Market Spotlight: North Beach Miami Development
North Beach Miami is a largely undeveloped area which stretches from 63rd Street to 87th Street, and westward from the ocean to the bay. The buildings feature flat roofs, acute angles and curved walls, reflecting the Miami Modernism style, or MiMo. They are charming buildings, although worn and in need of repair. Keith Darby, president of RISE Realty, describes the area as “full of character, with a neighborhood feel”.
Traditional Miami high rises are scarce in North Beach. The area uniquely requires voter approval for up-zoning, which has made it a holdout from the luxury development that has thrived in the surrounding neighborhoods. Investments in the area have been unpopular – until recently.
The city has focused on the area and is dedicating development resources to revitalize the neighborhood. Investors have moved in as well and purchased large property sites. It seems change is going to happen, but with the community actively involved, what kind is still in question.
Community meetings have been hosted to discuss and determine development plans. Developers want to bring in mixed-use buildings with retail and restaurant spaces that have thrived in other Miami areas. They say people want to live close to amenities, and these buildings will stimulate the area with new people.
However, many residents do not want to loose the area’s charm for high rise buildings. They find it important to preserve the historical buildings and want new buildings to compliment their look. Campaigns have been started to block development and increase preservation, similar to efforts decades ago in conserving the Art Deco area of Miami.
“It will be interesting to see what development plans are approved by the community” says Darby. “RISE Realty is excited to see how the community responds to recent meetings and is monitoring the development action. New opportunities for investment will arise, but when and why type is still unclear.”