MIAMI—In Miami, there is at least 4 million square feet of retail space in the permitting stages and under construction. What does that say about the Miami's retail sector? Plenty, according to Andrew Hellinger, the developer behind River Landing Shops and Residences on the Miami River west of Downtown Miami.

“This says Miami Dade is a hotbed of retail activity to serve the rapid population growth,” Hellinger says. “Last year, Florida's population surpassed New York's.”

That's not news, but it's a big selling point for retailers. Hellinger points to another economic driver: 97.3 million tourists visited Florida, a 3.9% increase from 2013. Most of the action is in Miami-Dade, where the population grew by 21,000 people just last year.

“Miami Dade's economy has surged due to the overall economic recovery, increased jobs and increased tourism,” Hellinger says. “Miami-Dade's unemployment rate in March was 6.2% compared with 7.5% a year earlier. Miami's retail market is also bolstered by international tourists.”

As a prime example, Hellinger points to the area west of Downtown Miami where his firm is building River Landing Shops and Residences. He says the area is seeing tremendous growth in terms of tourism and medical tourism, which often translates into higher in-store sales for the community.

“Year-to-date, hotels between Miami's Health District and Miami International Airport have seen their occupancy rate jump 3.2% to 94.1%, up from 91.2% during the same period last year,” Hellinger says. “At the same time, their average room rate jumped 8.7%to $153.23 a night, up from $140.98.  There is record number of overnight visitors to Miami, estimated to be over 14.2 million in 2014.”