Miami's New Condo Wave Expands Far and Wide

MIAMI—Brickell and Downtown Miami are hardly the only areas of South Florida condo developers are targeting in this new wave of projects. Beachfront properties are, of course, also en vogue with foreign buyers and affluent Americans. We caught up with two leading industry players to get their predictions on condo development prospects beyond the urban core.

Alicia Cervera Lamadrid, managing partner of Cervera Real Estate, which has exclusive sales listings on a number of condo projects rising from Miami's dirt, predicts we will see continued and passed absorption of the projects that were introduced to the market in 2013.

“Construction will begin on several new buildings in the first and second quarters of the year resulting in much-needed new inventory introduced to the market,” Lamadrid tells GlobeSt.com. “Areas near the urban core that were overlooked during the last development cycle will make their debut this year."

Lamadrid points to new projects rising in the Little Havana, Miami River, and Wynwood neighborhoods. While buyers will continue to come from South and Central America, she expects more buyers this year coming from Europe and heavily tax-burdened states.”

Taylor Collins, a partner of Eastview Development and developer of Biscayne Beach, tells GlobeSt.com that as Miami beachfront property becomes scarce, developers are getting creative when it comes to offering resort-like amenities at infill locations.

“At Biscayne Beach, we're incorporating features like unobstructed water views and a members-only beach club on Biscayne Bay," he says. "All of this will be available within the urban core's Edgewater neighborhood, which is on the water and in striking distance of Downtown, Brickell, Midtown, the Design District and Miami Beach. We believe Edgewater is becoming downtown Miami's own version of South Beach's exclusive South of Fifth neighborhood.”