The new initiative in Miami to solve the housing problem, shopping malls converted into residential units, reported NBC6.
Sunset Palace, for example, was a shopping center that opened in 1999, the favorite of many at that time for offering food, entertainment and department stores, however today it feels desolate, apparently this will be the first of many plazas in South Florida to be converted into a residential unit.
Real estate agent Bryan Gorrita explained that they will no longer rely solely on points of sale to attract customers, since they need "more things" to reach the community.
"As far as I understand, they are still working and fine-tuning what the general plan will be. The local government has made it clear that it wants to rebuild it. It is currently an eyesore and there is a lot of potential," he said about the project.
Gorrita has been working in the real estate industry for five years with over 20,000 followers on Instagram and shares his insight on all the new real estate ventures and changes happening in Miami.
On the other hand, according to Norada Real Estate Investments, the housing inventory in the city remains around 37% below the historical average, in short, Miami does not have enough houses, hence the need to work on an immediate solution.
Likewise, it was learned that Midtown Equities will be the company in charge of developing the incipient project, but the Miami news agency was unable to obtain any comment related to it, despite attempts to contact the company.
Meanwhile, the city of South Miami is waiting for developers to submit their plans to the city, but anticipates mixed-use, residential and food and beverage offerings. That is, the project will have units built into the site.
Further south to Cutler Bay, another plan is in the works, and there have been reports that Southland Mall is already being redeveloped and will become Southplace City Center.
The City of Cutler Bay website notes that what is now a construction site will soon become 4,000 residential units, 500,000 square feet of retail, 150,000 square feet of food and beverage options, a 150-key hotel, 60,000 square feet of medical office space, and even space for an amphitheater.
The site is expected to be completed by 2029 and the first rental properties will be available in early 2025, creating approximately 2.700 new jobs.
The City of Cutler Bay contacted NBC6 after the article was issued to provide updated figures.
The project will have 5.000 units starting in April. They also said they do not have a new completion date. They anticipated opening the first residential building last year, but do not have a revised timeline for when the opening will take place.
“If you are a resident living in the South, why do you have to drive hours and hours to Brickell or Wynwood when you could have those same high-quality amenities and attractions in your own location?” Gorrita asked.
Apparently, the real estate world in Miami hopes that this shift from exclusive commercial spaces to mixed-use buildings is the way forward.
"This is because there is a huge demand for this. People want to work, live and play, all in the same place," he reiterated.
