MIAMI-After years of planning, work crews have started theenvironmental remediation process to prepare eight acres of land inBicentennial Park for vertical construction. The milestone is afirst step toward the development of new buildings for Miami ArtMuseum and Miami Science Museum.

|

Construction of Miami Art Museum’s building is scheduled tobegin soon after remediation is completed this November withdelivery planned for 2013. Groundbreaking of Miami Science Museum’snew 250,000-square-foot building by Grimshaw Architects will takeplace in late 2011. The museum is expected to open its doors in2014.

|

According to Goodkin Consulting/Focus Real Estate Advisors, 74%of the 22,079 residential units built in Downtown Miami since 2003are currently occupied. Will the new complex make any short-termimpacts on Downtown Miami’s real estate market? That depends onwhom you ask.

|

“If the museums are going to employ a lot of people with decentpaying jobs, then it could be a boon to that area’s rental market,”Jack McCabe, principal at McCabe Consulting & Research inDeerfield Beach, tells GlobeSt.com. “But this is not a gamechanger.”

|

The Miami Museum of Science has a different view. The boardbelieves Museum Park’s development will yields a short-term impactin the form of economic development in the urban core andmuch-needed job growth.

|

Indeed, the construction of Museum Park is expected to direct$20 million to local businesses, create more than 1,700 jobs,including 100 new museum jobs, generate hundreds of millions ofdollars in new tax revenue, and attract up to 600,000 visitors todowntown Miami annually, according to a report from the City ofMiami’s Museum Park Community Benefits Committee. The park isexpected to spur a $2 billion economic impact in its firstdecade.

|

“Short-term, it’s going to hopefully give a surge to apartmentbuildings,” Aaron Podhurst, chairman of Miami Art Museum’s board oftrustees, tells GlobeSt.com. “There are large apartment buildingson the west side of Biscayne Boulevard. This is going to put thoseunits in the epicenter of Downtown Miami, making them verydesirable.”

|

Of course, that could take years. In the meantime, DowntownMiami officials are working to revitalize the urban core. TheBrickell corridor has seen some traction from foreign investors inrecent months. But the return of a prosperous waterfront may haveto wait until the museums are complete.

|

“When Museum Park is complete, it will take an areas that’s kindof a dead zone and make it come alive, especially for thoseresidential properties directly across from the park,” AlyceRobertson, executive director of the Miami Downtown DevelopmentAuthority, tells GlobeSt.com. “The sooner they can start buildingone or both of those museums, the more direct the impact will be onour recovery.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.