The Miami Downtown Development Authority, a/k/a Miami DDA, has released a new presentation about the new face of Downtown Miami. As I have explained in many of my posts, the transformation of Downtown Miami is going to be quite remarkable.
Download Miami Downtown Development Authority Presentation
About the Miami DDA
The Miami DDA is an independent agency of the City of Miami that focuses on urban design & transportation, business development & research, marketing & communications, enhanced services and advocacy—all for the Greater Downtown Miami area. As shown in their presentation, which you can download above, the economic growth of Greater Downtown Miami is continuing to rise. In fact, Downtown Miami today includes $15.1 Billion of taxable property value and generates 40% of Miami’s total tax base. This is significant.
Live, Work and Play in Downtown Miami
As the state’s leading employment center, Downtown Miami has become more than just a work area and is now a place where people live, work and play. The residential population has doubled in the past decade, largely due to all of the new luxury residential condo developments in the area. Oh, and the arts, culture and entertainment scene is growing exponentially with the impact of American Airlines Arena, Pérez Art Museum Miami, Adrienne Arsht Center, Port of Miami, Museum Park and the Frost Science Museum, which will open in 2016. Entertainment is continuing to pop up all around the area and really is solidifying the Downtown Miami area as a great place to call home. Importantly, a great mega project that will largely contribute to the transformation of Downtown Miami is the Miami Worldcenter, which will soon be the 2nd largest urban development in the entire country, and will include a posh shopping mall, retail space, entertainment, convention center & hotel and luxury residential condos at Paramount Miami Worldcenter.
Grand New Transportation Systems in Downtown Miami
Being car-less in Miami will quickly become more popular with all of the new transportation systems being put in place. Miami Central Station will be an extraordinary addition to Downtown Miami providing transportation for everyone. The Miami Central Station will include the Tri-Rail (extension of existing tri-county commuter rail service to Downtown Miami) and All Aboard Florida (Intercity rail service linking Miami to Orlando). Also, planned are the Tri-Rail Coastal Link (commuter rail service connecting South Florida’s urban centers), Baylink (connecting Downtown Miami and Miami Beach), Miami Streetcar (connecting Downtown Miami to new haute neighborhoods in the art’s district, i.e., Edgewater, Wynwood, etc.) and East/West Rail (connecting western suburbs, i.e., Doral, FIU, etc.). Oh, and we cannot forget to mention the already existing local transportation such as the Metrorail, Metro Mover, free Miami trolley, water taxis, Uber and Car2Go. The endless amount of transportation access in Greater Downtown Miami will hugely impact the growth of the area.
If you, or someone you know, are interested in purchasing a condo in Downtown Miami or simply would like more information on the Downtown Miami real estate market, please contact Michael Light. You may reach me at (786) 566-1700 or by email at michael@miamiluxuryhomes.com.