have its first upscale shopping center and its first office building since 2007.

Bottom line, in the next couple of years, there will be more than 20, 000 new Condo units in Brickell, Downtown and along the Miami Beach coast.

The Miami construction boom — with its own local idiosyncrasies — comes after a broad revival in the real estate market.

As demand rises and supply shrinks, cities around the country are experiencing a residential rebound.

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