Miami, Miami, Miami!!!!
Have you recently been in Miami? Did you notice all of the construction? The current reorganization of many of Miami’s most centralized areas – which includes Wynwood, Brickell, the Design District/Midtown/Upper Eastside/Little River/Lemon City, Bayside, and South Beach – is visibly well underway. Clearly, in the city of Miami, there is an undeniable reversal of suburban sprawl. This reversal is catering to residents and visitors of Miami, particularly millennials, in a big way.
Much has been said about the 80 million–member American millennial generation, and its unique preferences. Social creatures that they are, these young adults often prefer a denser urban lifestyle. They are also more likely to turn to technology to overcome distance barriers (Uber, Lyft, Google). And, they frequently choose to live near their work where they put in long hours in the services, technology, and media sectors.
Consistent with these national trends, the Miami Downtown Development Authority recently released a study showing that the population in Miami’s greater downtown area is up 150 percent since 2000. Furthermore, the area’s nearly 90,000 residents have an average income nearly double the city of Miami’s. And, about half of them are millennials.
It seems that this demand for an urban lifestyle has been ignited by a population boom of young professionals into Miami’s urban corridor. According to an article by the Miami Herald, “A new report by the Miami Downtown Development Authority confirms what the restaurant openings, cranes and traffic snarls already tell us: Young professionals are still moving to downtown Miami in droves, and new businesses are following them.”
Can we continue growing these emerging neighborhoods?
Yes, by creating neighborhoods that offer desirable amenities, are safe, and are walkable. Throughout the world, there is a demand from city dwellers and tourists for more mixed-use hubs. These urban hubs should continue a trend of including interesting food & beverage outlets and street-level retail spaces. Along with various shops & stores for the arts, entertainment, celebration, culture, and many more creative businesses.
Additionally, the deindustrialization of cities nation-wide has made available large urban areas where historic buildings can be rehabbed and reused, or simply replaced. These areas will be best served in the future if transformed into versatile mixed-use spaces. And, the development of the surrounding neighborhoods will be absolutely critical for long-term growth. if you’re looking for properties you can visit www.CashFlowFL.com
The sky’s the limit for businesses and residents of South Florida
With all of this quantitative data pointing towards continued growth in Miami’s urban areas, what are the qualitative issues that are driving new urban dwellers here? This is an important indicator for businesses and residents of South Florida to monitor for the benefit of the new, emerging generation of Miamians. Metro1 is committed to continuing to lead the charge to develop a bright future for the city of Miami.
If you are interested in learning how to invest in properties to fix and sell (fix and flip) or fix and rent, please contact me at 954-274-8511 or visit my website www.CashFlowFL.com our our new Cash Flow Properties Academy www.CashFlowPA.com.