Commercial real estate development on the rise in Miami area

Commercial real estate development on the rise in Miami area

The commercial real estate market in Florida is on the rise -- literally. In particular, the commercial real estate project that has long been dormant is slated to bring high-rise condominiums, as well as upscale retail this summer to suburban Sunrise, located in the Miami area. The project spans 65 acres.

The mixed-use project's first phase is supposed to open in the early part of 2017. This will feature a residential tower with 263 units and allow residents to view the Everglades. A mall spanning 480,000 square feet and anchored by a luxury cinema, office space, an apartment complex and two hotels will also be part of this massive project's first phase.

The huge development is called Metropica, and it is projected to cost more than a billion dollars. The development's condos will have an average price of about $375 to $425 per square foot, with the most expensive units costing over a million dollars. The least expensive condo will have a price tag of about $290,000. The area is known for being affluent, but it lacks nightlife and shopping for the locals. The shops are expected to be upscale, and the development will also feature a supermarket and service-oriented businesses.

With the Miami area continuing to show indications of growth in the commercial real estate market, investors may be increasingly interested in tapping into the potential of this area. Those interested in purchasing condos for themselves may also benefit from the opportunity to live in this booming part of Florida. Proper legal guidance may help people involved in real estate transactions, whether buying or selling, to successfully navigate their deals and, thus, achieve their personal goals in the Sunshine State.

Source: Miami Herald, "Massive 65-acre project will bring condos, new mall to Sunrise", Nicholas Nehamas, May 20, 2015